The past couple weeks headlines have been filled with foreclosure, foreclosure, foreclosure. I'm sure you are aware that Bank of America, Ally Financial and JP Morgan Chase suspended foreclosures in 23 states a couple weeks ago. Since then, attorney generals in all 50 states have banded together to temporarily halt foreclosure proceedings nationwide to examine dig deeper into alleged "robo-signing" scandal. Then, as of Monday, October 18th, Bank of America has resumed foreclosure filings in 23 states.
It seems everyone has a dog in this fight...from an Illinois sheriff who says he won't enforce foreclosure evictions until he has proof those foreclosures were handled legally and properly, to a New York judge who "ordered lawyers handling foreclosures in the state for banks and servicers to sign a form verifying the procedure had been done properly" to families breaking back into their foreclosed home because they say the bank didn't have a right to evict them because they weren't behind on payments. The lawsuits are expected to takes years to be settled on the various cases, from the individual, to the large class-action suits we will certainly see against the banks.
And let's not forget that we are right in the middle of mid-term elections so the politicians are jumping on this bandwagon left and right. So who knows what's really going on these days. You cannot predict how this will all pan out, but you can be sure of this--mortgage rates are at all-time lows, prices are down, and there is available inventory. So, as I always say, if you find a house that makes sense, don't try to predict the future--make a purchase now if the payment makes sense, you like the house, and you're not planning on selling in the next year. That advice will never change, no matter where we are in the news cycle.
Blogger Matthew Allan is a specialist in Savannah Real Estate, focusing on Savannah's downtown historic districts, including the Landmark Historic District, Victorian Historic District, Thomas Square Historic District, Starland Historic District, Baldwin Park, and Ardsley Park Historic District.
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