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RealtyTrac's CEO, James Saccacio, sounded a sour note, however, contending that the drop-off in filings can be traced not to economic improvement or a pick-up in the housing market, but to processing delays brought on by the robo-signing scandal in which it was discovered that bank employees were signing foreclosure documents without following proper protocols.
"[That's what is] pushing foreclosures further and further out -- we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later," Saccacio said.
As a result, it will only prolong the housing slump, he said.
This casts an ominous shadow over the housing market where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number," said Saccacio
Realtors say they don't think banks mean to incur thousands of dollars in mold damage just to save on monthly utility bills. But the mold problem appears largely to be a manifestation of the foreclosure crisis. Bills go unpaid, houses sit vacant, and the whole process takes much longer than anyone wants. Ohio Bankers League President Mike Van Buskirk says by the time the banks process foreclosure paperwork, it's often too late. "There are a lot of steps in government, the courts, county sheriff that are involved in it," he says. "While it varies across the state, some of them, thinking they're helping the consumers, are really dragging out the process, so that it can take two or three years." Realtor Jill Flagg says many lenders won't sell a home for less than the mortgage note, so the house sits and sits, and it continues to grow mold.
Originally posted by nixie_nox
I know working for the health department a few years ago(and it is sad I even have to say a few years ago) there was a big uptick in complaints about abandoned properties. Grass growing high, attracting rats which attracts snakes and bringing down the value of the neighborhood. Now my county doesnt enforce high grass, its not a health issue, if it gets high enough its a fire issue. But some counties do. Then they have to try to hold down the banks who now own these abandoned properties to actually start taking care of them.