SANTA ANA, CA-CoreLogic, in its real estate study, asks lenders to be cautious of short sales fraud, stating that one in every 53 transactions is fraudulent.
According to the company, fraudulent transactions have resulted in approximately $310 million losses annually for lenders and banks. The study also revealed that short sales in the US have witnessed a three-fold increase in the past 18 months and that over half of the transactions are made in Arizona, California, Florida and Texas. For the full story, go to The Orange County Register.
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