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Basically realtytrac complies lists of foreclosed homes based on court records. When you take that list of foreclosures and compare it to the MLS, the MLS only contains 30% of the homes on that list. The article explains that some of these homes could be going to foreclosure auctions or bulk real estate investors. None the less it is rather surprising.
RealtyTrac is right on the money. That ghost/shadow inventory is out there. I've seen a lot of it around Baltimore, MD. It's worst in the brand new developments that were grossly overpriced. A lot of the people bailed. Now the banks list a couple of REO's. Once one sells a new REO gets listed to take its place. They are deliberately holding back inventory through various means. They don't want these properties competing with each other. Unfortunately, most people are stupid and don't realize that there is a lot of inventory out there. Instead, they see an artificial shortage and act on fear instead of patience.
The banks are committing fraud and they are using your tax money to do it. Contact your Congressmen and Senators and tell them how you feel about the banks and Wall Street illegally and immorally manipulating what are supposed to be free markets. Nothing will change or improve until the Citizens begin to do their duty and make the politicians represent the people of the Country and not the Banks and Corporations.
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,838,455 times
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Quote:
Originally Posted by jimhcom
The banks are committing fraud and they are using your tax money to do it. Contact your Congressmen and Senators and tell them how you feel about the banks and Wall Street illegally and immorally manipulating what are supposed to be free markets. Nothing will change or improve until the Citizens begin to do their duty and make the politicians represent the people of the Country and not the Banks and Corporations.
I got a good chuckle out of that.
+1
Congress, biting the hands that feed them. Oh man, that's good. That's really good. That's like asking a fat man to take his hand out of the chicken bucket.
Basically realtytrac complies lists of foreclosed homes based on court records. When you take that list of foreclosures and compare it to the MLS, the MLS only contains 30% of the homes on that list. The article explains that some of these homes could be going to foreclosure auctions or bulk real estate investors. None the less it is rather surprising.
yes i did notice that. same here.
also lots of hmes on MLS are pending and not marked as such.
also lots of sitting on offers
it says foreclosures but lots of games.
probably the worst game is trying to pass stuff with mold damage a high liability issue.
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