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.

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5 Responses to “More Hawaii REOs Coming on Market – National Mortgage Settlement”

  1. John Slocum
    February 14, 2012 at 1:06 pm #

    It will mean more foreclosures in the near future but, this is something we must work through and put behind us sooner, rather than later!

  2. Justin - Customer Experience
    February 21, 2012 at 7:58 am #

    How will this effect the pricing of current homes on the market. Will a bunch of foreclosures bring prices down further?

  3. Katie Minkus
    February 21, 2012 at 9:06 am #

    I disagree. We won’t see any significant numbers of REO’s hitting the market until the Hawaii Legislators take care of Act 48. Unless one of the terms of the settlement includes reinstating non-judicial foreclosures?

  4. Judy Shiroma
    May 10, 2012 at 8:33 am #

    Thank you for sharing. I guess we’ll see how this pans out.

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