2011-05-26 — ml-implode.com
``... when propaganda outlets like Realty Trac write that "the average discount for REO [bank-owned] properties is 35%", this is a complete myth. The reality (when we reverse the arithmetic) is that the average non-foreclosed home in the U.S. is being priced at a 50% premium above the real price... The only way that someone could argue that these foreclosure prices are merely "temporary anomalies" rather than the future of the U.S. housing market was if there was some end in sight to these millions of foreclosures. There isn't.''
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