The latest program from the U.S. federal government is designed to streamline the process of short sale in an effort to lower the inventory levels of government, bank and FNMA foreclosures.
Housing market observers in Colorado have stated that delays in processing short sales are causing bank and government foreclosed homes to pile up and are hindering industry recovery.
Despite the low prices of bank foreclosed properties and government repo homes, homebuyers are staying away from the market. Housing unit sales are down in most areas of the U.S.
The number of foreclosed houses, including Handyman Special homes, that has been made available to the Rockford market in 2010 is expected to break previous foreclosure records. Foreclosure filings from March to April are reportedly reaching levels that have never been seen in the area for years.
Bank and VA foreclosures for sale account for a huge percentage of housing sales in various areas of Oregon. Brokers reveal that the moratorium has not slowed home selling in the state.
Home foreclosures in Denver slowed in 2009 and in January 2010, pushing up house prices. Denver posted the second biggest drop in foreclosure filings among the largest counties in Colorado in January this year.
Home foreclosures in Fort Lauderdale increased to record levels over the past years in part because of fraudulent mortgage loans. The Miami-Fort Lauderdale area has the highest number of residents indicted for mortgage fraud since 2007.
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