The Ripple Effect of The Abrupt Halt to Foreclosures

Reblogger Sheila Rasak
Real Estate Agent with Keller Williams Realty-California Coast Property Group

As I stated in this original blog, many of my clients have suffered great emotional harm as well as becoming physically ill due to the prolonged agony of the process. Yes, while there is a reprieve, it's not too comforting that they still don't know when the banks are going to open up the flood gates.

Original content by Dave Halpern

The ripple effect of the abrupt halt to foreclosures is far reaching. Here's just a partial list of those affected:

  • Buyers
  • Contractors who were going to repair the home. This alone has a massive effect on employment. Hard working Americans who build America are abruptly out of work, again.
  • The entire manufacturing and supply chain of material needed to renovate repurchased foreclosed houses.
  • Movers
  • Closing attorneys
  • Appraisers
  • Appliance retailers and wholesalers and manufacturers
  • Neighborhoods suffer more blight for an additional extended period of time.
  • Owners who moved away and have to maintain the house. Some municipalities file criminal complaints against owners who don’t mow the grass or fix vandalism beyond their control.
  • Owners who have to pay insurance on an unwanted home. Without insurance, the homeowner in limbo will be on their own if they’re sued by someone who gets injured on the property.
  • This is just a brief and partial list of those who are immediately affected by this abrupt halt. The ripple effect of the foreclosure halt is far reaching.
  • Realtors, especially Realtors who rely heavily on listing REO's.

The losses incurred by all those affected will cause more unemployment which will cause more foreclosures.

This foreclosure halt is truly a crisis within a crisis.

Who else have you noticed affected by this abrupt halt?

 

Dave Halpern

Real Estate Broker, Louisville Short Sale Expert Realtors

(502) 664-7827

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Sellers looking for foreclosure help in Louisville, KY should call Dave Halpern, Realtor, Louisville Short Sale Expert Realtors, (502) 664-7827. I will dedicate to you all the time you need for a full explanation of the process. We are compassionate, caring and patient. I will listen to your needs and wishes and customize a strategy to meet your circumstances.

I will provide you detailed information about foreclosure options and short sales. We help dozens of sellers avoid foreclosure every single year in Louisville, Jefferson County, Oldham County, Bullitt County, Shelby County, Nelson County and Spencer County.

We can help. You have options. Call even if you think your house isn't sellable. Put an expert real estate agent on your side. Many testimonials available.

 

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

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Rainer
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Tish Lloyd
Broker - Wilmington NC and Surrounding Beaches
BlueCoast Realty Corporation

The mental, emotional and physical damage will be remembered for many, many decades to come.  Hopefully, we will learn and improve, progress and repair, find our compassion and help to heal.

October 11, 2010 09:19 PM
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Ann Allen Hoover
CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL
RE/MAX Advantage South

We discussed this in our weekly meeting this morning.......WHAT A MESS!

October 12, 2010 01:24 PM
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