by CalculatedRisk on 11/24/2008 12:00:00 PM
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Existing Home Sales
From: ChasVoice
Sent: Monday, November 24, 2008
Half of Foreclosure Sales are Now Re-Defaulting!
NAR: Re-Default Rate 50% of Modifications
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
VIEW THIS VIDEO AT:
http://www.cnbc.com/id/15840232?video=937488007