LOS ANGELES (AP) — The California Association of Realtors has taken out full page ads in seven of the state’s largest newspapers to urge banks, government officials and others with a stake in the housing market to make so-called short sales easier, faster and more efficient.
The ads appearing in the Los Angeles Times, San Francisco Chronicle and other daily papers Thursday note that some potential home buyers have had to wait more than three months for banks to respond to short-sale applications.
Short sale transactions allow distressed borrowers to avoid foreclosure by selling their homes for less than what is owed on them.
The association says in its ad that the transactions can help the state’s economic recovery by speeding sales and reducing the inventory of bank-owned homes on the market.
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