I am monitoring the short sale increases in Orange County and i think the debt foregiveness law passed is giving people license to short sale out of a house in a falling value neighborhood. I know a couple who live together, she is getting a new house in her name and he is short saling out of the house they are in because the dont want to pay the higher mortgage because the values have plummeted in their community. I cant help but think this new law may encourage more people to do this and drive the market down even more... what do you think?
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