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 (771 views)
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