New Completed Foreclosures and Other Home Forfeiture Actions

Third Quarter 2008

Completed foreclosures and other home forfeiture actions—short sales and deed-in-lieu-of-foreclosure actions—require the borrower to give up the home. Both short sales and deed-in-lieu-of-foreclosure have less adverse impact on the borrower and their credit report than foreclosure.

The number of completed foreclosures and other home forfeiture actions increased by 11 percent from the second to the third quarter of 2008. The number of newly initiated home retention actions—loan modifications and payment plans—was more than twice the number of completed foreclosures and other home forfeiture actions.

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