Wednesday, Oct 28, 2009
Foreclosed Homeowner Still Living In Home, 18 Months Later
Miller-McCune: Shadow Market Delays Recovery, Helps Defiant Homeowners
In a follow-up story about the foreclosure of Horatio Bernard, Miller-McCune finds he is still living in the house, with the tacit blessing of the bank. This is due to the "shadow market", the growing glut of foreclosed homes that banks won't put on the market. If they were to flood real estate markets all at once, banks would suffer under a glut of inventory drawing down overall prices. So the banks have held back, in effect drawing out the nation's recovery.
Posted by jay macnamara @ 11:08 PM (202 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.