Weekly News Digest October 23
Bank of America Resumes Foreclosures
One week after freezing foreclosure proceedings nationwide, Bank of America has decided that there weren’t any mistakes made on the reviewed cases and is now resuming its foreclosure process. Initially many thought the freeze would last until the end of the year or later. Good timing too. The next day B of A announced a $7.3 billion quarterly loss.
Broker Confidence Down
Both the short term and long term real estate broker confidence indices are down according to the most recent survey. Low consumer confidence and high foreclosure rates are being blamed. While this is not a good sign for the housing market and economy in general, many real estate investors see a silver lining as this means there are many undervalued properties on the market.
Remember all those banks that went under a few years ago? Well, the FDIC has been holding onto many of the real estate assets that they acquired in the takeovers. But now in an attempt to reclaim some of the lost revenue, the FDIC will now be selling many of the properties back to the private sector. This could be a great way to find some very cheap properties.