Due to the recent economic crisis, the number of short sales are increasing . . .

 

-         According to a study performed by the real estate website, Zillow.com, finds that more than 20% of U.S. homeowners,which are  about $20 million residences, owe more than their homes are worth.

-         “More than 1/3 of real estate transaction's this year have either been short sales or foreclosures”, says the President of the National Association of REALTOR

-    According to some studies, a foreclosure on the credit report can remain between 7 to 10 years, lowering the credit score an average of 100 points and in some cases up to 250.  A short sale can remain on the credit report for a much shorter period and may lower the credit score by an average of 45 points and in some cases up to 100 points

-         The Midyear 2009 U.S. Foreclosure Market Report, shows that there were $1.9 million foreclosure filings in the first half of 2009.