Well, it’s been a while since I’ve been here, eh? I’ve been conducting a little experiment with the traffic on the website. I regularly check the analytics (fancy word, no?) to see if anyone other than me is reading this little thing. Amazingly, it appears there are. For that, I thank you, and I promise not to disappear again.
To get back into the swing of things, I want to say a little bit about the current market conditions. On the whole, the indicators seem pretty good. Foreclosures are slowing down, prices seem to be generally stabilizing if not yet rising, and the whole market just seems to be exhaling its bated breath just a bit. Here in Denver, we are even seeing multiple offers on listings again. The consensus seems to be that we have probably reached the bottom of the market.
The key, of course, is the foreclosure activity, and that is where there is an ominous undercurrent. (It dates me, but the theme song to Jaws comes to mind.) The thing is, foreclosure activity has slowed down because the banks and servicers are simply not processing them. It’s definitely not that defaulted loans are suddenly clearing themselves up.
I’m sure you’ve heard of the mess involving the so-called “robo-signers.” The whole system has been caught in a massive web of fraud, and until the powers that be can get it all sorted out, a lot of properties that are in default are simply not being put into the foreclosure process. In most of these cases, the banks don’t even know who actually owns the mortgage. I talked a little about that in this post. Rest assured, though, that once it is all straightened out, the foreclosures will start up again. Hopefully, once things start getting straightened out, the banks won’t release a flood of properties onto the market. The consequences of that would be devastating.