Status on Short Sales and Foreclosures.
By Mahesh Mike Patel, Call Me And Consider It Done!
(First Team Real Estate)
We all know the market still is wild! Are there more short sales coming? Are the banks doing more or less of the Loan Modifications? Is the shadow inventory going to be released soon? Is there a shadow inventory? Are there less foreclosure? So many questions, and you can have so many different asnwers. So sometimes we have to gage the activity on actual reports. The Office of the Comptroller of the Currency released their Second Quarter 2011 Mortgage Metrics Report last week. In that report, they covered the success the banking industry is having in each of several categories regarding the current housing crisis. Here is what they found: Loan modifications – These are “actions that contractually change the terms of mortgages with respect to interest rates, maturity, principal, or o...
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