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Housing Alert: Short Sales May Be in Big Trouble
DailyMORTGAGE LOCK ADVISORY 
October 1, 2012, 6:30 AM PST
Click for Lock Advice Updated Several Times Daily
      
7 day Mortgage Interest Rate lock or Float Advice: FLOAT Mortgage Points based on 3.0% Mortgage Backed Securities are down 0.26 point.  30 Day Mortgage Interest Rate Lock or Float Advice: FLOAT.  
MORTGAGE MARKET INDICATORS
National Average Fixed Rate Mortgage 3.40% MBS (3.5%) - 105.73, High: 105.73, Low: 105.47DJI Stocks closed at $13,476.98,  Up $39.85, Change 0.296%Asian & European Stock Market Indexes Up 1.097%Nymex Crude Oil Currently $93.21 Up $1.02Gold 1 Once - 1788.15  
 
MORTGAGE NEWS BRIEFS  
Housing Alert: Short Sales May Be in Big Trouble By: Diana Olick     As lenders plow through a backlog of over five million delinquent mortgages, short sales are becoming an ever more popular escape route. A short sale is when the bank allows a home to be sold for less than the value of the mortgage. The bank takes the loss, but that loss is generally less than a more costly foreclosure.      The government has been pushing more short sales at Fannie Mae and Freddie Mac through financial incentives, and banks are streamlining the process. Short sales have been gaining so much steam, they ... more

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