The chart above shows that new short sales increased to 17,036 for first quarter, an increase of 17.1% from the prior quarter and a whopping 208.5% increase from a year ago.
A growing number of borrowers owe more on their mortgage than their home is worth. And even when such borrowers are not behind on their mortgage, more of them are pursuing a short sale of their home. In a short sale, the home is sold for less than the outstanding balance.
This tells us two things: More and more homeowners are realizing that a Short Sale is a much better choice that letting the home slip into foreclosure AND that lenders are realzing that Short Sales result in more money for than as compared to foreclosing on a delinqueny mortgage loan.
If you are in a position of owning more on your home than it is currently worth, please don't wait, call or email us today to explore all of your options.
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