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
The Law Office of Beth Mann, P.C. 