Think Big, Work Small is one of my favorite sources of information regarding what is happening in Real Estate. It is emailed to me daily and contains humor, outrage and very important topics regarding the realty environment. This morning was about the facts concerning the latest move by several lenders to cease all foreclosures. I have included the link for you to explore. http://www.thinkbigworksmall.com/mypage/archive/1/53928/
There are many opinions as to how this cessation is going to affect everyone from Realtors to homeowners and I can see all sides as having some merit. In my neighborhood, there have been many REO homes sold and the result has been the steady depreciation of the prices here. We are back to valuations of 2000-2001. If the prospective buyers had no REO homes or shortsales to choose from, perhaps we could begin a modicum of recovery. On the other hand, if these underwater homes do not get pushed through the system now, it is only a matter of time until the situation is resolved and they come flooding back on.
Some pundits say that the stoppage of the sales will kill the ever fragile economy by putting everyone from title companies to home improvement companies out of work. It seems that there is just no way out of this mess that will not hurt some group during the process. So, I will try to look for a silver lining and continue to work with buyers and sellers, navigating the best way I can through these swampy waters.