Short Sales Cost Lenders $310m More Than Necessary, CoreLogic Study Finds

Housing Wire – "Short Sales cost lenders 0m More Than Necessary, CoreLogic Study Finds" (8-10-10) "The study projects that more than half of short sales happen in Arizona, California, Florida and Texas and will cost lenders an estimated $310m in unnecessary losses during all of 2010. These losses average $41,500 per short sale.

CoreLogic 2011 Short Sale Research Study Highlights. Following are key findings from the study: It is estimated that lenders, servicers and investors may incur potential losses in excess of $375 million in 2011 due to suspicious short sale transactions. This is up more than 20 percent from $310 million in estimated losses for 2010.

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Corelogic, a leading provider of information, analytics and business services, recently issued reports indicating the Michigan housing market has continued its recovery throughout the summer. Michigan’s foreclosure inventory, or the share of all homes in the state currently in some stage of the foreclosure process, has continued to slowly but steadily drop between May 2012 and July 2012..

CoreLogic estimates lenders, servicers, and investors may incur potential losses in excess of $375 million this year from ""suspicious"" short sales. Read More Lenders Slash Loan Loss Reserves.