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Are Banks Holding Foreclosure Inventory ??

Recent housing surveys are showing an uptick in home prices, particularly in cities in warm-weather “sand states” that had been hard-hit during the housing slump, such as in Phoenix, Las Vegas, Miami, and Tampa. But some housing experts worry that the lift in prices may be temporary due to banks “hoarding foreclosures.”
Some real estate professionals allege that the “synthetically pumped prices” are being caused by “banks stockpiling foreclosed properties and purposely keeping them off the market until area prices truly soar.”
Some markets are seeing a decrease in inventory of for-sale homes, which has helped lift home prices in some areas due to an increase in demand but limited supply. But real estate professionals say they’re concerned what will be temporary when banks start releasing more foreclosures to the market. Some have accused banks of purposely holding onto foreclosures to wait for home prices to recover so that they can get higher returns for the homes, but real estate experts are concerned that could stall the housing recovery.
However, Mark Vitner, Wells Fargo senior economist, asserts that large banks are not hoarding foreclosures and waiting for prices to perk up.
"I don't think there's any concerted effort to hold ... more

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