Nearly 2 million housing units in the United States are in foreclosure or are bank-owned, and more are expected to follow.
With foreclosures on the rise, homeowners are looking for a viable solution to their problems.When compared to foreclosures, short sales are clearly the better route.
According to the National Association of Realtors, almost 500,000 transactions last year were short sales, representing almost 10 percent of all home sales.
Banks are beginning to go along with short sales in increasing numbers. Short Sales almost tripled to 40,000 in the first six months of 2009, compared to the same months in 2008. However, in the first half of 2009, there were 25 foreclosures started or completed for each short sale transaction.
It's really finally dawning on banks that they're better off with a short sale.
RSS Feed
