Having lived in Phoenix, AZ for 10.5yrs I witnessed the entire Real Estate cycle. I saw prices go from $140K on average then a 47% home value increase in a 12 month period…then a HUGE market crash in 2008 and home values fall all the way down to $112K on average. This left thousands upon thousands of homeowners underwater/negative equity where they either just let their home go to Foreclosure or they tried to successfully short sale their home. For those of you who don’t know what defines a short sale it is when a homeowners owes more on their home than what it is worth and tries to sell their home “Short” by asking the lending bank to accept less than what is owed on the property. There are many qualifications that banks look for before willing to accept a short sale but they are getting approved easier and easier in 2012 than they were in 2008 0r 2009. As of right now there are over 4000 distressed Northern Virginia homeowners that are in the needs of a Real Estate agent.