Once again folks, America's realtor crooks at the NAR (Nat'l Assoc Realtors), have managed a sleight of hand in the desert destination of adult fantasies.
By a crooked legislature, they have kept banks & lenders from formally foreclosing on over 60,000 vacanthouses since 2011.
But the out-and-out ROT is now reaching a fever pitch, and Vegas' economy is NOT coming BACK----nowhere strong enough to absorb all this phantom inventory
LAS VEGAS, AMERICA'S NEWEST 'CHINESE GHOST CITY'
[link to www.zerohedge.com]
By a crooked legislature, they have kept banks & lenders from formally foreclosing on over 60,000 vacanthouses since 2011.
But the out-and-out ROT is now reaching a fever pitch, and Vegas' economy is NOT coming BACK----nowhere strong enough to absorb all this phantom inventory
LAS VEGAS, AMERICA'S NEWEST 'CHINESE GHOST CITY'
[link to www.zerohedge.com]
1 comment:
I'll just throw in my 2 cents here. I work for a small community bank. One branch. About a year ago, we decided to wade back into the secondary mortgage market. This is the traditional mortgage that is sold to some other big bank or put in some type of mortgage-backed security. One of the salesman told us his best friend from childhood worked for one the biggest banks as the manager of REOs (Real Estate Owned). These are the houses foreclosed on and then owned by the bank. He said that the bank had decided to let people stay in the foreclosed houses so they would be cared for and not destroyed or stripped by criminals. He also said that if they dumped all of the houses they already owned on the market (for sale) it would completely crash the real estate market. As I understand it, he was over REOs nationwide or a very large portion of the country.
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