Banks are beginning to recognize that short sales are a less costly way to dispose of distressed real estate than foreclosure. The numbers in the Reno/Sparks reflect this. This column in the RGJ states:
At the beginning of 2009, only 17 percent of the distressed property sales in Reno and Sparks were short sales, with the remainder being foreclosures. During the past two months, about 40 percent of all distressed property sales were short sale transactions.
It may be also that agents have become more comfortable with the short sale process.