01-26-2011, 06:26 AM
I remember the 80's quite clearly. I had to work two jobs to keep up with my bills. And I had one of those new IRA's instituted by then President Reagan that paid 12% from my bank! Can you imagine a fully insured bank paying 12%?
I have been talking to two banks while I was trying to qualify for my loan. Both banks are local and were not affected by the mortgage meltdown. Both told me that some mainland banks are holding on to some of their foreclosure and REO properties to try and keep the available inventory down in order to try and keep prices higher.
On a similar note I have been following a particular foreclosure that has been thru the entire process of showings by the commissioner and going to auction. The mainland bank has had it back now for a month and they have not put it back on the market yet. I wonder what they are waiting for?
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