More Hawaii REOs Coming on Market – National Mortgage Settlement
Foreclosure Abuse Settlement
49 out of 50 states agreed to the $25 Billion settlement with five of the nation’s largest banks to address abuses in mortgage loan servicing and foreclosures. The settlement did bring clarity to one major issue–foreclosures.
What This Means
Banks have been holding off the foreclosure process on millions of homes over the last 18 months as they waited for the particulars of the settlement. They now know how they can move forward without penalty.
The result will be an increase in foreclosures coming to the Hawaii housing market.
More About the National Mortgage Settlement
There are a lot of conflicting opinions as to where housing prices and inventories are headed. Follow this link to an interesting graph on the states with the largest backlog.