Alternatively, you could see the number of foreclosures drop if the employees are re-checking documents from other states. I would think that extra work we be performed at the law firm level though, so I think this second situation is less likely than the first.
Nationally, minimal effect and only for about 30 days until they set their proecures up again to comply with Freddie Mac procedures.
Jean Bradford, ABR,GRi,CRS,CRB
Managing Broker Associate
John L. Scott, Inc.
Unless there is a ridiculous concentration in a particular area that will take so many homes off the market, the impact of it will not be felt.