Halt in Foreclosures a New Blow to Home Sales

(Please note the above title is from the print edition–KSH).

A snapshot of the problems can be seen at the real estate agency that sold Ms. [Amanda] Ducksworth her home, Marc Joseph Realty, based in Fort Myers.

The agency had 35 deals that were supposed to close this month. As of Thursday, Fannie [Mae] had postponed 11 of them. Another handful of homes that did not have offers or were being prepared for market had also been withdrawn.

“If this wipes out half my inventory, that’s a scary thing,” said Bill Mitchell, the agency’s closing coordinator.

As he spoke, his computer pinged and another message from Fannie [Mae] came through about withdrawing a house. It had the subject line, “Unable to Market Notice.”

Read it all.

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Posted in * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Housing/Real Estate Market, The 2009 Obama Administration Housing Amelioration Plan, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government

One comment on “Halt in Foreclosures a New Blow to Home Sales

  1. robroy says:

    More astroturf populism. Similar to cash for clunkers which led to little real increase in auto sales (many or probably most of them foreign brands) and paid for by 1) adding to our debt and 2) increasing costs of used cars.

    [url=http://online.wsj.com/article/SB10001424052748704696304575538440995389092.html?mod=WSJ_Opinion_LEADTop ]WSJ has a piece on this[/url]. The issue is whether this got notarized by after the proper review by the some other guy. But the WSJ points out, to their knowledge, no home was foreclosed that hadn’t defaulted but the paperwork wasn’t done correctly. The proper paperwork issue wasn’t an issue in Nevada, but Harry Reid is still calling for a cessation of foreclosure in Nevada, and some others calling for a cessation nation wide.

    The net effect is to prolong the agony.