“One key reason for the discrepancy is the legal process for foreclosing on a home, explains Bank of America Merrill Lynch’s Michelle Meyer.  ‘Broadly, states with a non-judicial process witnessed a sharper decline in home prices at the beginning of the downturn, but are currently enjoying price appreciation,’ said Meyer recently. ‘This is due to a more efficient disposition of delinquent supply, leaving lean inventory in many markets.  In contrast, states with a judicial process are still struggling to clear the pipeline of distressed loans. As a result, home prices in the Chicago and New York metro areas have continued to edge lower.'”

http://www.businessinsider.com/michelle-meyer-foreclosure-process-home-prices-2012-12

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