Relevant:
- 2012 the year of the short sale -- Short sales over 50 percent of all MLS inventory in Southern California. Beware of costs like PMI, HOAs, and Mello-Roos.
- Short sales in California surpass sales of foreclosed homes
- Short sale dynamics -- short sales recorded the highest number of transactions in three years during the first part of 2012. What data do we have on short sales with second mortgages?
- Short sales and foreclosures made up 52 percent of all recent Southern California home sales -- Lenders aggressively pricing lower-end properties to move. Two Pasadena examples.
- short sales may get shorter
2011-03-09 — housingdoom.com
"Suppose you are underwater on your mortgage, and can’t afford to make your house payments. You don’t want to walk away, and you don’t have the $100K+ over and above what your house is worth to bring to closing. You’ll probably want to try a short sale then, where you can sell a property for less than you owe with lender approval. What do you do though if you can’t close a short sale? This is a big problem in California, where a recent survey of California realtors showed that short sales aren’t closing 43% of the time."
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