Short Sales Soaring in California

Real estate deals in which lenders agree to take less for a property than the balance on the mortgage have tripled since 2008.

Short sales are becoming more appealing to investors, banks and owners as a cheaper way out then foreclosure. The owner benefits by not having to take a bigger credit hit and the banks and investors will likely get more out of a short sale than what they would in foreclosure.

LA Times Article: Short sales soar in California, U.S.