Chart Courtesy: RealtyTrac

 

While nearly one million homes in the U.S. were in some stage of foreclosure last year, it’s good news that short sales are on the rise, according to Realty Trac. This signals banks are willing to work with homeowners and buyers to reduce the price of a property below the mortgage that’s owed.  A short sale is much better than a foreclosure for homeowners because it does less damage to their long-term credit rating.

RealtyTrac, follows foreclosures and its year-end report found foreclosures down 11 percent from two years ago. But foreclosures still accounted for 21 percent of U.S. residential sales and short sales represented 22 percent of home sales.

ConsumerMojo.com’s video What To Do About Foreclosure explains what you need to know if you are behind on payments and at risk of losing your home. It also explains why a short sale is a better alternative.

Download the free PDF for all the facts.

If you’re shopping for a short sale or foreclosure, ConsumerMojo.com’s video How Do I Find Foreclosures explains where to look for foreclosures and short sales and describes the process of acquiring a property this way.

Download the free PDF for all the facts.

And here is a list from RealtyTrac of the top 15 communities for buying a foreclosure from the bank.