Foreclosure auctions gain steam and draw bargain hunters
There was a 20% drop in the volume of foreclosed properties available for sale through county courthouses during the period this month when Bank of America Corp., JPMorgan Chase & Co. and GMAC Mortgage imposed temporary halts to foreclosures, according to ForeclosureRadar.com.
But economist John Burns of Irvine-based John Burns Real Estate Consulting Inc. said the moratoriums have not been long enough or widespread enough to make a difference in the overall housing market.
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