Short sales on the increase
According to RealtyTrac, short sales are increasing as a
percentage of home sales in many states, helping some
neighborhoods and homeowners avoid the more devastating impacts of foreclosures. The increases were sharper in some states, including California, Nevada, Michigan, Georgia and Colorado, the data show. In Colorado, short sales were 17% of all sales in the second quarter, up from 10% a year earlier. In California, they made up 25% of sales, vs. 18%. Bank of America, the largest home mortgage servicer, expects to complete more than 100,000 short sales this year — more than double what it did in 2009, the bank says. Wells Fargo Senior Vice President J.K. Huey says short sales have been "steady to slightly" up in recent months, partly because there are fewer bank-owned houses for sale in some markets, and that has forced buyers to pursue more short-sale properties.