My relative who’s a RE agent in a ritzy FL gulf coast beach resort says there aren’t foreclosures there. Listings are very slow to move, often over a year. People are reluctant to lower their asking price. Maybe that’s because they’re not paying or desperate?
I like this revelation of two-tier system. Regardless of the proximate reason, we must always represent it as the rich again getting away with what the non-rich can’t. So let’s claim and exercise the same right.
Most likely don’t know where the notes are. These houses would have been good bait in CDO’s. They fear the rich are more likely to resist – lawyers, doctors. More likely to ask, “where’s the note”. Prefer to go under after the bonuses.
The short answer is that it is not in the bankers’ interest to foreclose. Whatever the reasons may be, it sure looks like a two-tier system of the privileged and the peeons. So what else is new?
In addition to obsolescence from dereliction, banks are likely procrastinating due to the rapid rack-up of liabilities in property taxes, HOA fees, mechanic’s liens, utility bills, and any number other assessments from the time of repossession to the time of (fire) sale in some distant future.
The banks and government choose to allow them to stay without pay, to jubilate in place
Wow. $20K a month. Squatters never had it so good. Imagine the compounding snowball of losses in gated enclaves as just a few of these outmoded energy-sucking behemoths with their Jurassic solariums start sprouting weeds, plywood windows, and unhinged shutters. At some point the pretending must end, forcing another bigger imminent banking crisis.
Bernanke GA installment loans can’t possibly buy all of these too and the commercial flops can he? Surely Ron Paul will catch on. I’m looking forward to the new Obama-Republican regime.
Bernanke and crew have already bought all this stuff and it is sitting in Maiden Lane I, II and III.
Once a bank forecloses, they start owing the property tax on the non performing asset
History will not be kind to the propaganda being spewed about how robust/vacuous the current economic recovery is. Since we now really have socialism for the ultra rich I guess it is just trickle down to extend the faux rule of law and welfare queen status to the semi-rich. Maybe the bottom will never fall out of this charade if they can keep the sheeple in line and ignorant.
What is the time limit of extend and pretend? As long as the nukes last I guess. We have a ways to go then. Hang on!
I had a further thought. What does this sort of conscious decision making say about the level of collusion that must be going on at all sorts of levels keeping this house of cards from falling.
What does this sort of conscious decision making say about the level of collusion that must be going on at all sorts of levels keeping this house of cards from falling?
I think about it this way: Not one financial crisis since 1910 has occurred without some financiers trading the Armani suit for the orange jumpsuit. None…except now!
So yes! The level of collusion is very high, fear is intense (How else can one explain the unconscionable Irish bailout, backed up by the people’s pensions for Pete’s sake??) and the situation is highly unstable in Europe and here to. Chris Whalen, as well as Yves BTW, have predicted the unraveling of some big banks for 2011. That is going to be quite the show.