Loan Mods, Short Sales Outpace Foreclosure Sales

September 20, 2013

Loan modifications are strengthening the housing recovery by helping delinquencies and foreclosures fall, according to a report by Keefe, Bruyette & Woods. 

So far this year, about 519,000 home owners have received permanent loan modifications from mortgage servicers. Meanwhile, an estimated 378,000 foreclosure sales have been reported so far this year, according to a newly released report from Hope Now. Since 2007, 6.6 million home owners have received permanent loan modifications. 

“Loan modifications and short sales continue to outpace foreclosure sales,” says Hope Now Executive Director Eric Selk. “Through the first seven months of the year, there have been approximately 80,000 less foreclosure sales compared to the same time period in 2012.”

Source: “Loan modifications boost the housing recovery,” HousingWire (Sept. 19, 2013)

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