Home Foreclosures Suspended
Good Monday Morning!
Congratulations to the Oregon Duck and Oregon State Beaver college football teams for their weekend victories. Also, the Oregon Ducks are now #2 in the nation in all three polls. Keep up the good work!
The problems with the nations housing industry just keep coming. Last week Bank of America gave notice that it was suspending home foreclosures in all 50 states while it investigates problems within. Now, GMAC and JP Morgan Chase have announced that they also are suspending home foreclosures. There are now fraud allegations and misconduct involving foreclosures within all of these major lenders. Short term this may be of some benefit to the housing industry because it freezes foreclosures and will put less pressure on already heavy inventories of homes for sale. Long term it is a disaster because it will prolong the flushing out of foreclosed properties. Some experts feel that it could extend our housing industry problems as much as another 2 years. Any kind of recovery within the housing industry is conditional on the large number of foreclosures passing through the system. This is also not good news as recovery in the housing industry will lead the way to recovery from our current recession.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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1499 Larkspur Avenue
Charming, ranch-style home with modern feel and centrally located. Featuring rich hardwood floors, newer roof, countertops and vinyl windows. Other special features include a cozy living rm with wood-burning fireplace, a large bath, laundry area & c...
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AND HERE'S YOUR MONDAY MORNING COFFEE!!
Sincerely,
Galand
