Quick foreclosures are recipe for rebound

Housing markets rebound faster if state laws allow foreclosure proceedings to move quickly, syndicated columnist Kenneth Harney reports.

A recent study by appraisal company Pro Teck Valuation Services found that all the fastest-recovering markets in October were located in “nonjudicial” states, where foreclosures do not need to move through the court system, rather than “judicial” states, where they do.

Markets in judicial states recover faster because they are able to more quickly purge themselves of bloated foreclosure inventories, which depress home prices, Harney said.

Source: The Los Angeles Times