Bryan Ellis Real Estate Letter - Conventional Sellers Benefited from Foreclosure Freeze

Bryan Ellis Real Estate Letter - Conventional Sellers Benefited from Foreclosure Freeze:

"While the prices for sold properties continued to fall, the lack of competition from foreclosures could have helped troubled homeowners not yet in default avoid tumbling into the pit that has caught so many homeowners already. Home Encounter president Peter Murphy described the situation, saying simply that “The abrupt halt to foreclosures by the major lenders…had the effect of reducing foreclosure inventory and directly benefiting conventional home sellers.” Murphy did not otherwise comment on home prices, which fell 7.5 percent over a year ago"