The problems have become such a kink in the market’s recovery that banks and the federal government are launching new efforts this month to simplify and speed up the short-sale process.

Just 23% of short-sale offers that homeowners receive from potential buyers actually close, according to a February study of 1,300 real estate agents by Campbell Communications. More than 90% of agents cited a slow response from the lender as the reason short sales were lost.

http://www.usatoday.com/money/economy/housing/2009-08-04-short-sales-mortgages_N.htm