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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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