The number of Southern California short sales increases
By Bob Phillips, CDPE, SFR, South Orange Co., CA
(Realty ONE Group)
Here's an article from this morning's Los Angeles Times: Short sales grow as a cheaper alternative to foreclosure Banks’ resistance to the tricky transactions is softening as the number of distressed properties increases. By Alejandro Lazo, The Los Angeles Times, February 17, 2010 | 8:26 p.m. Nineteen months ago, the recession took Bob Walker's job. Then, creditors lined up to take the three-bedroom hilltop home that the computer consultant shared with his wife, Stephanie, a playwright still looking for her first break. Avoiding the stigma and financial fallout of foreclosure became an obsession for the Walkers. They talked to the banks, found multiple jobs, put their Silver Lake house on the market and tried to stitch together a plan to repay their debts. Finally, they turned ...