OCC: Appendix D—Short Sales and Deed-in-Lieu-of-Foreclosure Actions

Appendix D—Short Sales and Deed-in-Lieu-of-Foreclosure Actions

First Quarter 2009

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%
Other	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%

Number of Short Sales and Deed-in-Lieu-of-Foreclosure Actions

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Appendix D—Short Sales and Deed-in-Lieu-of-Foreclosure Actions

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