Short sales reached a record number in the third quarter of 2012 for Fannie Mae and Freddie Mac-backed loans, according to the Federal Housing Finance Agency, the mortgage giants’ regulator.
Short sales and deeds-in-lieu of foreclosure were up 23 percent from a year ago, totaling 37,966 for the third quarter, FHFA reports.
In June, Fannie and Freddie had implemented new timelines to speed up the review and approval of short sales.
Meanwhile, Fannie and Freddie’s inventories of REO homes is dropping, down 13 percent from a year ago. What’s more, REO inventories are down nearly 36 percent from the peak reached in September 2010.