Bernardsville New Jersey Real Estate & Homes For Sale : Where have all the foreclosures gone?
The inventory of foreclosed homes for sale has been dwindling for almost six months, and everyone is wondering if the worst of our challenges with distressed properties are behind us. I'm sorry to report that isn't the case. However, for us in Bernardsville foreclosures per se will not necessarily affect us directly since there are at this point in time only a few properties that are currently in the foreclosure process and/or in serious default.
The potential problem for us though is that when banks begin to release their REO (real estate owned) properties there could be a residual effect that may tend to soften prices here as well. Just something to keep in mind if you're thinking to sell.
If you're interested in knowing where all the foreclosures have gone . . .
Here's what's happening . . .
We must realize that the problems banks have experienced with their paperwork on these properties has done nothing but delay them from coming onto the market.
The robo-signing blunders and then the MERS mess have caused the banks to slow down the foreclosure process dramatically. Just last week, the Office of Thrift Supervision released their Mortgage Metrics Report covering the 4th Quarter of 2010. In that report, they showed how foreclosure completions fell sharply because of these paperwork complications. Here are the numbers:
Foreclosures are not disappearing. They are just being delayed.
Bernardsville New Jersey Real Estate & Homes For Sale : Where have all the foreclosures gone?
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