Which is why Chris Whalen calls the banks unwilling REITs (Real Estate Investment Trusts). This is a national catastrophe which threatens our very way of life. No one can sell. No one can move.
As reported here by the Wall Street Journal on October 30th:
As of September, [banks] owned nearly 994,000 foreclosed homes, up 21% from a year earlier. The shadow inventory stood at 5.2 million homes, down 7% from a year earlier. Grand total: 107 months of inventory.
And Obama's off on another junket at taxpayer expense, costing an estimated $200 million PER DAY according to widely circulated reports.
Why are Americans putting up with this?
