Foreclosures Go From Sluggish to Frozen
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Before four leading banks suspended foreclosures
due to improper approvals, the process was already bogged down in the 23 states that require a judge to sign off on all foreclosure
cases. In those states, the housing recovery has faltered,
some economists claim. For example, in California there is no requirement for a judge's approval of a foreclosure
; the housing market there has been recovering for the last year. But in Florida, where a judge's OK is required, home prices
continue to decline. Some housing market experts argue that a moratorium on foreclosures may
hurt as many homeowners as it helps -- and the market as a whole will stagnate.
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