westwest888

Are Short Sales Shorting the Real Estate Market?

Short sales are just a carrot the banks use to get homeowners to keep making payments. If they were astute, they'd know it's never happening and the bank is conning them out of a dozen PMTs they could have walked away from. I don't think short sales are fake inventory, rather future inventory. Clearly these homes will be foreclosed on. Get used to the banking system being the biggest landlord in the country, with more inventory than new homebuilders combined.

8 or 9% interest would be great for young buyers (anyone under 30). You can refinance away interest; you can't refinance away $500,000 of principal on a 3br 1ba house. Let prices fall.