Short Sales Skyrocket, Loan Mods Take a Nosedive
When it comes to figuring out what the real estate market looks like, among the best resources to use are statistics from the Office of the Comptroller of the Currency (OCC).
The OCC recently released their mortgage metrics report for the first quarter of 2012, and the numbers tell a compelling story.
According to the report, loan modifications dropped 36.7% from last year and completed foreclosures rose from last year by 2.67%. Out of the gate, this might seem like bad news, but there’s more to the story. The truth is the rate at which completed foreclosures is rising has slowed down from last year, and newly initiated foreclosures have dropped 8.1%. And the best statistics we saw was that short sales rose 19.7%!
It’s no secret that 2012 hes been the year of the short sale so far. Every short sale represents someone getting out of a distressed property and getting new owners into a home. It's nice to see that this number has risen so much, and looking forward to seeing it continue.