DOB sent in this latest bank-speak which was seen in a few media outlets, like the SFBT:
“Where you’ve had the ability to get a hold of properties … get them cleaned up, back on the market, they have moved,” Moynihan said at a conference put on by the bank in New York. “It moves as fast now as it’s ever moved.”
“You’ve seen this thing improve slowly but surely,” he said. “There’s tons of investor money coming in” to the housing market.
BofA’s top brass has been eager to resolve its bad loans by speeding up the foreclosure process, which varies by state. USA Today reported last week that at the current pace of foreclosures moving through the system, it could take decades for the market to clear all that property in some states like New York.
In August, Bank of America picked up the pace of issuing default notices, the first step in the foreclosure process, according to ForeclosureRadar.com, a research firm in Discovery Bay. Moynihan said today that home prices are “bouncing along a bottom.”
And on a positive note, Moynihan says the bank’s mortgage delinquencies continue to decline.