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Short sales hit New York City

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By CATHERINE CURAN NEW YORK -- The short-sale trend sweeping the rest of the country has stormed into New York City, with some areas in Queens, the Bronx and Brooklyn far outpacing the national average. Research conducted by online foreclosure marketplace RealtyTrac for The Real Deal shows that preforeclosure sales -- of which roughly 75 percent are short sales -- are spiking dramatically in a few ZIP codes here. In several areas of Queens, Brooklyn, Staten Island, and the Bronx, preforeclosure sales amounted to 20 to 40 percent of all sales in the first quarter of this year, far outpacing the national average of 12 percent. Short sales, which occur when a home is sold for less than what is owed on the mortgage, are also on the rise in New York City overall. "There's been a lot of discussion that short sales are coming, but the reality i...