Monday, November 24, 2008

NAR: Re-Default Rate 50% of Modifications

by Bill McBride on 11/24/2008 12:00:00 PM

Here is a video report from CNBC's Diana Olick: Existing Home Sales. Listen to the end (hat tip Hal)

"The Realtors are reporting that foreclosure sales - that is distress sales being foreclosures or short sales - have risen from what they thought was 35% to 40% of all existing home sales, now they are saying it is 45% of all existing home sales. They also are saying they are seeing further softening toward the November numbers.

And they are hearing from the Realtors they talk to that the re-default rate on a lot of these loan modifications are running at 50% - that is half those of modifications aren't working."
emphasis added

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