As housing falls, short sales becoming common,

an article from MSNBC.com, reports that according to a real estate industry survey released last week by Bethesda, Md.-based Inside Mortgage Finance, and Washington, DC-based Campbell Communications, roughly 20% of all U.S. home sales in March were “short sales.” Guy Cecala, publisher of Inside Mortgage Finance said, “Our numbers suggest that 20 percent of completed home sales nationwide are short sales. The number would be larger if it weren’t for the fact that one-third of all attempted short sale deals don’t go through.” The IFM/Campbell research also shows two-thirds of short sales are initiated by homeowners and one-third are launched by mortgage lenders as an alternative to foreclosure. The study indicates the top reason for short sales initiated by homeowners is their inability to make mortgage payments, followed by other factors such as the decrease in value of the property. Tom Popik, a Campbell Communications research partner who worked on the study said, “The amount of time a lender can take is one of the most important things the consumer needs to know. Any buyer looking at a short sale property should find out where the seller is in terms of discussions with their lender.” He added that if a buyer is patient, they could get a good deal on a home. http://www.msnbc.msn.com/id/23997412/