Farmington Hill MI, Short Sales increase by 126% in 2Q 2010. "Each Short Sale is One Less Foreclosure" Says Mike Sher, CDPE (Certified Distress Property Expert) Max Broock Realtors (248) 644-4700 x242 or www.ShortSaleOaklandCounty.com
This U.S. Treasury 2Q 2010 Mortgage Metrics Report below clearly shows that our distress real estate market will continue to be with us for awhile. The good news is that though foreclosures are still on the rise by 53% in past year, Short Sales are up by 126% and even Deed-in-Lieu is up by 55%. The amount of new retention actions (loan modifications) are down -28%. This shows that loan modifications are not for everyone and many borrowers just have to sell or walk away. 
Clearly the banks, servicers, MI-companies and investors understand that a short sale is in the best interest of all parties. The servicers have hired more staff to service the loss mitigation efforts combined with the new HAFA programs rolled out earlier this year. The hope is that as short sales increase the amount of foreclosures will decrease. Though Short Sales are distressed by nature, they mitigate the damages that foreclosures creates like plummeting home values, increased crime & vandalism, decreases losses to both bank and borrower and offers a more dignified exit strategy to the trouble homeowner.
If you would like more information about Short Sales, Short Sale Seminars, Deed in lieu, credit issues, Loan Modifications Options, Foreclosures or Bankruptcy in regards to home ownership, please call me (248) 644-4700 x 242, email me mike@mikerealtor.com or find out more at www.ShortSaleOaklandCounty.com
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