Our appraiser just got this email from Fannie Mae and he forwarded it to me to share!
Here is the email...
"Dear Fannie Mae Appraiser:
Effective immediately, Fannie Mae has expanded the scope of the previously announced foreclosure halt to include all single family properties (1 - 4 units), regardless of occupancy.
In addition, all eviction proceedings (including personal property evictions) and cash for keys activities have ceased.
These actions will remain in place through January 9, 2009. We expect the above actions to resume on January 10, 2009, which will result in increased volumes and activity. We will continue to communicate any changes or updates to you.
Please contact us with any questions. Thank you for your attention to this matter."
Many REO brokers in our area have seen a slow down in their new listings from the bank since this hault in foreclosure activity.
I would suspect that there will be a big burst of inventory coming on the market in January of 2009. Hopefully this slow down will help those who can be helped and allow some of the inventory get bought up before it starts raining again!
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