“There were 694 short sales during the month, nearly one-fourth of the 2,957 total sales. That’s up from 8 percent a year ago. More than 10,000 short sales are pending, or waiting for approval”

Apr. 06, 2010
Copyright © Las Vegas Review-Journal

Government’s Short-Sale Aid Implemented

HAFA meant to limit foreclosures

By HUBBLE SMITH
LAS VEGAS REVIEW-JOURNAL

A government program that went into effect Monday is expected to speed up the short-sale process and prevent lenders from filing deficiency judgments against home sellers, a move that could go a long way toward mitigating the foreclosure crisis in Las Vegas, real estate industry sources said.

The Home Affordable Foreclosure Alternatives, part of the Obama administration’s $75 billion Making Homes Affordable program, sets guidelines that would streamline the process and provide incentives to both borrowers and lenders to avoid foreclosure.

David Brownell of Keller Williams Realty reported “4,823 short-sale listings in February, or nearly 48 percent of the total inventory, compared with 35 percent in the same month a year ago. There were 694 short sales during the month, nearly one-fourth of the 2,957 total sales. That’s up from 8 percent a year ago. More than 10,000 short sales are pending, or waiting for approval”, he said. (read Government’s short-sale aid implemented here)