SHORT SALES – Underwater Home Stats & Predictions – (Realty Trac summary)

1.8 Million fewer homes are underwater (meaning the loan is 25% higher than the estimated market value) than last year

Estimates are 3.5 yrs at a minimum to get all seriously underwater borrowers back with positive equity

At a pace of 700,000 short sales per year it would still take more than 15 yrs to sell off all of the 11.3 millions seriously underwater homes.

States with the most short sales 2013 –

FL  100262

CA   61410

IL     21534

MI    20464

AZ    17872

WHAT SLOWS DOWN SHORT SALES

-Rising home prices give lenders REO hope

-Homeowners hope for equity sales

-Lenders fulfill requirements of Natl Mortgage Settlement less interested in short sales

-Expiration of Mortgage Forgiveness Debt Relief Act

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