Short Sale Blog

In Washington State, by the last day of February 2010, 9.1% of loans were delinquent. This figure was provided by a new report issued by Lender Processing Services. LPS states that of those delinquent loans, 7.8% were already in default and starting the foreclosure process.

Nationally, the total non-current loan figure, including both delinquencies and foreclosures is at 13.5%. This includes 1.1 million loans that were current at the beginning of January and became delinquent or entered foreclosure as of February month end.

In February, nationwide, 4.56% of loans rolled into 'worse' status vs 2.22% that improved. Total delinquencies nationwide increased 21.3% since February 2009.

These numbers are staggering. The one bright spot is that HAMP loan modifications seem to be picking up speed. In addition, the new HAFA (Home Affordable Foreclosure Alternatives) is just starting to roll out, and should help homeowners pursuing short sales.

Seattle Short Sales, Inc. has seen a dramatic increase in homeowners pursuing short sales in the Seattle area. For help with your situation, please contact us today.