Oct 10
1
Add Bank of America to the list of mortgage companies that is halting foreclosures in 23 states. A quote from their spokesperson (emphasis mine):
“To be certain affidavits have followed the correct procedures, Bank of America will delay the process in order to amend all affidavits in foreclosure cases that have not yet gone to judgment in the 23 states where courts have jurisdiction over foreclosures.“
Fannie Mae and Freddie Mac have asked servicers to make sure all documentation is in order by October 18 — a daunting deadline considering the number of files in question.
Remember, this does not apply to Nevada, only the states where foreclosures must actually pass before a judge. This begs the question of whether Nevada’s foreclosure problem might be sharply improved through court oversight.
Another little follow up item is that the local Fox News affiliate has noticed that “Short Sales Dominate Vegas Housing Market.” Welcome to my world:
An Applied Analysis report on the Las Vegas valley housing market showed the number of homes listed as “available” swelled to 15,729 in the third quarter. The number has increased for 21 consecutive weeks, the firm said.
There are more than 7,300 short sales on the market, according to the report, comprising nearly 47 percent of available listings.
Why the discrepancy between Applied Analysis’s numbers and the Friday Figures? They count mobile homes and I don’t. They went on to point out that only 35% of available units are owner occupied.
