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.


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