Lenders may be less inclined to approve short sales due to rising home prices, according to a new report by RealtyTrac.
During the first quarter, short sales posted a 35 percent drop compared to year-ago levels.
'The decrease in short sales was a bit of surprise given that 11 million home owners nationwide still owe more on their homes than they're worth,' says Daren Blomquist, spokesman for RealtyTrac. 'Rising home prices are taking away the incentive for short sales on the part of both home owners and lenders.' Foreclosure prices are on the rise, increasing 28 percent in the first quarter.
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