Bank of America announced that it has picked up the pace in several markets in selling its inventory of foreclosed homes, REALTOR Magazine reported November 16, 2011.
Brian Moynihan, Bank of America Corp.’s chief executive, said at a press conference recently that in cases where banks can take ownership of the properties quickly and get them cleaned up, they are able to get them back on the market and those properties are selling the fastest.
On the other hand, some states, such as Florida, which is a judicial state for foreclosures, continue to see delays, as foreclosures inch along at a slower pace, Moynihan said.
Overall, Moynihan said mortgage delinquencies are dropping in its portfolios and that home prices seem to be hovering at “a bottom” as the backlog of unsold homes reaches the market.
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