How Many Mortgage Lenders Does it take to Change a Light Bulb?
The official scoop is in! Lenders have had a change of world view. According to Time Moneyland, 1 million foreclosure bloody noses later, lenders have seen the light:
“An increase in short sales is actually a good sign: Short sales do less damage to their surrounding neighborhoods than foreclosures do, both because foreclosures drive values down further and often fall victim to neglect or vandalism. Short sales are also better for banks because they get distressed properties off their books faster and don’t have to pay as much in legal and administrative costs. In a recent blog post, RealtyTrac vice president Daren Blomquist writes, ”Banks have recently been given additional reasons to opt for short sales rather than foreclosure over the past 18 months,” and he forecasts what he describes as a “surge” in short sales this year. By some measures, it’s already begun: Short sales first eclipsed foreclosure sales in November, according to Bloomberg, and RealtyTrac data shows short sales climbed by a third from the beginning of this year as compared with the same period last year.”
Read more: http://moneyland.time.com/2012/05/21/why-this-may-be-the-ideal-time-to-buy-real-estate/#ixzz1vc0TM0Np
The answer to today’s trivia question: At least two lenders are required to change a lightbulb . . . one to replace the bulb while the other one holds the flashlight because they would never do something so common sense until darkness settled in from the very last bulb burning out.