The main reason the lenders are holding the foreclosed houses up is money! By putting just X number out, the low-middle income people are forced to bid beyond what the house is worth. A good example is a property on Moore Road that was listed at $34,900 and sold for $95,000.
Now, I would like a foreclosed house similar to that one — a large house and property. Realtors are unable to find them until the investors don't want them, then they are released to the general public.