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A worker removes furniture from a foreclosed home before the start of a bus tour of foreclosed and blighted properties on July 13, 2012 in Richmond, California. Members of the group Alliance of Californians for Community Empowerment (ACCE) joined city officials and Richmond mayor Gayle McLaughlin on a bus tour to view foreclosed properties in neighborhoods in Richmond that have been hit the hardest by foreclosures. Richmond currently has over 1,000 homes in foreclosure.
The real estate research firm Data Quick reports that for the first time since the housing crash in 2007, short sales now outnumber the sale of foreclosed homes. This is good news, not just for homeowners who find themselves underwater with their loans, but for banks as well.
Here to explain is KPCC's business reporter, Matt DeBord.