OCC and OTS Mortgage Metrics Report
First Quarter 2009
Appendix D—Short Sales and Deed-in-Lieu-of-Foreclosure Actions
New short sales and deed-in-lieu-of-foreclosure actions increased to 18,194 during the first quarter of 2009—rising by 9.0 percent from the previous quarter and by 176.2 percent from the first quarter of 2008. While still a relatively small component of home forfeiture actions, short sales and deeds-in-lieu-of- foreclosures continued to increase.
Short sales and deed-in-lieu-of-foreclosure actions require borrowers to forfeit their homes to pay (partially or completely) mortgage debts. Short sales and deed-in-lieu-of-foreclosure actions allow borrowers to avoid foreclosures and lessen the impact on their credit ratings.
Number of Short Sales and Deed-in-Lieu-of-Foreclosure Actions |
|
3/31/2008 |
6/30/2008 |
9/30/2008 |
12/31/2008 |
3/31/2009 |
1Q %Change |
1Y %Change |
Prime |
2,775 |
4,331 |
6,896 |
8,285 |
10,464 |
26.3% |
277.1% |
Alt-A |
1,512 |
2,142 |
2,774 |
3,360 |
2,960 |
-11.9% |
95.8% |
Subprime |
1,597 |
2,267 |
2,550 |
3,419 |
2,360 |
-31.0% |
47.8% |
Other |
704 |
1,174 |
1,667 |
1,629 |
2,410 |
47.9% |
242.3% |
Total |
6,588 |
9,914 |
13,887 |
16,693 |
18,194 |
9.0% |
176.2% |
Number of Short Sales and Deed-in-Lieu-of-Foreclosure Actions |
Prime |
0.01% |
0.02% |
0.03% |
0.04% |
0.1% |
27.0% |
272.9% |
Alt-A |
0.04% |
0.1% |
0.1% |
0.1% |
0.1% |
-10.5% |
98.9% |
Subprime |
0.1% |
0.1% |
0.1% |
0.1% |
0.1% |
-27.3% |
59.5% |
Othe |
0.01% |
0.02% |
0.03% |
0.03% |
0.1% |
53.0% |
270.7% |
Total |
0.02% |
0.03% |
0.04% |
0.1% |
0.1% |
10.6% |
179.7% |
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