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By Jim Wasserman of the Sacremnto Bee – “All the things you normally expect are suspended,” Joyce says of changes sweeping across Sacramento’s distressed housing market.
“There’s a new set of rules that apply here.”
That’s because short sales are back – and bigger even than during the troubled 1990s.
A phenomenon that reappears like clockwork when real estate sours, short sales now make up almost one in four home sales across ailing segments of the Sacramento market. They account for more than half of for-sale signs regionally, and most of those in harder-hit neighborhoods. Alongside repo listings, short sales are defining a new reality where banks sell most area real estate, not your mom and dad moving to San Diego.
Read more: http://www.sacbee.com/2010/09/05/3006215/short-sales-can-be-great-deals.html#ixzz0ylOAAIv1
