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Short Sale Tallies

I thought it would be interested to do weekly checks on the Los Angeles Craig’s List for realty for sale with the phrase “short sale” in the listing.

Today there are 21.

For those who don’t know what a short sale is – that’s when the owner sells for less than what is owed and asks the bank to agree to that amount as a settlement of the mortgage owed. Don’t forget this is even worse than it sounds – the IRS can come after you for taxes on the difference – considered a “gain” essentially (or rather, by relieving the debt, the IRS may consider this a form of income).

UPDATE: July 2009 there are 511.

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