4 Months and a 598% Increase in Real Estate Short Sale Listings

Hello Everyone,

It's been very busy to say the least. Here is an update regarding real estate short sale activity in the local mls which serves most of San Bernardino, Riverside and all of the SG Valley.

Current active short sales: 1167

Wow.

On Feb. 14 of this year, there was 195 total active short-sale real listings. Just 4 120 days / 4 months later we have 598% increase in active short sale listings.

Additionally, yesterday Realtytrac and Inman reported that Riverside-San Bernardino was number 3 on the list of total foreclosure filings nationally. So we have more inventory coming.

Real Estate Short Sales in the News

According to this article in San Luis Obispo Tribune they are reporting that short sales are also on the rise there.

There was an error in the article that states...

"With a short sale, however, sellers cannot get any money from the sale once
the debt is forgiven. The seller also still has to pay federal income tax on
that money."

This is actually incorrect. There is a tax law that states if you are insolvent you maybe able to get "ghost income" forgiving as long as the amount does not exceed $50,000.

If you are facing this situation it's important to see your tax accountant to truly understand your situation.