Short sales on Fannie Mae and Freddie Mac homes (that’s 57% of U.S. mortgages) nearly quadrupled in the first nine months of 2009 compared with the same period in 2008. At the nation’s largest mortgage servicers, short sales soared 165% to 74,513 in the first nine months of 2009 from the year-earlier period.
Resistance is softening. Banks and investors are increasingly willing to agree to a short sale as a less costly option to foreclosure.
