Short Sale News: California Short Sales Reach Highest Level in 3 Years

Pending homes sales in California were higher for January compared to the previous month and year, and short sales rose to the highest level in three years, according to the California Association of Realtors (C.A.R.).Based on signed contracts, C.A.R.‘s Pending Home Sales Index (PHSI) climbed from a revised 91 in December to 102.4 inJanuary and was also up from last …

Short Sale News: Proposed Bill to Speed Up Short Sale Process and Prevent Foreclosure

To avoid losing homes to foreclosure due to long response times for short sale transactions, three senators introduced legislation to speed up the short sale process.Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner …