Short Sales Continue Upward In 2012

Short Sales Continue Upward In 2012Several months ago housing experts predicted a short sale boom in 2012. While a “boom” might not be the key description, short sales do continue to move upward.

Late last week, the Office of the Comptroller of the Currency issued a report on year-end loss mitigation activity for most of the mortgages serviced by the nation’s largest banks.

The 227,570 new short sales completed in 2011 marked a 12% increase from one year ago. Compare that number with the 112,000 short sales in 2009.

With the foreclosure settlement, and banks holding off on foreclosing until the November elections, we expect to see short sales continue upward through 2012.

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Filed under Banks, Foreclosure, short sales

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