Posted by: kgreenrealestate | October 16, 2010

Recent Foreclosure Halt

With the recent Bank Of America move to halt all foreclosures in the Nation, brings many concerns. While it may prolong the inevitable for a homeowner in financial trouble, it will undoubtedly raise havoc with the Real Estate market. Bank of America, I have heard is responsible for 20% of the loans in this country. Obviously, not all loans are in this predicament,but, this halting realizes quite a large number of properties to say the least.

What happens to the foreclosures that have not yet “hit” the market? Timeframe is estimated to be 2-3 months before the stoppage is over. So, lets say Jan 30th, the decision is made to get the ball rolling again, the data out there is that as of 9-2009 there were in excess of 18,400 filings in Ct alone. Take that number and divide by 12 months=1500! I would dare say that “snowballing” would be in effect. This number is on the low side would be my assumption based on the fact that it has escalated each yr.

I am not an advocate of negative press, but this action is very concerning, and I am sure I am not alone, with my thoughts. The Lenders need to figure out how to correct this current dilemma as quickly as possible. For every problem, there is a solution, and I firmly believe one will be found!


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