Short sales surpass foreclosure deals for the first time, as banks become more agreeable to...

|By:, SA News Editor
Short sales surpass foreclosure deals for the first time, as banks become more agreeable to selling houses for less than the amount owed on their mortgages, according to LPS data. Short sales accounted for 23.9% of home purchases in January, vs. 19.7% for sales of foreclosed homes; a year earlier, 16.3% of transactions were short sales and 24.9% involved foreclosures.