Executives at major US banks and real estate experts recently testified before the US Senate Banking Committee in Washington, DC about problems with the foreclosure process. Much of the recent problems stem from the litigation regarding the irregularities of the foreclosure process; prior pieces have discussed the issue in detail.
The Congressional Oversight Panel recently released a report predicting the potential problems in the foreclosure process could be significant. Greater disrputions than we've already experienced in the US housing market has been predicted as a possibility.
The current problem of lenders having to prove they own the mortgage loans is predicted to lead to a drop in foreclosure sales. The theory is the banks would favor short sales during this period of difficulty in actually foreclosing on homes.
Experts believe the delay in foreclosures will mean less price competition in the short-term and long-term a record high amount of bank foreclosures by mid-2011. The theory is that after the ligitation mess is worked out, the delayed foreclosures, and those that were in limbo because of the litigation, will all be worked out at the same time. Should that happen, one might expect to see US home prices fall yet again, as a new wave of lower-priced inventory enters the market.
As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help both buyers and sellers navigate the ever changing distressed property landscape.
If you are looking to buy, sell, rent or invest in the South Florida real estate market, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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