Double Talk and Double Standards - The American Public Gets the Shaft!
I hear a lot of talk and a lot of rumors. There is a lot of speculation about what is happening. Contradictory information; even among real estate professionals and lenders is common. No one really seems to know what is going on. I am by nature a free market person. I believe in an open and free market where people and companies are allowed to succeed or fail based on their own abilities. I was concerned about the redistribution politics of the new President and the Left in this country, but it seems things are not being redistributed to the poor and needy; they are being redistributed to the banks, big business and the political class.
- I have heard locally banks were getting ready to put 5000 homes on the market in Contra Costa County. As we actually have a shortage of homes this would be a good move. Although I see some coming onto the market the supply of homes is still shrinking.
- My friends at the local lender swear that the banks are not trying to drive up prices, they are just overwhelmed.
- At this weeks Brentwood Broker tour the Rep from Bank of America let everyone know that Bank of America is putting there own moratorium on foreclosures. They need to space out the foreclosures and homes coming onto the market.
It sounds to me the banks are releasing the properties slower in order to maximize their returns. I hear the excuse that banks are overwhelmed and do not know how to handle the situation. Sure they do, they just don't want to. There are enough out of work lenders, real estate agents, and title company people they could easily staff up and move this stuff. The reason they do not - IT MAKES MONEY FOR THEM TO MOVE IT SLOW. Just like they voice mail hell at customer service is designed to not provide customer service and save a company money.
Now I can understand a business wanting to maximize it's profits. This is what a business should do, but can you imagine the outrage if it was proved Exxon was holding gas off the market to drive up prices. These banks were bailed out at the public trough. It is not a free market system; it is fascist. They now bow down to the political class more than ever. They are enriching themselves more than ever.
This should be the prefect time for low income buyers to own a home. One they can actually afford to make the payments on without gimmick liar loans. Increasing home ownership in an affordable manner is a very good thing. But try to go out with a low income buyer to get a starter home with 3.5% down. It just does not fly these days. Low income buyers are being squeezed out by the investors due to the low supply ON THE MARKET.
In short under socialism the people that are not too big to fail will get the shaft, while the rich get richer at the public trough.
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