Foreclosures Are Selling Quicker, BofA Says

In several markets, Bank of America is reporting that it has picked up its pace in moving through its inventory of foreclosed homes faster than it has in the past, The Wall Street Journal reports.

Brian Moynihan, Bank of America Corp.’s chief executive, said at a press conference 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 selling the fastest.

“It moves as fast now as it’s ever moved,” Moynihan said at a press conference.

However, some areas--such as Florida, which is a judicial state for foreclosures--continue to see delays, as foreclosures inch along at a slower pace, Moynihan says.

But, overall, Moynihan says 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.

Source: “BofA: Foreclosed Homes Selling Faster,” The Wall Street Journal (Nov. 15, 2011)