From the latimes.com – an excerpt:
Pro Teck Valuation Services, a national appraisal firm in Waltham, Mass., recently completed research in 30 major metropolitan areas that dramatically illustrates the point. All of the fastest-rebounding markets in October — those with strong sales, price increases and low inventories of unsold houses — were located in so-called nonjudicial states, where foreclosures can proceed without the intervention of courts.
All the worst-performing markets — where prices and sales have been less robust and there are excessive numbers of houses available but unsold — were located in judicial states, where post-default proceedings can stall foreclosure completions for two to three years or even more in some cases.
Among the best-performing areas were California markets such as Los Angeles and San Diego. California is a nonjudicial state. Among the worst performers were Florida markets such as Tampa and Fort Myers, as well as parts of Illinois and Wisconsin. All of these are judicial states.
http://www.latimes.com/business/realestate/la-fi-harney-20131201,0,7128552.story#ixzz2mKE1HdIx
There was a time when bank regulators flagged any deficiency that was not corrected by the end of the next quarterly report.
Seems these days a dozen quarters isn’t an issue.
Banks used to be in the business of lending money. The Great Recession gave them permission to be in the business of making deals.
Eh, what could happen?
I saw that title and just laughed. Faster foreclosures, now that is like comedy. There are still people around me getn a free ride after 5 years. The banks have limited inventory by not foreclosing on people hoping for a bigger payday. Lets get the truth to the readers.