Quote:
Originally Posted by Armistead
Didn't we already try this by giving Banks large bailouts so they could rework loans, even though most did nothing but invest it as they pleased since there were no regulations or guidelines to how they used the money.
Banks are sitting on trillions in unused homes, if Chase bank alone flooded the markets with all the foreclosed homes they have at once it would drive prices down even more. The banks don't really care, the taxpayer already paid the cost of the home for them, it's just a double dip when they can sell them.
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The banks are not lending unless your credit is stellar. And, yes, home values have dropped due to foreclosed homes going dirt cheap. Currently, my family would like a larger home. Normal stepping stones of home purchase for most is start small and go larger over time via selling the current home at a profit/down payment for the next. Currently, we are on the threshold of breaking even or at a small loss if we sold our home. This means we would have to save up with a down payment for our next home just as if we were starting all over again.