SHORT SALES TAKE CENTER STAGE

After 2 painful years, banks seem to have finally caught on to the fact that a      short sale is less costly for everyone. The bank saves a wad of cash on asset    preservation and hold ing costs, the consumer saves on credit damage, and  emo tional toll. During the first five months of 2010, according to the Southern  California Mul tiple Listing Service, the four-county region of Orange County,  Los  Angeles, Riverside and San Bernardino, had 12,906 short sales compared  with  only 7,405 for the same period in 2009. When you add in bank owned  homes  and short sales together, the total for the region is 29,242 which is  actually  down 24.4% from 2009 due to the decline of bank owned properties.  Banks are  either short selling, or have homes in limbo with loan mod ifications or a prolonged fore closure process.

Sabrina Solesbee, Solesbee Group ⌂ Short Sale Specialist ⌂ YorbaLindaLiving.com