Rise In Short Sales
Posted by MARK Z. Home Selling Team on Thursday, August 2nd, 2012 at 10:18am.
The First Quarter 2012 Mortgage Metrics Report was released by The Office of the Comptroller of the Currency. They investigated the banking industries success amongst the current housing crises. The results found include:
Loan Modifications -
These are “actions that contractually change the terms of mortgages with respect to interest rates, maturity, principal, or other terms of the loan.”
Down 36.7% from last year.
Completed Foreclosures -
Where “ownership of properties transferred to servicers or investors. The ultimate result is the loss of borrowers’ homes because of nonpayment.”
Up 2.7% from last year.
Newly Initiated Foreclosures -
“Mortgages for which the servicers initiate formal foreclosure proceedings during the month. Many newly initiated foreclosures do not result in the loss of borrowers’ homes because servicers simultaneously pursue other loss mitigation actions, and borrowers may act to return their mortgages to current and performing status.”
Down 8.1% from last year.
Short Sales -
“Sales of the mortgaged properties at prices that net less than the total amount due on the mortgages. Servicers and borrowers negotiate repayment programs, forbearance, or forgiveness for any remaining deficiency on the debt. Short sales typically have a less adverse impact than foreclosures on borrowers’ credit records.”
Up 19.7% from last year.
Short sales are the only area the real estate market is seeing a significant increase with.
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Posted on Wednesday, September 12th, 2012 at 7:38am.