Real estate appraisers are having difficulty appraising properties in foreclosure listings which make it hard for borrowers to refinance and buyers to acquire homes.
Fannie Mae is tasked to take over, rehabilitate and put on foreclosure listings for sale about 65,000 repo homes in the quickest way possible to reduce its housing market exposure.
The reported stability of new home prices and the shrinking of speculative home constructions have given hope to the housing market that Arizona's foreclosure listings is starting to lose steam.
Home buyers are competing to buy pre-owned homes in Silicon Valley because of the dropping number of homes available for sale, including properties in foreclosure listings.
President Obama's stimulus program has not yet shown its impact in terms of home price levels and foreclosure levels. Home prices are still low compared to previous years' price levels and homes continue to be added to foreclosure listings.
Houses in foreclosure listings dropped in number in the U.S. last month, but may surge again because of continued economic problems. Nearly 316,000 homeowners received default or foreclosure notices in January, a drop of 10 percent compared to December last year.
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