A report released today from ForeclosureRadar.com suggests that successful loan modifications and short sales are increasing in California due to the increase in foreclosure cancellations. The foreclosure cancellation rate has drastically increased to a 174.4% year-over-year gain for April and a 32% increase since the beginning of 2010. According to the founder and CEO of ForeclosureRadar.com, Steve O’Toole, “The steady rise in cancellations leads us to believe that loan modifications and short sales are gaining traction.” Foreclosure filings rates are also down for the first time since January. Cancellation is one of the 3 outcomes of foreclosure; the other two are sale to a third party, or to become a REO.
Via Inman.com and ForeclosureRadar.com
Posted 11th April 2010 by Sally Forster Jones
Labels: foreclosure alternatives foreclosure radar loan modifications REOs short sales