A foreclosure break for the holidays. Freddie is announcing a suspension to all foreclosure activity from the day before Thanksgiving to January 9, 2009. Here is what Freddie has on its website:Arizona Mortgage Guru, Nov 2008

Bank of America, which last summer bought the nation’s largest subprime lender, Countrywide, has suspended foreclosure notices pending against nearly 2,000 homes across the Valley in the past week in an effort to help homeowners hold on to their property. And relief for even more homeowners is expected to follow.

Read the rest of the story at Bank of America agrees to halt 2,000 foreclosures in the Valley.

I’ve been working with a steady stream of buyers this year, and have shown a lot of homes and sold a good number.  Some are short sales, others are foreclosures, and the remainder are owners selling because it’s time.  Everyone is impacted by our current real estate market, so taking sometime to slowdown the foreclosures in the Phoenix area and possibly come up with some alternative actions is a positive one.