Relevant:
- US sales of foreclosure homes rose in 1Q
- Modifications Decline Significantly; Foreclosure Sales Rise
- Foreclosure Activity Increases 1% In August According To RealtyTrac U.S. Foreclosure Market Report
- Foreclosure sales fall, lenders favoring short sales – USATODAY.com
- Discounted Foreclosures Account for 25% of Home Sales in Third Quarter
2012-10-17 — cbsnews.com
The number of short-sales -- when banks accept less money for a home than is currently owed on the mortgage -- crept up in August from the previous month. In theory, that's good news because an uptick in short-sales should fewer homes going into foreclosure.
But that's not the case yet. August foreclosure sales increased 12 percent from July, and foreclosure starts grew 14 percent. Faith Schwartz, executive director of HOPE NOW, attributed the rise to lenders clearing their foreclosure backlog, noting that many of the foreclosures have been in process for at least a year.
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