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> Banks Are Sitting On A Vast Number Of Foreclosures
Patch 
Posted: 09-Apr-2009, 01:29 PM
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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 nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down.

I wondered why we had so many vacant homes in my community with no apparent effort to sell them.

Slàinte,    

Patch    
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