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 March 21, 2007

U.S. housing Slump May be Helped by Short Sales
The MBA (Mortgage Bankers Association) reports that an increasing number of lenders are approving short sales as an alternative to foreclosures.
The move is intended to help lenders avoid the necessity to take over and manage properties.

The chief economist of the MBA, Doug Duncan reports that banks see short sales as a way of avoiding having vacant properties on their hands that could potentially decrease in value, and sell at auction.

The downside is that short sales tend to put downward pressure on the national average home price.

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