Is 2012 the year of the short sale?

This year could be the year of the short sale, according to South Florida real estate analysts, as pre-foreclosure transactions increase and bank-owned sales begin to drop. “The banks know they lose less money through a short sale than a foreclosure,” said Jack McCabe, CEO of McCabe Research & Consulting in Deerfield Beach. “They don’t have to take ownership, they are not responsible for maintenance and right now there’s no positive profit involved in this. It’s all about cutting losses.” [Palm Beach Post]