Short sales skyrocket in Southern California

Short sales California are a great way to remove housing inventory from the market, and reduce pressure on homeowners in California who are struggling with loan modifications california, failed loan modification applications and who may be looking at the foreclosure process. The good news is that nearly 13,000 short sales were recorded in the Southern California market in the first half of 2010.

Short Sales Skyrocket in Southern California | Mortgage Rates & Trends: Mortgage Blog

Short sale transactions are up 74 percent in Southern California this year (Orange, Riverside, San Bernadino, and Los Angeles counties).

For homeowners who need to get rid of housing debt, an increase in short sales in California is a welcome release. It also allows eligible buyers who were priced out of the market a few years ago to purchase a short sale in California at a more realistic price.

But why the change?

The government led program - Home Affordable Foreclosure Alternatives (HAFA) program has been designed to encourage short sales. As the program gathers strength, we can probably expect to see increased numbers of short sales across the country. 

Given that a large number of loan modifications california are failing families and homeowners, short sales CA does seem to be a very good alternative to the long and often drawn out loan modification CA process.