BrokerageIndustry News

Short-sale market has legs

Expect five to eight years of high volume

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NEW YORK -- The short-sale market is not dying down anytime soon, and if real estate professionals hope to delve into that niche, they should educate themselves thoroughly. That was the message from two short-sale specialists who spoke at Real Estate Connect Thursday."We're looking at five to eight years conservatively (of high short-sale volume)," said Holly Maloney, a certified short-sale specialist and a Realtor at Huff Realty in Cincinnati, Ohio. "It's a market that's going to be there. You either learn how to do it, educate yourself or work with someone who knows how to do it, otherwise you're going to be giving business away."Travis Waller, a certified residential specialist at RE/MAX Advantage Plus in Teaneck, N.J., expects negative equity to trigger a second wave of foreclosures "that no one is even speaking about."More than one in five homeowners with mortgages -- nearly 11 million borrowers -- owed more than their homes were worth during the t...