''By the spring of 2009, the foreclosure situation had become so awful that servicing banks decided to sharply reduce the flow of REOs onto the market to keep home prices from completely collapsing.
Nowhere was this done more vigorously than in the New York City metro area. Unlike other major metros, however, the banks have never turned the spigot back on in the New York metro area. Once the word got around that the banks were not foreclosing or evicting, borrowers stopped paying their mortgage in droves.''
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