Many of you may have heard that three of the major banks have declared a temporary moratorium on foreclosures (Ally Financial, formally GMAC Mortgage, JP Morgan Chase, and Bank of America), and it is possible that other banks may follow. However, this temporary moratorium does not apply to homes in Colorado because our foreclosures are done through a public trustee and not through the courts as most states do.
Also, according to the National Association of Realtors, pending home sales rose 4.3 percent for August from July. This was slightly better than expected, but was still more than 20 percent below pending sales for August 2009. The increase in pending contracts was driven by a nearly 7 percent increase in the South and a 6 percent increase in the West.
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