I bet we're going to see short sales increase even more this year. Half of my listings are short sales and I get more calls from homeowners every week. The good thing is that these homeowners are proactively trying to avoid foreclosure, which means they can rebuild their credit in the future. With a foreclosure, your credit is ruined.
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"More than 3,300 metro Denver homeowners avoided foreclosure last year by completing a short sale, an increase of nearly 19 percent over 2009, according to an analysis by ReMax Professionals.
A short sale occurs when a lender agrees to sell a home for less than what’s due on the mortgage.
Jefferson County had the biggest increase in short sales with 25 percent, and Adams County had the smallest increase wtih 6 percent.
Twenty homes priced at more than $1 million were sold as short sales last year. The most expensive was a Douglas County home that went for $2.5 million.
The majority of short sales were $250,000 and less."
(source: Margaret Jackson via the Denver Post)