banker morons

My response to a Verde Valley homeowner who made the mistake of asking "How's the market? Can I sell my house yet? What's the percentage of foreclosures?"

Hi, Viktoria. The market is.......can I borrow your words and say "so-so?"
The foreclosures are rampant. The percentages don't really matter because foreclosures are at the bottom of any price range and that's naturally where the buyers go - to the cheapest. I would, too.

"Real" people and "normal" sales all have to wait until the foreclosures are gone, or else compete down there at the bottom. The banks don't care - they'll get bailed out. They just keep undercutting the prices and driving the comps and the market lower every day.

I realize that my sentiments are not what the media is portraying, but this is what I'm seeing.

If a bank-owned house has a fair market value of, say, $100,000 then the bank/owner says "List it at $75,000! Get rid of it!" Then the next bank/owner of an identical house now has a value of $75,000 because that's the comp. And so they say "List it for $50,000! Get rid of it!"

You see where this is going, I'm sure. They're shooting themselves in the foot, and in doing so they're shooting Americans in the head.

Sorry. I do go off on rants when this subject comes up, the banker morons.