Are Short Sales Really Bringing Down Property Values?

[Jeremiah Peterson]

"Yes, short sales liquidate housing inventory, but they are like poison to Brentwood real estate agents. Brentwood agents have been pricing the short sale below market value in order to attract buyers. Since to a lender there is a calculated value on the profitability of doing a short sale; Brentwood homes are often selling for 80% of their true market value."

Anyone else notice this in your neighborhood?