Posted on October - 14 - 2010
Arizona foreclosures prices could fall lower with foreclosures halt
An expert who has been studying housing trends in Arizona for years has joined the Robo signing fiasco, saying that halting Arizona foreclosures could bring the entire state’s housing market to a screeching halt.
This issue has already affected bank foreclosure listings in NY and repossessed homes across the nation at a time when foreclosures are starting to account for a percentage of the normal sales of homes in many states.
This all comes at a time when the big banks that are at the heart of the Robo signing fiasco are making profits. For example, JPMorgan Chase reported their third quarter profits were $4.4 billion and that’s an increase of almost 24% from 2009. This is just one of the banks that are at the center of the documentation scandal whereby foreclosure documents were improperly processed. It’s thought by many experts that the fallout from the scandal could adversely affect the entire housing market in many different states.
Jay Butler is a professor at a school of business in the Arizona area. He is considered an expert and has analyzed Real Estate trends in the area for decades. He recently told to kpho.com that the proposed freeze on Arizona foreclosures would have a bad effect on the housing market, although prices would decline further for people looking to buy Arizona foreclosures or bank repossessed homes in any other part of the nation.
“Basically, it just heightens the uncertainty that already exists in a fragile housing market,” he said. “For a lot of people, this is where the money’s been made. Agents selling foreclosed homes, people buying and selling and flipping them.”
In related news, Bank of America announced it would stop foreclosures temporarily. Of course, all of this news doesn’t change the fact there are still many foreclosures on the market today and a glut that needs to be dealt with.
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- Large Numbers of Cheap Houses for Sale Dragging Down Arizona Economy
