Bank of America announced last week they will be halting foreclosures in all 50 states while they investigate their pending foreclosures for fraud. Apparently they have been engaging in something you have probably heard about called "Robo Signing", which basically means bank employees forged notarized documents to accelerate the foreclosure process.

The arrogance by which these banks have operated throughout this foreclosure process is appalling. What does this mean for the average buyer and seller is a delay of the inevitable. Most guestimates are a 3 to 12 week bump in the road. In the short term could be good for sellers because this will give them less competition, in the long run this could hurt values as there will be a flurry of foreclosures that hit the market once the banks pull their heads out.



Posted by David Hughes on


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Hi David- We met in Nanaimo, hope you are well. It is a shame about the robosigners. I've read that some of them had no training, or even knowledge of, real estate.

What percentage of homes sold in Reno recently have been foreclosures? It's only about 10% in my neck of the woods.

Posted by Michael Paul on Monday, October 18th, 2010 at 8:59am

Mike, very nice meeting you at the conference in Nanaimo, had a great time. I would say about 30% of our sales have been foreclosures and about 50% have been short sales. That is great that you only have to deal with about 10% in your market. Hoping they have the conference next year in Vegas, hope to see you there is they do.

Posted by David Hughes on Monday, October 18th, 2010 at 9:26am

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