Buyers advised to try short sales

First time home buyers, investors, and organized property flippers currently make up the majority of those active in the housing market. However, Pete Flint, CEO of Trulia.com, tells CNBC that first-time buyers should be cautious in purchasing foreclosed homes and should work with foreclosure experts. Instead of foreclosing, Howard Glaser, president of the Glaser Group, recommends short sales and loan modifications. He believes the Obama administration’s loan modification measures will stabilize the economy, credit and housing inventory. But CNBC’s Diana Olick expressed skepticism about turning to short sales in lieu of foreclosures because short sales are now beginning to take as long as foreclosures.