Friday, March 02, 2012
Short Sales numbers are up 15%
Short sales are beginning to develop into the chosen procedure for banks to get rid of homes who are delinquent. In short sale, debtors who owes more on their mortgage loans than their properties are value agree with their lender to market their house at the lower market value. In return, the financial institution agrees to take up the loss.
There were far more than 88,000 short sales throughout the last quarter of 2011, an increased of more than 15% in comparison with a year earlier. Short sales amounted to ten percent of all properties sold for the duration of the quarter. At the same time, sales of real estate owned by bank or REO decrease twelve percent year-over-year to 116,000, amounting 13% of all sales during the quarter.