Short Sales are booming in California....read why!!!

The best article that was published this month about real estate happened to be about Short Sales...my specialty, my niche, my world. I was excited about this article in the LA Times that it's a must read. View just a piece below and to read the full article the link follows.

----

The surge in short sales stems in part from last year's national mortgage settlement with the nation's five largest banks. To avoid going to court over foreclosure improprieties, the banks agreed to certain levels of debt forgiveness for underwater homeowners. Short sales count toward those commitments.

But the trend also marks a triumph of economic common sense. Short sales have long been less costly to banks than foreclosures. Homeowners often remain in a property until a new buyer is found, which helps banks avoid maintenance costs and keeps out squatters and vandals. Moreover, many buyers of foreclosures expect a discount, whereas banks aim to get market value for short sales.

http://articles.latimes.com/2013/jan/08/business/la-fi-short-sales-20130109

-The Short Sale Department