Before the downturn of the housing market, many people did not know or hear of short sales. Over the last two plus years short sales have been growing in popularity to get many homeowners out of bad situations. With this growth the lenders have had to change their processes and procedures in an attempt to create a quicker short sale timeframe.
This short sale craze has created change in every aspect of the real estate industry. Now that listings are harder to find many real estate agents are listing short sale homes in an attempt to maintain their business.
In an article in the Wall Street Journal, two separate companies completed research studies on the market and the current mortgage loans on the market. Their results showed that this short sale craze has not seen the light at the end of the tunnel just yet. There are roughly 7.7 million loans that are currently delinquent on their mortgage payment. They expect that roughly 5 million of these homes will either go through foreclosure or be sold before the foreclosure. There are still a lot of people that are trying to find the best solution to their needs.
Foreclosure and short sale statistics came from this article.