Short Sales are prevalent across the country, and can be a big issue when you are tying to buy a house. A short sale is when the house is listed for and worth less than the owner owes on the mortgage. Their lender, or lenders, have to approve the sale for less than is owed, and it can be a long and stressful process. Luckily, with home prices starting to stabilize, there are less short sales on the market now than in the spring of 2009. This week there are 13,058 active listings in the great Metro area, and 2,093 of them are short sales. That’s 16% (1 in 6 listings), which is better than May of 2009, when 18% were short sales.
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