From Phoenix Channel 12, there is a video on the right side of the page.
http://www.azcentral.com/12news/news/articles/housingmarket08152007-CR.html
Melissa Gonzalo12 NewsAug. 15, 2007 05:08 PM
Banks are becoming stricter with lending and foreclosures are on the rise, placing many Valley homeowners in dire straights, struggling to stay afloat. Monique Walker of Intero Real Estate estimates 25 percent of housing inventory are short sales. "We, as realtors talk to the bank and the bank at times allows the seller to sell the house for lower than they actually owe on the mortgage," said Walker.
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