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Source link: http://archive.mises.org/11567/foreclosures-down-short-sales-up/

Foreclosures down, short sales up

January 29, 2010 by

Lenders have begun to realize that they will come out much better negotiating a short sale rather than foreclosing on a property, taking title, paying for the upkeep and costs of marketing these properties for sale.

“In Las Vegas, banks make $80 per square foot on foreclosures but $130 per square foot on average in short sales, said Steve Bottfeld, executive vice president of Marketing Solutions.”

Also, the government will begin providing $2,500 subsidies to encourage short sales this spring.

Nicolas Cage’s mortgage lender however, chose to foreclose.

{ 1 comment }

HL January 29, 2010 at 8:03 pm

This is a good sign. Orderly liquidation is okay by me. Now, if only I could convince my better half to let me get rid of my chateau.

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