Lawmakers reasoned that short sales have proven to be the most effective means to avert the devastating impact that increased foreclosures have had on the global economy, and that economic recovery currently remains too tenuous to resurrect barriers to foreclosure avoidance. As shown in the RealtyTrac graphic below, short sales have been increasing at a rapid rate while sales of real estate owned by banks (REOs) or foreclosures have substantially decreased. It may not be so surprising that economic recovery has been realized over this same period of time.
Now it's just up to real estate agents to once again spread the word to the general public that the federal government is still encouraging short sales for the sake of the global economy.