Tuesday, Apr 21, 2009
Board 'em and Hoard 'em
Counterpunch: The housing bust comes roaring back, worse than ever
Only 30% of foreclosed properties in the US are put on sale. There are 600,000 properties that have been repossessed but not put on the market. Banks are probably servicing these mortgages to conceal the extent of their losses. This means that an even larger segment of the banking business is insolvent and there'd be carnage if these distressed properties ever flooded onto the market
Posted by icarus @ 02:42 PM (514 views) Add Comment
3 Comments
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1. Old_traveller said...
"...and there'd be carnage if these distressed properties ever flooded onto the market.."
Precisely, why would they then? given value mark to market has been recently scrapped in the US, there may be no need to put it on the market if banks can value them as they like. All of a sudden the balance sheet lmay look as black as coal.
2. icarus said...
This article is currently the last posted on the Counterpunch site and it won't have a URL until the next article is posted. Its URL will then probably be http://www.counterpunch.org/whitney04212009.html
3. icarus said...
Oh. Now further articles have been added to the site but this is the one article (see it listed under April 20th on the right) for which the link is currently not working. I'll take a look later.