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Foreclosure freezes continue to stall moving plans

Many foreclosed homes aren't yet available for sale.

Many foreclosed homes aren't yet available for sale.

Families and mortgage lenders say that the continued freeze on foreclosure sales by many banks is scuttling a number of families' moving plans, as the homes they hoped to buy are being pulled off the market.

The Charlotte Observer reports that many families looking at those properties have been left out in the cold, as the deals they had made are being stopped, leaving their relocation plans on hold. One family told the paper that if the situation isn't resolved soon, they may have to back out of the deal entirely, because their apartment lease runs out at the end of the month.

"We've been getting e-mails from Realtors all week who are saying, 'We can't close,'" mortgage lender David Millsaps told the paper.

The freezes represent a significant portion of homebuying activity. According to the National Association of Realtors, distressed properties made up 35 percent of all existing home sales in September.

Foreclosure activity is slowly resuming, as lenders complete their internal reviews. Recently, JP Morgan Chase - the country's second-largest mortgage lender - has announced that it plans to resume frozen foreclosures later this month.