Update from the Foreclosure-Based Economy 0
Banks were giving short shrift to short sales.
Now there’s a drift to a shift in the shrift to short sales.
This may give the market a lift.
The transactions, known as short sales, typically change hands at a discount of about 20 percent to homes not in financial distress, compared with a 40 percent price cut for bank-owned homes, according to RealtyTrac Inc. Short sales jumped 19 percent in the second quarter from the prior three months while foreclosure sales were flat, the data seller said.
