OCC and OTS Mortgage Metrics Report
Fourth Quarter 2008
Appendix F—Short Sales and Deed-in-Lieu-of-Foreclosure Actions
Short sales and deed-in-lieu-of-foreclosure actions require borrowers to forfeit their homes to pay (partially or in whole) mortgage debts. Short sales and deed-in-lieu-of-foreclosure actions allow borrowers to avoid foreclosures and lessen the impact on their credit ratings.
New short sales and deed-in-lieu-of-foreclosure actions totaled 17,577 during the fourth quarter, a 27 percent increase from the third quarter. Short sales and deed-in-lieu-of-foreclosure actions increased for all risk categories during the fourth quarter.
Prime loans had nearly 49 percent of new short sales and deed-in-lieu-of-foreclosure actions during the quarter.
| Number of Short Sales and Deed-in-Lieu-of-Foreclosure Actions |
| |
First Quarter |
Second Quarter |
Third Quarter |
Fourth Quarter |
| Prime |
2,775 |
4,012 |
6,897 |
8,603 |
| Alt-A |
1,512 |
1,918 |
2,774 |
3,584 |
| Subprime |
1,597 |
2,003 |
2,550 |
3,683 |
| Other |
704 |
1,096 |
1,667 |
1,707 |
| Overall |
6,588 |
9,029 |
13,888 |
17,577 |
|
