Business

Agents Push To Ease Short Sales In LA Times Ad

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(credit: Joe Raedle/Getty Images)

(credit: Joe Raedle/Getty Images)

LOS ANGELES (CBS/AP) — Real estate agents from across California are calling on lawmakers and banks to make it easier for homeowners facing foreclosure to sell their home.

The California Association of Realtors on Thursday took out full-page ads appearing in the Los Angeles Times and six other of the state’s largest newspapers calling on banks, government officials and others with a stake in the housing market to make so-called short sales easier, faster and more efficient.

The ads note that some potential home buyers have had to wait more than three months for banks to respond to short-sale applications.

Short sale transactions allow distressed borrowers to avoid foreclosure by selling their homes for less than what is owed on them.

The association says in its ad that the transactions can help the state’s economic recovery by speeding sales and reducing the inventory of bank-owned homes on the market.

(TM and © Copyright 2010 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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