Housing finance giants Fannie Mae and Freddie Mac have also made it short sales easier, introducing new guidelines that allow borrowers who are even current on their payments to do a short sale if they have a "hardship" such as the death or disability of a co-borrower, illness, divorce or legal separation or distant transfer of employment.
Short sales of properties not in foreclosure increased 15% in the third quarter from the second quarter according to RealtyTrac's report released Thursday .
In states such as Connecticut, Massachusetts and Rhode Island, short sales account for more than 40% of all residential sales.
Short sales account for 16% of all sales in Arizona, 14% of all sales in California and 29% of sales in Florida.The final sales price of all short sales was on average $94,896 short of the loan amount. In Massachusetts, the average forgiven amount stood at $171,907, while in California and Nevada, the forgiven amount averaged $135,000. More data on foreclosure trends can be found in the report.. --Written by Shanthi Bharatwaj in New York
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