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2010 "the year of the short sale"

by sfishome on February 18, 2010

Jim Klinge or “Jim the Realtor” in San Diego is one of my favorite real estate bloggers at www.bubbleinfo.com. In this Financial Times article he says “…. 2010 will be the year of the short sale“.

The article goes on to say that “Wells Fargo is holding seminars to teach real-estate brokers how to conduct short sales. Citigroup created a unit to expedite short sales…” and “BofA has hired additional staff to handle the increased volume, which is running at about double the level of a year ago. “Short sales are growing faster than REOs [real estate owned transactions] and that’s a new development,” said Matt Vernon, a BofA executive recently named to a new position of overseeing short sales.”

I think the above all remains to be seen since the first part of Jim the Realtor’s quote was “…2009 was the year of the loan modification” and frankly while there were all kinds of programs and efforts, loan mods have largely been colossal failures. But that’s for another post.

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