Short-sale fraud remains a concern in second quarter.
* CoreLogic, Irvine, California, released a new update on mortgage fraud data for the second quarter, and the results show that suspicious activity involving short sales remains a concern.The second-quarter 2013 CoreLogic suspicious short-sale analysis update found that the suspicious rate for single-family short sales remains high at approximately 3.8 percent of overall short-sale transactions as of the second quarter. The suspicious rate for short sales peaked at 5.4 percent in the fourth quarter of 2012.
CoreLogic reported that 12 percent of suspicious short-sale resales occurred less than 30 days after the original short sale through the second quarter of 2013.
The report noted that the percentage of suspicious short sales flipped for more than $50,000 has slightly decreased during the period of 2012 to second-quarter 2013.
California, Florida, Nevada and Arizona, respectively, are the four states that account for the most suspicious short-sale activity in 2013. Together, these four states account for 83 percent of all suspicious short-sale transactions nationwide, according to CoreLogic.
CoreLogic found that through the second quarter of 2013, single-family short-sale volume trends appeared to be in modest decline compared with 2012.
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| Title Annotation: | NEWS ROOM |
|---|---|
| Comment: | Short-sale fraud remains a concern in second quarter.(NEWS ROOM) |
| Publication: | Mortgage Banking |
| Geographic Code: | 1U9CA |
| Date: | Oct 1, 2013 |
| Words: | 189 |
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