This is another indication that shadow market is large. Also with the ongoing paper mill story, a lot of foreclosures (estimated to be one million) will not be on the market in the near future.
Through August, the top-eight HAMP servicers have canceled more than 487,000 trials and rejected more than 628,000. When taken as a percentage short sales and DILs were granted on 5.8% of them.
Please Note: DIL - Deed in Lieu - The homeowner signs over a deed to the bank, sort of like giving the keys to the bank.