Foreclosure drought could result in sudden default wave
For homeowners in Washington, D.C., Maryland and dozens of other jurisdictions, it’s getting harder and harder to lose a home to foreclosure — even if the owner has not made any mortgage payments, writes Tim Devaney with The Washington Times.
That is what Jeffrey Fisher has noticed in his 38 years as a foreclosure attorney for banks in the Washington area. At the height of the housing crisis, he was selling about 40 foreclosed properties a month in the District, he said, but business has slowed to a trickle. In fact, he has sold only three foreclosed housing properties in the city since the Saving D.C. Homes from Foreclosure Act went into effect a few years ago.
But now, according to Devaney's report, analysts fear delayed foreclosures will eventually hit the market, causing a sudden shake up in prices and in market stability.