WHICH LEVEL OF HELL FOR THE REALTORS?

"First of all, they have deliberately kept millions of already-foreclosed properties off the market (see “U.S. economic propaganda hits fevered pitch”). This accomplishes two purposes. It slows the collapse of U.S. housing prices through reducing the number of foreclosure sales (as well as write-downs on ALL their housing-related assets). Secondly, on an individual basis, until a foreclosure sale locks-in the losses which a bank has taken on a property, fantasy accounting rules allow these properties to be listed on the books of U.S. banks at their non-existent “bubble” prices."
Bullion Bulls Canada

I was watching the local news last night . There was a story about how home sales have increased in St. Louis and that prices, for the first time in 2 years, had risen. (Fox 2) OK, so lets assume that the story is right. It's getting towards the end of summer, you need to get the kids settled in a new school, prices and interest are cheap, we better do it now.

I was talking to a friend at church yesterday about the issue of banks hiding the true extent of defaults in the housing market. His wife is a realtor. He verified exactly what Bullion Bulls says above, that people are living in houses and haven't made a payment to the bank in over a year. The banks are not foreclosing for the the reasons listed above. I've seen this reported on other financial sites as well.

In the report on Fox 2 a woman states that she is buying now because she thinks that it is impossible for her not to make money on her investment in the years ahead. She believes the market is coming back. Even though the banks are holding MILLIONS of foreclosed properties off of the market and in addition, not foreclosing on millions more to falsely inflate the bottom line in their bookkeeping.

Based on my conversation at church the realty agents are well aware of this situation. Are they telling people like the lady buying the house that these millions of foreclosed properties will eventually have to be dealt with; that when this happens the value of her property will not go up, but down. Dramatically. Or, are the realty agents glossing over this, and using the media to sell their snake oil to the masses?

There's a special place in hell.