The Massachusetts Supreme Judicial Court has issued a ruling that questions the legal ownership of those who purchased foreclosed homes, throwing the state’s housing market into potential chaos. Edward M. Bloom, president of the Real Estate Bar Association for Massachusetts, on the ruling:

It leaves us nowhere. The residential housing market is never going to stabilize and grow until all of these properties that are in foreclosure are organized and cleaned out.

So we’re no longer talking about a “foreclosure” crisis but also a “re-foreclosure” crisis. That’s just great.

Just when you thought it was safe to get back into the markets …

File under: Jaws Court rulings

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