The San Diego short sale professionals at Americorp Financial & Realty Services, which is a team of professionals who dedicate their time to helping homeowners who are in trouble with their mortgages find solutions to their problems, hereby reports that based on recently released statistics, the number of foreclosures in the United States is dropping while the number of short sales is increasing.
Specifically, RealtyTrac, Inc. has released statistics regarding the number of foreclosures in the United States, and according to those statistics a total of 205,990 properties received repossession notices during the month of May. This represented the 20th consecutive monthly decline across the country. In addition, the total number of completed home seizures dropped by a factor of 18 percent compared to May of 2011.
“More banks are now recognizing that treating the problem of delinquent mortgages with short sales rather than bank repossessions can help them minimize their losses,” RealtyTrac Chief Executive Officer Brandon Moore said in the statement. Short sales reduce the cost to lenders to “manage, maintain and market for sale” seized homes, he said.
A short sale is a process whereby the lender on a home agrees with the homeowner to sell a distressed property at a reduced price and to forgive any remaining portion of the loan that’s attached to that property. This is distinct from a foreclosure, where a bank retakes the property and either continues to own it or attempts to sell it on its own. In addition to the statistics above, RealtyTrac also revealed that homes that sold via short sale were sold for an average of $27,000 more than homes that were sold from a bank or lender.
The San Diego short sale specialists at Americorp Financial & Realty Services encourage anyone who may be experiencing problems with their mortgage payments, their home’s value or any other issue related to home ownership to learn more about the possibilities presented by this strategy for relief as soon as possible.
About Americorp Financial & Realty Services
Americorp Financial & Reality Services is a team of San Diego short sale specialists who help troubled homeowners resolve their ongoing mortgage problems. The team also helps their clients purchase homes and handle the complicated VA loans process. Americorp Financial & Realty Services provides its expertise to customers around San Diego County and the rest of Southern California.