May Short Sale and Loan Modification Efforts Hit New Highs

The Federal Housing Finance Agency has released its report on May foreclosures, short sales and loss mitigation efforts. Completed short sales were at their highest reported level yet for Freddie Mac and Fannie Mae. Freddie completed 3,000 and this was on par with the previous month. Fannie Mae had 7,000 short sales, a 1,000 short sale increase over April.

According to the report, foreclosure prevention and loss mitigation efforts at these two government-sponsored agencies were led by short sales and modifications in May. Some 66,000 loan modifications occurred in May at these two agencies, up significantly from 47,000 the previous month. These high levels of short sales and increased loan modifications were leading factors in the majority of May’s completed foreclosure prevention actions.

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May Short Sale and Loan Modification Efforts Hit New Highs is a post from: Short Sale Daily News

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