San Mateo’s September Shadow Inventory

As I’m writing the post for San Mateo’s September shadow inventory, I hear that Bank of America has put a halt to foreclosures in all states.

How long will they stop the foreclosure process?  As long as it takes to complete their investigation into whether or not documents have been improperly prepared.  “The bank’s chief executive, Brian T. Moynihan, later suggested that it would be ‘a matter of a few weeks.’”

The New York Times also reports, “Mortgage lenders are under fire because of evidence that some foreclosure documents were improperly prepared as lenders tried to reclaim as many houses as possible. The revelations have prompted a growing furor, including investigations by a half-dozen state attorneys general and a federal investigation.”

What’s that mean for San Mateo’s shadow inventory?  More delays; a continuation of the panic that the shadow inventory instills in realtors believing that there is one in the future of San Mateo real estate and that it will smash our local market into the ground.  Whether or not that’s accurate remains to be seen.

list month REO regular
jan 6 49
feb 7 56
mar 6 77
apr 7 67
may 6 66
june 7 76
july 10 76
aug 6 66
sept 7 75
oct 7 59
nov 7 46
dec 4 39
jan 5 51
feb 3 68
mar 3 80
apr 4 108
may 1 58
june 16 95
july 7 80
aug 5 70
sep 3 71

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