The Housing "Recovery"?
A friend Nattered...
Rather than going to public auction and providing real people with needed affordable housing, the tax payer bailed out housing ghost inventory, which the banks sat on, and most counties WAIVED the bulk of property taxes for the LLC holding companies the banksters set up, and after all the WRITEDOWNS was sold to hedge funds for pennies on the dollar.
Meanwhile, government services "suffered" due to budget constraints, so they cut services and still plead poverty under "austerity measures". In many markets, they can rent them and collect SECTION 8 funding. 3/2/2 in LA County $2400 a MONTH, raising rents in all the other hoods, while limiting the market float and artificially manipulating the housing prices back up and resell them.
Complicit in this are those very taxing authorities, state, county, city who MUST have the higher values, lest they go BK with their cronyism. All around, screwed without the courtesy of a reach around. Anyone of sound mind gets the point.
"Part of the inventory is also that the banks are metering out the homes that they got from years back. We are seeing foreclosures in Mn that date back 2-4 years ago and have just been sitting vacant. Why do they do that ? Is it because they can't put them all out there. My guess is that they would further depress the market and people would see how much stagnant inventory is still out there to be sold."Spot on. Much like De Beer's and diamonds, if "ghost" inventory were flushed into the market, the price of a home might have been reasonable, but too late now in the "hot" areas where "suckers" have taken the bait.
Rather than going to public auction and providing real people with needed affordable housing, the tax payer bailed out housing ghost inventory, which the banks sat on, and most counties WAIVED the bulk of property taxes for the LLC holding companies the banksters set up, and after all the WRITEDOWNS was sold to hedge funds for pennies on the dollar.
Meanwhile, government services "suffered" due to budget constraints, so they cut services and still plead poverty under "austerity measures". In many markets, they can rent them and collect SECTION 8 funding. 3/2/2 in LA County $2400 a MONTH, raising rents in all the other hoods, while limiting the market float and artificially manipulating the housing prices back up and resell them.
Complicit in this are those very taxing authorities, state, county, city who MUST have the higher values, lest they go BK with their cronyism. All around, screwed without the courtesy of a reach around. Anyone of sound mind gets the point.
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