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2012 could be record year for short sales

RealtyTrac: Short sales outnumber REO sales in California, Arizona, Florida

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2012 is on track to become a record year for short sales, according to a report from foreclosure data aggregator RealtyTrac released today. Sales of U.S. homes in the foreclosure process, typically short sales, rose 33 percent year over year, to 35,000, in January. A total of 32 states saw annual increases in short sales, and 12 states saw more short sales than REO (real estate owned) sales. The short-sale increase comes after three years of declines following the inauguration of "a new presidential administration with a new approach to the foreclosure problem," wrote Daren Blomquist, RealtyTrac's vice president and author of the report. "Short sales have long held great promise as a market-based solution to the nation's foreclosure problem, but short sales transactions over the past three years have actually declined after peaking in the first quarter of 2009," Blomquist said in a statement. "January foreclosure sales numbers, along with first-quarter forec...