More homeowners are choosing short sales rather than let their homes fall into foreclosure, according to the National Short Sale Center (NSSC), an Ariz.-based company that assists in short-selling properties. NSSC recently announced that short sales in 2008 hit an all-time high in Arizona, Nevada, California and Florida.
 
According to the National Short Sale Center, distressed property sales in 2008, including foreclosures and short sales, comprised 40 percent of U.S. home sales for the year. "In 2009, we'll see a spike in foreclosure proceedings as many homeowners don't understand-or are unaware of-their options," said Travis Hamel Olsen, president of National Short Sale Center.