Foreclosures Jump in Southwest Florida in September
Bank of America was responsible at least, in part, for the 27 percent jump in the number of foreclosures for the month. It would appear that this mega-bank now is able to determine which of their loans have the appropriate paperwork to proceed to foreclosure.
For a long time this lack of information seemed to have stalled them in their tracks. For Manatee, Sarasota and Charlotte counties it could perhaps mean that while the prices have been fairly stable for a lot of 2011, that might change and move downward if there is this new group of distressed properties hitting the market.
However, it is believed that the banks will introduce properties at a reasonable pace so as to keep a frenzy from happening. They realize there is no benefit from a saturated market.
Read the full article in the Sarasota Herald Tribune here
