One-third of mortgages are underwater; Short sale opportunities abound
- Dennis Norman
By: Dennis Norman
It appears short sales are going to be here for a while, presenting opportunites for investors as sellers who are underwater on their mortgages with lenders that realize it are going to look for viable alternatives to foreclosure. Many investors have been actively pursuing short sales for some time now and according to a report issued by First American CoreLogic it sounds like there are plenty more opportunities out there.
According to the CoreLogic report, more than 15.2 million U.S. mortgages, or 32.2 percent of all mortgaged properties, are in a negative equity position. In addition, there are an additional 2.5 million mortgaged properties that are approaching negative equity. Negative equity and near negative equity mortgages combined account for nearly 38 percent of all residential properties with a mortgage. Read more…
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