In SCPD here are approximately 12 homes in some phase of foreclosure and a few that are in short-sale mode.

In case you missed my Leib's Lines on Short Sales--here is a quick study.\:
A short sale happens when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs of sale. Doing a short sale is not for the faint of heart--some lenders will not even consider a short sale if payments are current. Plus if you have cash assets, the lender might try to tap those accounts.

According to a division manager at Vitek Mortgage, sellers will take as big a hit on their credit report by doing a short sale or Deed-in-lieu of Foreclosure as they will by going through foreclosure.