New initiative could further reduce Houston foreclosure activity

Streamlining the short sale process could help prevent future foreclosures.Even though the Houston real estate market has outperformed national averages in recent months, there is alway room for improvement.According to a recent report from RealtyTrac, during the month of July, one in every 1,007 properties in the Houston metropolitan area were in some stage of the foreclosure process. This was relatively on par with the Texas average, since last month one in every 1,001 homes in the Lone Star State was in a similar situation.However, the Federal Housing Finance Agency recently announced a new initiative to streamline the short sale process on mortgages backed by Fannie Mae and Freddie Mac, could help further reduce foreclosure activity.”Short sales have become an increasingly important tool in preventing foreclosures and stabilizing communities,” said Leslie Peeler, senior vice president, National Servicing Organization, Fannie Mae.Under the new guidelines, servicers will be able to approve short sales without the approval of either government-sponsored enterprise. This could help speed up the process, preventing foreclosures, which can be damaging to consumers, communities and lenders.??Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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