Foreclosures are still up in the US at the time of the press release. Homeowners are losing their homes at a rapid pace and most don't that lose their homes to foreclosure don't know the options available to put a stop to the foreclosure process.
Most homeowners with a house for sale in todays market don't have enough equity to sell their house fast if they fall behind on their mortgage payments. Sellers are starting to realize that their house isn't worth what they paid for it five to ten years ago. For those homeowners that don't have any equity in their house they should consider a short sale.
A short sale is when your lender agrees to accept less than what is owed to stop the foreclosure process. Vernon Crawford of BofC says "most homeowners are starting to agree that their lender wants them to sell their house through a short sale than let the lender take the home back through a foreclosure"
BofC is a national company that is looking to purchase houses in 28 cities regardless whethe the homeowner has equity or not.
