Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch

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6 posts published by In Deed We Vest during December 2010. That may be about to change. If banks see higher losses from foreclosures than from short sales, they may put more resources into approving these deals, where the borrower is allowed to sell the home for less than the value of the loan.

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In fact, short sales on homes with subprime loans incur loss severities about 20 percent lower than loss severities incurred on REO sales, according to Fitch. For now, Fitch does not expect any declines in loss severities, but moving forward, the agency expects lower loss severities on currently performing loans that fall delinquent.

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We are already seeing home prices double dip in many markets, and that is expected to continue at least through the first half of 2011. One way to mitigate the losses is through short sales. ‘Short sales generally experience recovery rates about 10 percent higher than foreclosure sales,’ according to Fitch.

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This, analysts said, will push servicers to short sales. The loss severity, or the percentage of principal lost when a loan is foreclosed, on prime mortgage loans is currently at 44%.

Not that home sales ever saw big volume increases but given the low inventory, any normal amount of homes sales pushed home values into the stratosphere.. Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch

Short Sales & Foreclosures: Tips & Tricks To Work This Specialized Niche Higher loss severities on foreclosures will push servicers to short sales in 2011: Fitch BofA Rolls Out $8.4 Billion Loan Mod Program FHA to raise insurance premiums in April