Total Real Estate Owned (REO) by Countrywide Financial: Asking Price: $3,588,051,552 (As of November 12, 2008) meanwhile, the Average Total Asking Price is $154,283. YIKES! Click on the link above to get a state by state scenario. This website also has links for many of the other failing banks housing inventory. Not a pretty picture!
Now this is just one bank mind you. Someone has got to get real here. What is going to happen when these banks decide to start dumping their housing inventory? They are going to have to very soon. Because it is only going to keep on growing and ruining communities in the process. Really, I need you to think about this for a moment. Sure, the federal reserve has dropped interest rates. But who on earth wants to deliberately catch a falling knife? The treasury along with the federal reserve are trying desperately to get you to buy a house. This is how they are propping up all of the markets and keep you in the dark about the REAL TRUTH!
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