Industry NewsMortgage

Short sales show steady growth

Lenders still foreclose on about 4 homes for every short sale
Published on Dec 21, 2009

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by CareyBot

National bank and thrift servicers completed 22 percent more short sales during the quarter ending Sept. 30 than during the previous three months, and 127 percent more than the same quarter a year ago, federal bank regulators said today.

In a report tracking about 65 percent of outstanding U.S. mortgages, the Office of the Comptroller of the Currency (OCC) and Office of Thrift Supervision (OTS) said lenders under their jurisdiction completed 30,766 short sales and 118,603 foreclosure sales during the third quarter.

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