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Short Sales Outnumber Foreclosures

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(photo: MARK RALSTON/AFP/Getty Images)

(photo: MARK RALSTON/AFP/Getty Images)

tate south Tate South
Email Tate at tate.south@cbsradio.com
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(Las Vegas, NV)  —  For the first time in five years, banks have completed more short-sale transactions than foreclosures in the Las Vegas Valley.

David Brownell with Keller Williams Realty tells the “Review-Journal” that mark was achieved in May, when short-sale closings outnumbered foreclosures by more than a dozen.

Brownell says Nevada’s new “robo-signing law,” requiring lenders to provide proof of authority to foreclose, has led banks to step up their short-sale efforts.

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