Picture This
Oct 29th, 2007 at 11:55 am by Susie
Krugman has some not-so-pretty housing charts.
One Response to “Picture This”
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I’ve just observed three sessions of foreclosure auctions
(aka trustee sales) at the San Jose courthouse this week.
Only one of them generated any bidding, and the bank
actually “won” that auction and took the property back.
The final bid was less that 2/3 of the amount owing.
Altogether, about 30 auctions were cancelled or
postponed, and about 15 others produced no sales other
than reverting back to the lenders.
IOW, “investors” didn’t feel that any properties were
worth what was owed on them.
Thank you, Alan Greenspan.