Short Sales Fast Facts April 2010

Short Sale

FAST FACTS

Over 45% of the homes sold nationally in Jan 2010 were short sales. NAR

Nationally, more than five million households are behind on their mortgages and risk foreclosure. RealtyTrac

How many foreclosed homes are really out there? No one can say for sure, but the number seems to be somewhere between 500,000 and 1 million. NAR

Over 500,000 foreclosure cases clog Florida State courts. In Pinellas, Pasco and Hillsborough, the mortgage default case load exceeds 50,000. In February, lenders sued 3,880 Tampa Bay homes for foreclosure, according to RealtyTrac. In January 4,404 properties got initial foreclosure notices.

Over 33% of the properties currently listed for sale in the South Shore Area are Short Sales. (Apollo Beach, Gibsonton, Riverview, Ruskin, Sun City and Wimauma Florida). 1876 Active, 634 Short Sale, 46 Bank OwnedOver 26% of the properties that have sold since January 1, 2010 in the South Shore Area were Short Sales. 493 Sold; 130 Short Sales; 70 Bank Owned

Over 49% of the properties currently listed for sale in Riverview Florida are Short Sales.

687 Active, 337 Short Sales, 21 Bank Owned

Active Listings for Apollo Beach, Brandon, Gibsonton, Lithia, Riverview, Ruskin, Seffner, Sun City, Valrico and Wimauma Florida. 3013 Total Active; 1070 Short sale; 82 Bank Owned Sold Listings since January 1, 2010 for Apollo Beach, Brandon, Gibsonton, Lithia, Riverview, Ruskin, Seffner, Sun City, Valrico and Wimauma Florida. Sold 836. Short Sales 226, Bank Owned 153 and Traditional 457

Taking effect on April 5, the latest Obama program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through short sale. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.

In Florida, all mortgages are foreclosed in equity. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender. The foreclosure claim shall, if tried, be tried to the court without a jury.