Sunday, July 15, 2012
Surprise!! Banks manipulate US housing market
A market in ruins
In the US too the message the banks are putting out in order to save themselves is "houses are affordable but are starting to rise, so don't delay...." But this market is as fake as a Hollywood set.
Posted by icarus @ 10:44 AM (2323 views)
3 thoughts on “Surprise!! Banks manipulate US housing market”
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general congreve says:
Same thing is happening here. For the last couple of years my cousin was working a for a high-end property agent. He told me the banks are sitting on tonnes of repossessed property and drip feeding it to the market. The strategy of restricting supply to maintain higher prices obviously isn’t working that well for the banks, because my cousin recently lost his job due to not making any sales this year. He said that he couldn’t sell anything because no one was interested in buying, none of them had any money (and this is the very top end of the market he is talking about).
khards says:
Same situation in Ireland although the prices are lower than that of the UK so it is not such an issue. Nama‘s sole purpose it to prop up house prices.
voiceofreason says:
GC indeed, a rigged market, especially while IRs are kept low for the banks too.
But the North of England and Scotland do seem to be being unloaded 1st, with loads of 2bed houses in the sub £50k range.