I thought this chart from Steve Harney was interesting as it breaks down where all the money from the National Mortgage Settlement is going and how it is being used. BILLIONS of dollars are push towards short sales which I think is fantastic since this will help prevent a portion of the 11 million Americans that are already behind on their mortgage...as long as the money is being spent wisely then it should prevent a great deal of foreclosures in the near future.
Short sales are a much better option as the home owner can get back on their feet much quicker and it helps preserve the home values of the existing homes in the neighborhood. Hopefully this money will help support the housing market (which has seen a significant rise in the Louisville, KY area) through the next few years until banks are able to remove a bulk of their shadow inventory.
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