Freddie Mac alerts real estate agents to rising short sale fraud

After a severe economic storm of more than 365,000 California foreclosures since early 2007, the state’s long-awaited 90-day foreclosure moratorium law goes into effect june 15, 2009.and historically low interest rates and credit availability for high-end borrowers, says Guy Cecala, publisher of Inside Mortgage Finance. For the week ending June 13, the average interest rate was.

 · The average rate for 30-year fixed mortgages reached 4.54 percent last week, up from an average of 3.89 percent a year ago, according to Freddie.

Freddie Mac sends out warnings. With short sale fraud on the rise, Freddie Mac has been getting a high volume of calls, so they are setting out to communicate with Realtor associations as well as.