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Foreclosures Draw Eager Buyers, but Banks Drag Feet

Red tape and bureaucracy hinder efforts to buy repo'd properties

By Clay Dillow, Newser Staff

Posted Apr 13, 2009 8:00 AM CDT

(Newser) – Bargain hunters are turning to foreclosed homes for deals, but many are finding that buying repossessed properties from banks is a bureaucratic nightmare, the Washington Post reports. Though the housing market cannot stabilize until the unprecedented volume of foreclosures is sold off, banks are sluggish... Read full story »

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Foreclosures Draw Eager Buyers, but Banks Drag Feet

Red tape and bureaucracy hinder efforts to buy repo'd properties

housing market • bureaucracy • housing crisis • repossessions • bureaucratic blunders • financial crisis • foreclosures

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More Newser Stories

Home Repos Hit Recession High

US on track for 1M foreclosures this year

Fannie Mae's Task: Sell 65K Homes in Buyer's Market

Unloading homes quickly while maintaining value, Fannie walks tightrope

$26B Mortgage Settlement a 'Modest' Help: Experts

Many struggling homeowners not covered in deal

Banks Ink $26B Deal to Help 2M Homeowners

49 states sign on to deal with nation's top 5 banks

Banks Claimed a Record 1M Homes Last Year

And this year will be even worse

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