Most of the major lenders have halted foreclosures temporarily to give President Obama's housing plan a chance to be sorted out.  The following banks and lenders, Fannie Mae, Freddie Mac, JPMorgan Chase & Co., Morgan Stanley, and Bank of America Corp. have announced they are halting foreclosures through March 6. In addition, Citigroup said it will halt foreclosures until the administration has completed the details of the program or March 12, whichever is earlier. 

The banks are suspending foreclosures on owner-occupied homes; Fannie Mae is suspending foreclosure sales and evictions for occupied properties; and Freddie Mac is suspending foreclosure sales and evictions on properties with up to four units.  This will delay the flood of foreclosures waiting to come to market.  I would assume the next wave will hit us in the summer or towards the end of summer once the banks realize that they will not be able to save very many homeowners with Obama's plan.  This will put major pressure on prices again.

Your thoughts and feedback on this topic are greatly appreciated. Please feel free to post your comments.

Keeping you informed about the Orange County real estate market, economy and life in the OC is what I'm committed to doing.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.

SEARCH ORANGE COUNTY'S BEST HOMES at Orange County MLS Home Search