Frank Hefner, an economics professor at the College of Charleston, said lenders are having trouble putting a value on the stockpiles of property they have seized. Without knowing that value, they’re proceeding conservatively.
“The foreclosure crisis — the macroeconomics of it –it’s going to draw the financial malaise out much longer,” Hefner said. “It puts financial institutions in an awkward situation, and it puts (off) getting the housing market moving.”
http://www.postandcourier.com/news/2010/nov/15/seize-and-desist/
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