Short Sales Cast a Long Shadow Yesterday the GSEs, Fanny and Freddie, accelerated the switch to short sales that has been underway for the past two years by announcing new servicing standards to speed up and streamline the processing of short sales for borrowers whose mortgages are held by the GSE’s, which is about half of all mortgages in the nation. The new guidelines, which take effect in November, allow servicers to approve a short sale for borrowers who have certain types of … [Read more...]
New Foreclosures Spike in May
June 15, 2012 By Leave a Comment
New Foreclosures Spike in MayInvestors unhappy with current foreclosure inventory levels may have some temporary relief in the coming months as an unexpected spike in May foreclosure activity works its way through the system. Overall activity broke the 200,000 barrier for the first time in three months and starts increased on an annual basis for the first time since 2010 according to the May report from RealtyTrac.But the bulk of new distress sales probably won’t be REOs, but rather as … [Read more...]
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Where Oh Where Have All the Distressed Sales Gone?
Where Oh Where Have All the Distressed Sales Gone? The signing of the Attorneys General agreement five months ago was supposed to speed up foreclosure processing and move more properties through the pipeline faster than we’ve seen since Robogate. Over the past year, new initiatives by the GSEs and the biggest banks, and improved transaction management technology were supposed to get record numbers of short sales to closing faster and easier than ever.So what the heck happened?If you’re … [Read more...]