Foreclosures continue to dominate real estate market

  • Article by: JIM BUCHTA , Star Tribune
  • Updated: May 5, 2011 - 11:53 PM

The Midwest was particularly lackluster as prices continue to fall and distressed sales rise.

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MiketvMay. 6, 1111:54 AM

this is one more way that BANKS are servicing your financial needs!

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virusdotexeMay. 6, 1112:34 PM

This seems like progress toward a recovery. Many transactions are now lender owned properties because those who do not have to sell are wating out this buyers' market. Eventually, the lenders will exhaust their inventory and the housing supply will drop. Prices will then recover and the market will return to a more normal state. Unfortunately, that could take a couple of years to play out.

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xenonimusMay. 6, 1112:56 PM

@Miketv - You seem to be implying that the banks are the bad guys in this situation. Let me ask you this: What should the banks do when customers quit paying on their home loans? Before you answer, let me remind you that banks fund these loans with monies on deposit, or through monies borrowed from other banks, or by packaging the loan into securities and selling them on the open market. It's those very securities, which collapsed because too many home owners defaulted on their mortgages, that led to the economic implosion we are dealing with now. So keep that in mind the economic consequences when you formulate what I'm sure will be a brilliant answer.

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friendlyfireMay. 6, 11 3:05 PM

xeno says "You seem to be implying that the banks are the bad guys in this situation." --- If 'bad' guy means irresponsible profiteers, unscrupulous, etc., then heck to the ya! It all boils down to them 'credit default swaps'. Predatory lending was the most profitable loan therefore sought after. When loans went into 'default' losses were already insured so money was made by these bandits on both ends. You know it, too, so quit apologizing for them. It's public risk for private gain and it's robbery. People should be in jail and their assets should be liquidated.

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dgmcpMay. 6, 11 3:14 PM

Time has led the smarter crowd to just walk away no matter what. If you think this inventory will clear up soon, who are the banks going to find as buyers? In what numbers? I will bet not nearly enough for those trying to "wait it out". The ones to inspect are the people bailing out on that 2nd and 3rd vacation home because of the market, those folks are the thorn in your side. They can actually afford to keep paying even the inflated, overvalued deals they signed. They just choose not to.

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