Gary Miljour presents an interesting suggestion that banks are holding onto Phoenix Arizona residential properties instead of dumping them. The banks hope to sell to first time home buyers who take advantage of federal government first time home buyer programs and down payment assistance programs.
It makes sense doesn’t it? Basically, with demand of homes on the market going up for lower priced homes, banks may be controlling the flow of homes onto the market. This all in order to sell the homes for higher profits.
Question is: can the banks sustain the amount of time required to have the market turn and for the economy to turn around. Home buyers are a little hesitant right now too. The job market is pretty shaky so people are sticking close to the vest with their money. Can the banks move through this with being able to sell some homes while seemingly controlling the supply of foreclosed homes for sale?
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