National News: Short Sales of Homes Soar 25% to Three-Year High

From the LA Times:

“Financial institutions are agressively seeking to move through their inventories of homes in default or scheduled for auction,” said Stuart A. Gabriel, director of the Ziman Center for Real Estate at UCLA. “This is a positive sign in the sense that clearing out this shadow inventory is a precondition for the full healing of the housing sector.” 

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