Bank of America Halts Foreclosures in All 50 States!
The simple fact is that the entire system is overwhelmed. No bank initially had sufficient resources dedicated to the residential real estate foreclosure morass and I don't know that they do even now. The sad fact is that until all of these delinquent properties are sold to individuals who CAN make the loan payment our national market will continue to languish. The good news is that there are lots of buyers out there and the aggressively priced properties ARE selling. When the bank gets the price right on our Gatlinburg area foreclosures, they sell rapidly but when they don't, they don't sell at all. For a free and current list of all area foreclosures (listed by any member firm of our Great Smoky Mountain Association of Realtors), please click here.