[McGavin999]

Ummmm, do you think it could be because there are so many empty homes going into foreclosure? Do you think it might be because you need a job to buy a house......oh wait, no you don’t or we wouldn’t be in this mess.

[Perdogg]

Also, the tax credit ended.

[A CA Guy]

The problem with the vacant houses is the accounting tricks aren't letting them go to market for sale because when they do that they have to take a major loss on the real books.

Obama’s administration is allowing an accounting trick for financial institutions called “Future Value” where you can have a home now worth 100k that was worth 375k valued for the books at maybe 425k.

The purpose of this accounting tool is to hide the fact the banks are all basically insolvent and to hope the economy comes back and brings higher home prices before the whole house of cards collapses.

That's the way I've read it anyway. May or may not be gospel.

Anyway, that's why we don't see all these foreclosed homes in mass coming to the market for cleansing IMO.

[Steelers6]

“Summer of Recovery” or “Saved Home Sales were Up”