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Banks Take Losses on Short Sales as Foreclosures Soar

By Implode-Explode Heavy Industries

" Banks are beginning to go along with short sales in increasing numbers, three years into a U.S. housing slump that pushed the economy into a recession and cut resale values by 30 percent from the peak in July 2006. Short sales tripled to 40,000 in the first six months of 2009 from the same period a year earlier. Yet for each short sale, there were 25 foreclosures started or completed in the first half of this year, according to data from the Office of Thrift Supervision and the Office of the Comptroller of the Currency."

Full post as published by Mortgage Lender Implode-o-Meter on December 04, 2009 (boomark / email).