San Diego Short Sales

Does anyone know of any short sales occuring in the Shore area recently? I've looked at two houses in the Monmouth Beach / Long Branch area that were bought as flips in 2005 and I'm pretty sure the owners would be looking at a short sale if they did not get better than their asking prices.

Also, do any particular brokers in Monmouth or Ocean Counties have expertise in negotiating short sales?

"By Emmet Pierce
UNION-TRIBUNE STAFF WRITER

December 11, 2006

In a sign that San Diego County's once-soaring housing market has returned to earth, analysts say the number of homeowners seeking mortgage debt forgiveness is on the rise.

Such transactions, designed to prevent defaults, often are called “short sales.” They occur when home prices fall and mortgage debt exceeds the value of the property. If the lender agrees, homeowners can sell the depreciated homes and settle their debts for reduced sums."

Full article...