As you probably know, on October 2, 2010 Bank of America announced that they were halting all foreclosures in the US due to allegations that the bank was using faulty paperwork to foreclose on homeowners. Lawmakers urged other banks to do the same but the Obama Administration wasn’t having any of it, claiming a national moratorium on foreclosures would be harmful to the fragile real estate market (fragile, chaotic, whatever you want to call it). Starting Oct. 18th, Bank of America resumed foreclosures in the 23 states that require a court order to foreclose, an estimated 102,000 cases. They expect a plan of action in DC and the other 27 states in a couple of weeks.  This news, combined with high unemployment and steady property values, means we will continue to have a steady supply of distressed inventory that needs to be purged by the banks. Gotta go, my phone is ringing off the hook with hungry agents. 

Click here to watch a short clip: B of A Foreclosures Resume

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