Shadows

Flying by like street lights in a 90 mph car ride !

I see real estate deals like that of the street lights from the car - because today's market is a mere glimpse of what was AND what could be.


Not sure if you noticed, but there's LOTS of empty houses out there - all looking mysterious and some still have that yellow information sheet clearly posted on the entry.

"Hmmm", one ponders - because all those "shadow" houses should have sold by now, RIGHT ?

Turns out NO, they haven't.

Why ?

A few possibilities to consider:

1) Real estate markets are still fragile and banks are standing down on their REOs - moreso in "sensitive" areas - allowing a more traditional value system to return in those areas.

2) In unison with #1, state and/or federal guidelines are requiring lenders to ensure all foreclosures were valid and completed correctly - to avoid costly litigation.

3) Markets ARE still too fragile to drop the masses of "shadow" properties into AND the lenders/REOs have come to understand that, as "traditional" values continue to increase, so too will their "shadow" values.
Yup - check #1 above.....wink, wink.

Whatever the reasons - "shadows" are still out there - waiting for their day to come into the light.

Personally - I still say fuck the BIG banks because the majority of them created this mess in the 1st place AND many of them are, or have, pursued the borrowers for deficiency judgements - where and when they could/can and I think that sucks mass amounts of ASS !!

Let it go, right ?
I have - but it, still, feels good to vent !!

Uh ... that dude, in the picture, in the tighty whities ?.......I just wanted to share that, somewhere ; )

Much peace and happiness to you, grasshoppers !!
Mik

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