It's called a short sale, and I'm seeing more of them right now. Here's how one played out for a family with a reverse mortgage, plus your June-over-June numbers.

Happy July, everyone. Hope you're having a wonderful summer so far. I want to talk about something today that I haven't brought up in a while, and that's short sales. I've been talking with a few of my clients and with brokers in the community, and they're starting to show up again in the market.

What a short sale actually is. A short sale happens when the loan balance on a home is higher than what the home is worth. The homeowner owes more than the property can sell for.

Here's a real one I just closed. I recently helped a trust sell a home that was owned by a wonderful senior citizen who had a reverse mortgage. He stayed in the home for a long time without having to make any payments on the house, which is how a reverse mortgage works. But as the years went on, the loan balance kept going up and up. So by the time the trust was ready to sell the property, there was negative equity, and I walked them through the short sale process to get it done.

I'm also currently in escrow on a short sale out in Crescenta Valley. There are quite a few showing up in the market right now, and if you'd like to know more about how short sales work, it'd be my pleasure to go over the details with you

“Sales are up 16%, prices are up 9%, and rates are trending down. The market is active and moving.”

Your market update. Now here's your market snapshot for the Burbank, North Hollywood, and Glendale area, comparing June 2025 to June 2026.

• Homes sold: Last June, 139 homes sold. This June, 162. That's up over 16%. That's a big jump in activity, and it tells you that buyers are out and engaged.

• Average sales price: Last year, $1,178,000. This year, $1,287,000. Up about 9%. Another significant increase. If you own a home in this market, your equity has grown.

• Interest rates: Last June, 6.668%. This June, 6.474%. Down about 2%. Not a dramatic drop, but it's heading in the right direction, and every fraction of a point matters when you're talking about a loan on a home in this price range.

What it all means. The market is active. Sales are up. Prices are up. Rates are trending down. And something we haven't seen in a while, short sales, is starting to appear again. Whether you have questions about the market, about short sales, or about your own situation, I'm here to help

Give me a call at 818-953-5300, email me at brad@bradkorb.com, or visit bradkorb.com. I look forward to speaking with you. Have a wonderful day. Bye for now.