The short sale trend is still surging. In fact, short sales are passing foreclosures in frequency because banks see it as a better route when compared to foreclosures. In addition, mortgage servicers are increasing the pace of approving short sales in order to move away from the stereotypes short sales have acquired of moving too slowly through the process.
The rate of short sales increased33% this last year and "[We] believe 2012 could be a record year for short sales," says Daren Blomquist, vice president at RealtyTrac. So cross your fingers that the process will be sped up and this year will continue to bring positive news to the market.
Hart Real Estate Solutions