How are the robo-signing scandals and lenders’ self-imposed foreclosure moratoriums affecting Virginia real estate markets? Here are some stories to help get you up to speed:
- Last week, four major lenders put a temporary halt on foreclosure proceedings, including those in Virginia
- With 23% of the Virginia housing market made up by foreclosures, any slowdown in foreclosure proceedings by the major lenders will drive up inventory and days on market
- Virginia Attorney General Ken Cuccinelli joins other state AGs in foreclosure investigation
- Reston, Virginia based MERS is at the center of the robo-signing havoc
NAR has been at the forefront on this issue, meeting with regulators, legislators and lenders to help resolve the crisis. Click here to download a summary of their efforts.