The Miami Realtors Association is already seeing the effects of the current decision by several banks to put a moratorium on foreclosures. In the past two weeks, 1,154 REOs have been cancelled, withdrawn, terminated or temporary taken off the market according to Southeast Florida Shared MLS Database. In the two-week period immediately preceeding the announcement, only 225 were removed.
A nationwide foreclosure moratorium (possibly being considered by Congress) would devastate the recovery of the home market, which is vital to our economic recovery. Realtors believe that all homeowners should have due process and are proposing that banks do the following while REO’s are under review:
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