2010.10.2711:22:00UTC+00Foreclosure Reviews may Delay Sales of distressed Properties

News:

• The US Treasury's housing rescue boss said that reviews and investigations into the use of faulty foreclosure documents will likely delay the sale of thousands of distressed properties, putting downward pressure on home prices
• It may take many months for mortgage servicers, state courts and law enforcement agencies to clear up questions over foreclosures - Phyllis Cladwell of Homeownership Preservation Office
• Longer foreclosure timelines will take down prices
• Caldwell said this would hurt homeowners and home buyers alike at a time when foreclosed homes make up 25 pct of home sales