Are banks finally realizing that short sales are a better option than foreclosures?

GSIG LLC

Are banks finally realizing that short sales are a better option than foreclosures?

We think so!

CondoVultues.com, a Bal Harbor-based real estate consulting firm, reports that lenders filed fewer foreclosure notices last month in South Florida compared with February 2009. The number of filings in Broward County fell 7% to 3,188. Palm Beach County saw a 24% drop to 1,822.

Peter Zalewski, a principal with CondoVultures states:
"Lenders are increasingly coming to the conclusion that short sales - where a property is sold at a price that is short of the existing mortgage amount - are a more financially advantageous method of unloading troubled properties than actually foreclosing out a borrower.”

What do you think? From the e-mail I receive, plenty of frustrated homeowners would beg to differ.

This article is brought to from the Sun Sentinel