The Real Deal Miami

Banks want to sell homes before prices fall more

August 13, 2008 10:59AM

Banks and investors are trying to shed their excess of foreclosed homes, and some have sold homes for less than half the price they were purchased for two or three years ago. J.P. Morgan Chase warned of a further decline in U.S. housing prices, so many banks are trying to sell before prices plunge even more. Shares at J.P. Morgan, Lehman Brothers Holdings and Wachovia fell this week, so some believe the worst of the credit crunch might not be over.