From the beginning of three downturns in the housing market, the term short sale started to appear.  At first, Realtors tried to steer clear of these listing as they rarely turned to sales.  Now the term has taken on more respect with real estate professionals, as the banks and Realtors are understanding the process of a short sale and the advantages of a short sale to both the bank and the seller.   

In that regard, Fannie Mae will be shorting waiting periods for a new loan for individuals who have given the deed back to the bank (deed in lieu of foreclosure) because of financial problems or have done a short sale.  You may not have to wait the typical four or five years to qualify for financing to purchase another house. 

It is now likely the wait could be as little as two years.  A bulletin to lender’s from Fannie Mae said it was relaxing the rules for those individuals who participated in a deed in lieu of foreclosure or a short sale.  The new guidelines are to take effect July 1, 2010. 

Also, it was reported earlier that credit scores would suffer a deduction of 250 points for a foreclosure and a 150 point deduction for a short sale.  This is yet another reason to consider a short sale.

Visit the LA Times for more information.

The closely watch median sales of homes prices of in Southern California has jumped 14% in March from March one year ago.  The median price-the price at which one half the houses sell from more and one half the houses sell for less- rose 3.6% from February.

Encouraging signs, you bet.  As a Realtor, I can definitely feel the momentum of the housing market swinging upward. It is becoming clear that now is the time to make your decisions to buy real estate.  Prices and selection are still good in Palms Springs with the higher end starting to sell (homes over one million dollars).

  For complete details of county by county statistics see article in LA Times.