It’s going to get much worse. Come to find out, Lenders nationwide have a vast “shadow inventory” of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector, industry observers say.
Lenders\banks are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, These Lenders & banks will unload these foreclosed homes at fire-sale prices. This is a major factor in future declining values. It almost appears lenders and banks are driving home values down.
There are 600,000 properties nationwide that banks have foreclosed on but not put on the market. This is going to be disastrous when the banks suddenly flood the market with these foreclosed properties. Every Home owner in America will see greater depreciation in the months and years to come. This is just the beginning of homes being foreclosed. Expert statistics show we are less the an third of the way through our foreclosure catastrophe.
