While many experts are in agreement that the long term consequences of the freeze in foreclosure proceedings will result in additional downward pressure on pricing due to the increase in inventory that this delay in sales will pose, in the short term they suggest that there should be a rise in home prices. This is due to the fact that this group of houses is now technically off the market. Less competition means higher prices. But remember this is short term since the moment the freeze is lifted, inventory will skyrocket resulting in downward pricing pressure.
The other interesting positive thing out of all this is the fact that many of these lenders will now be more likely to consider short sales instead as a better alternative than to face mounting resistance from borrowers who are more likely to challenge the legitimacy of the mortgage documentation their lenders possess. Read more
Contact The Law Offices of William J. Reinhardt, Jr. at 718-377-8880 or at [email protected] if you are a homeowner faced with foreclosure issues.
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