Monday, November 1, 2010

Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States - Bloomberg

NOTE: We are told inventory has to be gone for recovery to happen.... the ones benefiting most (zillow, realtors, banks) are saying that stopping foreclosures will be bad for economy.

Notice that with 1/2 the amount of homes foreclosed the inventory was dwindling. This was a one month halt in Arizona and the foreclosures are back on. Some are scheduled one day before Thanksgiving. Happy T-day to that family!

Foreclosure Freeze Cuts Sales, Supply in Hardest-Hit States - Bloomberg: "Foreclosures and short sales, in which lenders agree to sales at less than the mortgage balance, made up 66 percent of transactions in Miami-Dade and Broward counties in September, said Shuffield, the president of Esslinger, Wooten Maxwell.

“The closing pace hasn’t stopped yet,” Shuffield said. “But the inventory has definitely dropped.’ ”

Western states have had a steep drop in foreclosed homes headed for resale, said Sean O’Toole, chief executive of ForeclosureRadar.

The number of trustee sales in Arizona, California and Nevada fell to 4,151 the week ending Oct. 22 from 7,142 four weeks earlier, when the first freeze was announced, O’Toole’s data show. Bank of America, Ally, and PNC Financial Services Group Inc., which also suspended some sales, were the only companies that he found to account for the decline, he said"

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