LATEST ON FORECLOSURES
White House Addresses Foreclosure Moratorium Some more news….. And some analysts and real estate agents
Federal officials made a full-court press this weekend to ward off a foreclosure moratorium.
In a piece posted Sunday on the Huffington Post Web site, Secretary of the Department of Housing and Urban Development Shaun Donovan wrote: ”The notion that many of the very same institutions that helped cause this housing crisis may well be making it worse is not only frustrating — it’s shameful.”
But he stopped short of calling for a moratorium on foreclosures, saying, “A national, blanket moratorium on all foreclosure sales would do far more harm than good, hurting home owners and home buyers alike at a time when foreclosed homes make up 25 percent of home sales.”
Meanwhile, Federal Deposit Insurance Corp. Chair Sheila Bair told listeners on C-Span’s Newsmakers, ”If it turns out this is just a process issue, and then I don’t anticipate the exposures to be significant. If it turns out to be something more fundamental, then we’ll have to deal with that,” she added. ”But I think we need to get all the information before we jump to any conclusions.”
Source: The New York Times, David Segal (10/18/2010)
worry that the uncertainty about the
document mess could make potential buyers
change their mind about purchasing
foreclosed properties. That’s because of
fears that the former owners could turn
around and sue.
“It’s going to make people even more
cautious: ‘Gosh, do I go in on a foreclosure?’”
said San Diego real estate agent Jerry
Adams Jr., who said he has seen one sale
get put on hold. “It concerns me a lot.”
A different prospective….
The suspension in foreclosures could prop
up home prices in the short term because
fewer cheap homes would pour onto the
open market in coming months. When those
properties ultimately do go up for sale, the
overall economy could be in better shape.
Keeping you informed, Kris Steinbach, Inlanta Mortgage, 920-960-0852 or
