If you're shopping for a home, you may have noticed that a large number of the homes that are currently on the market are short sales. A short sale occurs when a homeowner owes a lender more than their home is worth, and the lender agrees to let the owner sell the home and accept less than what is owed.
In recent years, real estate has become something of a polarizing topic; there are those who argue that it’s still a worthy long-term investment with tangible benefits; and others who don’t see the value of owning a home, financial or otherwise.
In recent weeks, I have been reading much about the lack of confidence in the housing market that is demonstrated by declining transactions and prices. Although it is clear that we are far from “out of the woods” at this point, I would like to suggest that this news may not be as dire as everyone is thinking.