There is a new freeze on the foreclosure process for many residential lenders. In light of the possible (probable) fraud in the backlog of foreclosures, many banking institutions are putting a freeze on their proceedings. How could this affect the market? Some home owners could sigh a small breath of relief. It could buy them a bit more time to save themselves financially or it could leave them in an uncomfortable limbo. It will defiantly put a lot of vacant houses in a precarious position where the former owners are no longer taking care of it and the banks are not able to take control of the upkeep.
The Bloomburg article states that foreclosure properties accounted for 24% of all the home transactions in the second quarter of 2010. The Des Moines Business Record quotes Bill Knapp as saying "he has seen little evidence that the foreclosure freeze is affecting sales" in Des Moines.
On the bright side, the interest rates are still at an all-time low, and there is large inventory of homes for sale. Pick up the phone with any questions about the local real estate market.
Bill 770-2455 Bob 979-2883
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