(English) Mortgage Settlement to Drive Increase in Foreclosures
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Is the question of how much shadow inventory is being held dependent upon whether or not a state has a non-judicial foreclosure (trustees sale) option? I live in Arizona where almost all homes are taken back by trustees sale. Will there be an increase in foreclosures here also as a result of the settlemen?
Arizona and other non-judicial states have done a better job of clearing their distressed property inventory than judicial states have. That means they will not be impacted as much as other states (examples: NY & NJ). It doesn’t mean there will be no effect, just a lesser one.
I agree Arizona will not see the big changes but our buyers do come from some of these states. Their market will splightly affect ours.
Good Point.