Boy that next foreclosure wave is really building momentum huh?
Why anybody with eyeballs and access to a computer would ever consider buying a home now is lost on me.
Here is a very good article that explains why the banks are sitting on a mountain of REOs creating a very odd and dangerous RE market to particpate in:
The mountain of REOs from the previous foreclosure tsunamis are lingering on bank books, sitting empty while the REO mountain continues to get bigger and bigger.
Buying today is tantamount to believing these houses will linger on fetid bank books and remain empty forever.
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