I gonna get on the "high horse" today and rant a little
and let you know that this kind of action by lenders will
be another FEEBLE attempt to fix the housing market.
I'm currently buying houses at auction and it amazes me
me on a daily basis that only about 10%-15% of the properties
that actually go to the auction block are sold to 3rd party
bidders because the lenders seem to think that they will
fair better by taking them back as REOs.
Check out some of the stats from the auction below. After
you check that out, read the article about how Fannie Mae
and Freddie Mac have brilliant ideas of renting the cajillion
REOs that have in inventory bc they aren't willing to just
sell them at auction.
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