Bank repossessions declined significantly -- there were 51,415 repossessions last month, down 26% from a year ago, and about half the 102,000 monthly repossessions at the peak in September 2010.
Much of the improvement, however, can be attributed to declines in only a handful of states, especially those that had been hardest hit by the housing crisis and which did not require judicial review of foreclosures.
Banks take a hit on short sales because they forgive the difference between proceeds from the sale and the mortgage balance. But short sales can cost banks less than foreclosures. In fact, several large mortgage lenders are paying out incentives to borrowers who complete a short sale.
On Wednesday,Bank of America (BAC, Fortune 500) said it would give some struggling homeowners payments of up to $30,000 if they sell their homes in short sales. Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) also have similar programs in place.
Author:Kelly Olsen Phone: 201-669-7520 Dated: June 1st 2012 Views: 1,203 About Kelly: Having the right real estate agent means having an agent who is committed to helping you buy or sell...
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Gordon made my experience as a first-time home buyer as stress free as it can be. He came highly recommended, and didn't disappoint. I had dealt with a couple of agents before I met Gordon, and both were a nightmare. Moving from Hoboken, Gordon introduced me and my fiancé to the Morris County area. He spent an exceptional amount of time pointing out the local hot spots, pros/cons of neighborhoods, and overall made me feel comfortable narrowing the search. His approach to finding the right home was refreshing, if not tedious, taking us to various listings to see a single detail we may like so he could narrow the search. He often would say, "I know this isn't the right place for you, but what do you think about the yard/kitchen/bedrooms/etc?". When the listing for the home we eventually bought came up, he immediately knew we'd like it.
Gordon walked us through the inspection, negotiation, and closing process. In the rare case when he wasn't able to answer the phone, Gordon's responsiveness was excellent as well. I love the home I'm in, but if I ever need a change, I hope to have Gordon as my agent in the future."