Big Foreclosure News – Bank of America (BAC) is Halting all Foreclosure Sales

 I received two emails this morning asking what effect Bank of America’s news about Halting Foreclosure sales will have on the “regular resale” market. That’s a great question! My feeling is that investors and serious buyers that have been searching for distressed properties will now expand their search to resale properties that are priced right.

Here is a great article that explains the freeze.

This is just the “tip of the iceberg”. More Banks are either doing the same thing or will be shortly. Stay tuned – this challenge is only going to escalate. With over 25% of home sales being sold as distressed or foreclosures, the general real estate market is going to continue its uncertain joy ride.

Many Qualified Buyers are taking advantage of some great interest rates. For example, in a meeting I had this week with a local lender, she pulled up current rates and showed me that 30 year conventional rates were under 4.25% and 15 year rates were below 3.75%. Wow! How low will they go?  Even with the all of the issues facing us with the economy and real estate – “there is an opportunity in everything …take advantage of it”.

Opportunities are never lost; someone will take the one you missed. – Author Unknown

By Jay Hufnagel, Keller Williams Realty, www.SayJayLakeandHome.com , sayjay@bellsouth.net , 770-757-2799.