Foreclosure Moratorium May Be Over
There is a rumor going around that the foreclosure moratorium may be over today. It has been discussed by many bank insiders. The banks stopped foreclosing for a while to lighten the inventory load. In Northern Virginia this has caused a lot of bidding wars especiall in the $250-400k range inside the beltway. I am not happy that people are going into foreclosure but it will be good to have some additional inventory for my first time home buyer's to work with. For a few weeks it has been increasingly difficult for 1st time home buyers to compete with investors. If this rumor is true inventory should increase in the next month. It is still a few week to month process to foreclose, get the people out of the property and list the property so it may be a month before we see inventory rise.
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