Real estate is a keystone in our economic recovery and jobs creation. A large percentage of today's real estate sales in the USA are short sales. A short sale can take as long as a year to close with multiple buyers being run off.
There is a short sale log jam that has slowed residential home closings and kept housing values flat. Slower short sale closings delay tax-generating commerce to downstream businesses in the USA.
We ask the Obama administration to improve the turn-around time on short sales to 60 days after contract ratification. This will increase home closings, clean up the distressed inventories and fuel our economy.
Thank you.