This week the Bank of America announced their self imposed 23 state foreclosure freeze will be lifted Monday October 25th.
Earlier this month after JP Morgan Chase Bank and Ally Financial Inc. put a halt to evictions of property owners in default on their mortgages after rumors surfaced in several states that alleged that bank officers/employees were signing documents that may have contained errors. Bank of America soon followed suit and halted all property seizures as well.
In a statement release by Bank of America this past Monday, "Our initial assessment findings show the basis for our foreclosure decisions is accurate."
"Although the Moratorium was short lived, it did have an impact on the Las Vegas housing market as it made potential buyers uneasy about home purchases and Title Companies a bit skittish about writing Title Insurance." according to Las Vegas Realtor of the Realty One Group.
Ms Arcuri went on to state "Although Nevada was not listed as one of the 23 states the effect of temporarily putting the brakes on any foreclosures will send ripples throughout the already devastated real estate industry and will delay a full recovery.”
What this Las Vegas Real Estate Veteran is referring to is the fact that in order for the market to stabilize foreclosures are a necessary evil. Home owners simply cannot remain in homes that they cannot or will not pay their mortgages.
"It was the Housing Sector driven by out of control politically initiated Sub-Prime and "Liar" loans that caused our current recession. The economy simply cannot recover until the real estate industry does. It is time to finish the healing process." according to Ms .