By Ashley Hall
 
November 17, 2008
 
MEDFORD, Ore. -- Real estate brokers say one reason for the slow housing market is the large number of short sales available.
 
Before a home is foreclosed, the owner has the option to try to sell it in a 'short sale'. This means the home's value is less than the loan that is on it. Banks and real estate agents say because there are so many short sales on the market right now, it can take months to close a deal.
 
"It's frustrating many times, it's certainly not what your normal transaction would be. There's many, many months sometimes negotiating with a bank to get an acceptance. And at the end of the day the bank does have the final say on if they'll accept a short sale or not," says Real Estate Broker Diana Yates .
 
The bank usually ends up losing money, although it's less than it would lose by foreclosing on a house. The sellers usually breaks even.