Three States Move to Ban Foreclosure Sales From Appraisal Values

With foreclosure sales steadily rising, four states are concerned that the use of the foreclosure sale prices in appraisals of neighboring homes is distorting the market. Legislators in Illinois, Nevada, and Missouri have all proposed separate bills that would exclude or restrict foreclosure sales from being used as comparisons to determine the value of homes around them. Maryland had proposed a similar bill, but withdrew the legislation on 3/31/11.


http://www.dsnews.com/articles/three-states-move-to-ban-foreclosure-sales-from-appraisal-values-2011-03-30

LPS: Foreclosure Backlog Stands at 30x Foreclosure Sales Volume

LPS reports that the total U.S. loan delinquency rate stood at 8.8 percent as of the end of February. The U.S. foreclosure inventory rate hit 4.15 percent.


By the company’s calculations, there are a total of 6,856,000 mortgages in the United States that are considered non-current.

Foreclosure Sales in Pinellas

There were 1,146 foreclosure auctions in Pinellas County July 1, 2010 – August 1, 2010