Mortgage application defects keep rising

Mortgage application defects keep rising

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Servicing / The Ticker

The foreclosure discount begins to fade

foreclosure

The pie-in-the-sky foreclosure deals that investors secured in the market two years ago no longer exist, writes Steve Cook with Real Estate Economy Watch.

Two years ago, foreclosures regularly sold for 30% or more below the price of normal homes, Cook notes. But today, the foreclosure discount is much lower and rapidly declining.

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