Maybe I'm just stupid but I know for sure I'm frustrated.....
Banks made loans to people who couldn't afford them so houses were selling like hotcakes which drove the prices up.
Then people are losing their homes and short saling their homes because they can't afford the mortgage payments.
Banks are saying no to short sales because they want more money. They're not getting any offers because they won't loan money to anyone (well, almost).
Houses are being foreclosed on and sent to auctions. Banks have reserves on them, they don't sell because the reserves aren't met.
Now the banks put the houses on the market to sell and the prices are finally down so they get multiple offers.
The banks are the reason property values are down. People are wanting to buy the houses but where are the banks now? Still holding out for more money!!??
Buyers want to buy, the banks are holding up sales. Why? Years ago the banks tried to get in to the real estate market. They're in now but in my opinion they're not doing a very good job protecting anybody's interests but their own.
I'm frustrated and so are my clients! What's your opinion?