Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Slow Decline in Foreclosures With Rise In Short Sales

As we come to the end of 2012, we start seeing many predictions for 2013. Yesterday, we posted about how the economists at C.A.R predicted slight sales and price climbs for California home sales. Today, the ratings agency DBRS expects total foreclosure filings to show evidence of a steady decline in 2013 when compared to 2012.

However, with the decline in foreclosures comes a record number of short sales. The surge in short sales will mostly be due to the servicers using short sales as an effective tool to prevent foreclosures. Don’t mistake the servicers’ actions for good faith or having a heart but rather because banks and investors lose less money by completing a short sale.

Short Sales Up 19.7 Percent

The Office of the Comptroller of the Currency (OCC) found evidence of such a shift away from foreclosures toward short sales as early as 2012’s first quarter. In the Q1 mortgage performance report, the federal regulator noted that the number of home retention actions implemented during the January-to-March timeframe shot down 36.7 percent from a year earlier, while the number of short sales increased 19.7 percent.

We need to wait another two-and-a-half months before the OCC releases its third-quarter mortgage performance data and mitigation numbers, however based on key numbers it appears that the numbers will short the increasing trend toward short sales.

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

Short Sales Forecasts Look Strong In 2013

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9 Comments

Filed under Banks, Foreclosure, short sales

9 responses to “Short Sales Forecasts Look Strong In 2013

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