Why are Short-Sales and Foreclosures on the Rise?

The short sale option is an excellent alternative to a foreclosure. The experts say that short sales are on the rise because more financially strapped homeowners fall behind on their mortgage payments and see their homes' values plummet to less than what they owe. As a result, they are turning to short sales as a way to avoid foreclosure. A short sale salvages a borrower's credit by keeping the up to 10-year black mark of foreclosure off. "Banks aren't happy about short sales," said Sherri Frost, a senior loan officer with Sherman Oaks-based Metro Cities Mortgage, "but they have few options."

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