US: Banks Holding Foreclosed Properties ~ Real Estate Market Worse Than Appears

peaceandlove · 06-25-2009, 05:26 AM

SOURCE: http://www.realityzone.com/currentperiod.html G. Edward Griffin's site

US: Banks are holding many foreclosed properties and not putting them up for sale. In this way they hope to avoid pushing real estate prices down even further on the properties they do have for sale. In other words, the real estate market is in worse shape that it appears. AZCentral 2009 June 23 (Cached)

45,000-plus Valley properties remain in foreclosure

by J. Craig Anderson - Jun. 23, 2009 12:00 AM
The Arizona Republic

Thomas Kelly explains the foreclosure process to those outside the banking industry by likening it to a tube.

"You get put in the tube when you're 90 days late, and you might come out the other end of the tube six months later," said Kelly, spokesman for JPMorgan Chase & Co.

What Kelly's analogy doesn't explain is how, for the past three years, thousands more Phoenix-area property owners have been entering the tube each month than coming out of it.

Continues: http://www.azcentral.com/business/re...owned0623.html

06-25-2009, 05:26 AM	#1
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	US: Banks Holding Foreclosed Properties ~ Real Estate Market Worse Than Appears SOURCE: http://www.realityzone.com/currentperiod.html G. Edward Griffin's site US: Banks are holding many foreclosed properties and not putting them up for sale. In this way they hope to avoid pushing real estate prices down even further on the properties they do have for sale. In other words, the real estate market is in worse shape that it appears. AZCentral 2009 June 23 (Cached) 45,000-plus Valley properties remain in foreclosure by J. Craig Anderson - Jun. 23, 2009 12:00 AM The Arizona Republic Thomas Kelly explains the foreclosure process to those outside the banking industry by likening it to a tube. "You get put in the tube when you're 90 days late, and you might come out the other end of the tube six months later," said Kelly, spokesman for JPMorgan Chase & Co. What Kelly's analogy doesn't explain is how, for the past three years, thousands more Phoenix-area property owners have been entering the tube each month than coming out of it. Continues: http://www.azcentral.com/business/re...owned0623.html