Banks moving slow on home sales

In January this year, six out of every 10 homes sold in the Twin Cities were either in foreclosure, or they were involved in a "short sale."

A "short sale" is when the person living in the house sells it for less than what is owed. Banks must approve this type of transaction.

In the case of either a foreclosures or ashort sales, banks lose money.

But we're finding the banks themselves may be largely responsible for this for how much they're losing.

We've found many cases where they're just not talking to homeowners in trouble, not working to avoid foreclosure.

If they did work with these homeowners, experts tell us they'd not only prevent a lot of heartache but they'd save themselves a lot of money in the process . . . .

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