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| When land in the 80's got foreclosed on it generally did not go right back on the market, banks took possession of it, many times those same banks sat on the land in hopes of it recovering in value to help offset their original loses. So land that was bought for 2500 per acre then lost for 500 per acre was held by lender until it got back to 1500 per acre. There were many stipulation to the sale after foreclosures that required time and redemption options.
I'm sure a small percentage of the land worked the way you seen but the great majority was much more complicated. | |
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Inflation and recession.
