On short sales

A short sale is going to be the only way for many people who bought at the peak and who are now underwater to move on with their lives if they have to relocate or downsize.

From Jonathan J. Miller, president of the appraisal firm Miller Samuel and a market analyst in New York City as quoted in the New York Times.

Sad but true. I suspect that most anyone who plans to move within the next five years will need to short sell or start aggressively paying down their mortgage so that they are no longer underwater. I’m choosing the former.