Wednesday, April 25, 2012
Driving the market
This article talks about how foreclosures are still driving/keeping the housing market down http://www.boston.com/business/articles/2012/04/24/foreclosures_squeezing_us_home_prices_and_sales/. It is not only foreclosures but short sales too. Chase would not consider working with us to reduce principal, so we could sell the house, but would accept a short sale. Our house sold for a minimum of 500,000 less than it should have. So what Chase has done has driven down all the values of the neighborhood. The only person in great shape is the buyer. So in my subdivision, Chase basically screwed 81 other homeowners. And so it will continue to go.