Los Angeles Business Journal

Short Sales Now Surpass Foreclosed Home Sales

Wednesday, January 9, 2013

In recent months, short sales — in which banks allow homeowners to sell for less than they owe — have surpassed sales of foreclosed homes in California for the first time since the start of the housing crash in 2007, the Los Angeles Times reports. The trend appears driven by rising home prices, government crackdowns on foreclosures and banks' increasing capacity to process the deals.