U.S. Short Sales Hit the Million Mark

HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, reported that they are using short sales as a means to help distressed homeowners at a rate of 3 to 1 as compared to HAMP loan modifications. In August alone there were 39,559 completed short sales and more than 1 million since December 2009.

Faith Schwartz, Executive Director of HOPE said, “The cumulative efforts of many different parties have made a significant difference in preventing foreclosures where possible. The increase of short sales has been significant and, for the first month since reporting on short sales, we estimate a high of 39,559. Short sales provide another tool to avoid the high cost of foreclosure for families, communities and investors. We are seeing improvement across the board in ‘serious delinquencies’, currently at 2.42 million homeowners.  While this is almost 40% lower than the all-time high of 4 million homeowners seriously past due on their mortgage, we cannot forget there are many more who remain at risk of foreclosure.”

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