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Of the consumers surveyed, 44 percent expect their personal financial situation to improve, up from 40 percent a month ago, and 30 percent of Americans believe the economy is on the right track, up from 22 percent last month and up for the third straight month since November 2011.
Highlights of the monthly survey include:
Through HAFA, the Treasury currently provides $1,500 for servicers and up to $2,000 for investors who allow up to $6,000 of the short sale proceeds be paid to subordinate-lien holders.
But servicers completed only 27,600 short sales and deeds-in-lieu of foreclosure through December. Of those, only 1,600 were for GSE-backed mortgages, according to Treasury Department data released Monday.
Private investors approved more than 18,300, and the rest were held on the servicer portfolio.
Nearly two-thirds of HAFA activity occurred in three states. Roughly 43 percent of these transactions occurred in California, followed by 15 percent in Florida and 6 percent in Arizona.
According to the Freddie spokesman, the upcoming incentive changes are being constructed with the hope of boosting short sale volumes. Whether these higher payments will go to servicers, investors, or the subordinate-lien holders is unknown.
]]>The year-end report shows that home prices continued the trend of year-end decreases. 2011 was the fifth consecutive year with a decrease in the HPI. The HPI, excluding distressed sales, shows that home prices decreased by 0.9 percent in 2011, giving an indication of the impact of distressed sales on home prices in 2011.
The five states with the largest peak-to-current declines including distressed transactions are Nevada (-60.0 percent), Arizona (-51.9 percent), Florida (-50 percent), Michigan (-43.7 percent), and California (-43.5 percent).
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