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Buy One, Get One Free
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Another problem with the foreclosure wave: Banks and lenders are just sitting on foreclosed homes, and that could result in a wave of foreclosed homes hitting the market all at once, leading to a glut that could collapse the market again. It's a vicious circle: More distressed homes depresses value, leading to sales at distressed prices, which drops home values, which leads, ultimately, to more distress sales, which lower values, and so on. Right now, it'll take 3 years to sell all the foreclosed homes. That's not promising. (New York Times)
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