Thursday, October 11, 2012

Trying to make sense of the foreclosure mess.

The lead article in the Bulletin today, "FORECLOSURES SET TO STRAIN COURT." 10/11/12.

As I mentioned the other day, it didn't make sense that there could be a shortage of houses for sale in Bend. 

Just didn't make sense.

My guess was that the banks weren't foreclosing as fast as they could.

Apparently, I was more right than I knew.  Because of difficulties in record-keeping, the foreclosure process in Oregon has moved to a "judicial" process, rather than an extra-judicial process.  Which has slowed things down tremendously, apparently.

About the only thing that is clear to me, is that the whole thing is a mess.

I figure there are a lot more where those came from.

1 comment:

H. Bruce Miller said...

It's not just difficulties in record-keeping. Under a law passed by the state legislature last summer, banks have to agree to mediation if they foreclose on a property through the non-judicial process. If they go the judicial route, they can avoid mediation. So they're choosing the judicial route.