I looked at the prices of “repossessed properties” listed by those freshly created Bank Real estate Companies and they are way above the saleable market prices! this is not surprising because the mortgage amounts outstanding are much too high and if they have to add registration costs, taxes, community fees and legal costs of repossession it is obvious that those properties will not find any buyer.
The only way is to take a huge loss and sell at 50% of the 2007 market value! How much more time do the banks have to do that?
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