Report: Short sale volume tripled since 2008

These days, when someone is moving in or out of a home, there is an increasingly good chance that the property is changing hands via a short sale.

That's according to a report by real estate data tracker CoreLogic, which announced that the total volume of short sales in the country has tripled since 2008. These types of sales are being fueled by troubles in the job market and weak home prices, which leave many homeowners forced into relinquishing their property. For most, short sales are a preferable alternative to foreclosing on a home, said the company.

More than half of the country's short sales are centralized in four states. Arizona, Florida, Texas and California hold 55.8 percent of all short sales. The transactions are a risky venture for lenders because there's an elevated chance of fraud. About one in every 53 short sales results in a lender incurring "unnecessary loss," with about $310 million in lender losses estimated annually, said the report.

A person who is considering purchasing a home through short sale should proceed with caution. Certified lenders can help reduce the risk that the transaction goes poorly.

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