A CNNMoney.com article highlighting the growing popularity of short sales was the headline article on the site’s business section this morning. From the article:
Short sales are the hottest thing going in the distressed-property market, and the trend is expected to get even hotter in coming weeks, when the government starts handing out cash to encourage lenders to close these deals.
“Banks have ramped up short sale approvals,” said Duane Legate of House Buyer Network, which connects short sellers with buyers. “They’re hiring a lot of the people who once worked in the mortgage-lending industry and moved them over to short sales.”
These transactions, where lenders allow homeowners to sell their houses for less than they owe, accounted for 17% of all residential real estate sales in February, up from nearly 13% in November, according to a monthly real estate market survey by Campbell/Inside Mortgage Finance.
Because the federal loan modification program has failed to live up to expectation, the government is now starting to get behind short sales in a big way to help homeowners avoid foreclosure.
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Tags: Economy, Foreclosure, Sell a House, Short Sale
