BofA conducted a realtor seminar today on REOs and short sales.

Some of the highlights:

1.  Short sales average three buyers per closing (average two fallouts before the third one sticks).

2.  18% of short sales have some elements of fraud.

3.  They forgive deficiencies on all first mortgages in California, and most second mortgages.

4.  Of those foreclosed, 30% never attempt a loan-mod or short sale (strategic defaults).

5.  Nationally, REOs sell for 12% less than short sales.

More commentary on REO sales: