Bellevue, WA (PRWEB) July 25, 2013
The number of short sales in King County rose five percent in the second quarter of 2013 as compared to the same period a year ago, according to the Washington Property Solutions 2013 2nd Quarter Short Sale Statistics Report released today.
The number of REO sales ("real estate owned" properties owned by the lender) plummeted – down 38 percent over the same period, according to the new short sale report released by Washington Property Solutions, a short sale negotiating firm.
While lenders are initiating foreclosure proceedings more quickly than in the past, the number of Notice of Trustee Sale filings, which set the date and time of foreclosure auctions, have fallen steadily since January of this year. Cancellations of trustee sales have climbed over the same period. (Cancellations occur for reasons that include a successful loan modification or short sale.)
The steep decline in bank-owned sales can be attributed to several factors, according to Richard Eastern, CEO of Washington Property Solutions.
"Lenders are proactively trying to resolve troubled mortgages through short sales rather than foreclosing, and that has decreased the number of properties that have reverted to bank ownership," said Eastern. "And many existing bank-owned properties are being bought up by institutional investors before they come to auction, further reducing the bank-owned inventory on the market."
The full report can be found at http://www.washortsales.com/short-sale-statistics-reports/
About Washington Property Solutions
Washington Property Solutions is a short sale negotiating firm based in Bellevue, Washington. Founded in 2003, the company has helped brokers and homeowners successfully negotiate over 900 short sales with a 90% success rate in closing. Washington Property Solutions also consults with homeowners on qualification for the Home Affordable Foreclosure Alternatives (HAFA) process and the Washington State Mortgage Foreclosure Fairness Act (FFA). Washington Property Solutions negotiators are licensed Windermere Real Estate brokers.
For more information, visit http://www.washortsales.com
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