Monday, March 21, 2011

Foreclosures will increase, Weak sales, foreclosures push home prices down - Whittier Daily News

Note: how great is this.. All kinds of fraud in mortgages, and loan funds application, not to mention actual foreclosure fraud. will tell you more. BANKS are pushing to foreclose faster adn let houses sit. AND YET house prices fall fall fall. Are you sure you really want the government and banks pushing to get foreclosures going faster? Read between the lines.

Weak sales, foreclosures push home prices down - Whittier Daily News: "Locally, Los Angeles County's median home price for February was $286,220, down 6.3 percent from the previous month, the California Association of Realtors said.

'Banks are starting to release more foreclosures,' explained Marty Rodriguez, owner of Century 21 Marty Rodriguez in Glendora. 'All of that Bank of America stuff had been on hold and that created a lower inventory. But now BofA and Fannie Mae are saying if you haven't made a payment in over a year they are not going to give any more extensions.'

Steve Johnson, director of the Southern California region for Metrostudy, a real estate information and consulting firm, agreed.

'More banks are going to foreclose,' he said. 'They have staffed up enough so they can respond to short sales, and their ability to take homes to foreclosure has improved.'"

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