Housing Recovery?

[palani]

Now I find this interesting. It is a list of past sheriffs sales on the steps of the courthouse of foreclosed properties.

http://www.scottcountyiowa.com/sheriff/sales.php?sale_date_from=-45%20days&sale_date_to=today

What is interesting is, with few exceptions, the bank that foreclosed is also the PURCHASER at the auction. Where are all the eager buyers stepping in to pick up a "bargain"?

[sirgonzo420]

Now I find this interesting. It is a list of past sheriffs sales on the steps of the courthouse of foreclosed properties.

http://www.scottcountyiowa.com/sheriff/sales.php?sale_date_from=-45%20days&sale_date_to=today

What is interesting is, with few exceptions, the bank that foreclosed is also the PURCHASER at the auction. Where are all the eager buyers stepping in to pick up a "bargain"?

China?

[k-os]

Now I find this interesting. It is a list of past sheriffs sales on the steps of the courthouse of foreclosed properties.

http://www.scottcountyiowa.com/sheriff/sales.php?sale_date_from=-45%20days&sale_date_to=today

What is interesting is, with few exceptions, the bank that foreclosed is also the PURCHASER at the auction. Where are all the eager buyers stepping in to pick up a "bargain"?

My neighbor used to go to these auctions. From her account . . . there are seasoned buyers there (from the banks), and they have tons of money. They will outbid you, and even lose money on the auction (on the entire day) just to discourage you. It's a racket, just like most other things, and the banks want to keep the average person from getting in on the action.

[palani]

They will outbid you, and even lose money on the auction

I know a guy who used to go to tax lien auctions and bid in SILVER dollars. Used to screw them up royally because everyone else present was bidding in FICTION. Wonder what would happen if one were to do the same at these foreclosure auctions.

[midnight rambler]

Wonder what would happen if one were to do the same at these foreclosure auctions.

You'd be ignored?

[Katmandu]

My neighbor used to go to these auctions. From her account . . . there are seasoned buyers there (from the banks), and they have tons of money. They will outbid you, and even lose money on the auction (on the entire day) just to discourage you. It's a racket, just like most other things, and the banks want to keep the average person from getting in on the action.

Same with my neighbor who did this for several years. He told me that Big Boys boldfaced told him things like "The only reason you are getting this property is because we are allowing you to get it". Not the exact words, but to that effect.

[palani]

You'd be ignored?

Seeing as how the auction is run by the SHERIFF I would expect he would perform his duty as prescribed by his OATH OF OFFICE. If not? His bond is forfeit.

[mamboni]

Now I find this interesting. It is a list of past sheriffs sales on the steps of the courthouse of foreclosed properties.

http://www.scottcountyiowa.com/sheriff/sales.php?sale_date_from=-45%20days&sale_date_to=today

What is interesting is, with few exceptions, the bank that foreclosed is also the PURCHASER at the auction. Where are all the eager buyers stepping in to pick up a "bargain"?

The banks have to bid up the prices of shadow inventory or else the real estate comps would collapse and with them all the agency paper held by the banks and the FED. It's all one big circle jerk scam. The only way TPTB can keep this facade up whilst the middle class and small businesses are slowly dying is by feeding the banks free money through ZIRP and outright monetization. This can only be done through dollar dilution (destruction/inflation). This is why you must hold the bulk of your wealth and savings in physical gold and silver. Because the day of reckoning for the dollar and the banks is coming and it's going to be a doozy.

[Horn]

Their will be no building unless the banks (or someone they know) have at least 90% of the take.

Cold truth, but that's where its at.