Analysts have said that hoping to slow an increase in foreclosures, Michigan lenders have tripled "short sales," when a home sells for less than is owed on the mortgage.

The Detroit News reported on Saturday that the move is seen as a sign the real estate market in southeast Michigan, including Detroit, could fall back into a crisis.

It was also reported that in a short sale, a family might owe $180,000 in mortgage on a home in a neighborhood where houses are selling for $140,000. They can ask the lender for permission to sell the home for $140,000 and be forgiven the $40,000 still owed.

The News further reported that real estate data agency Realcomp II says the practice of "short sales" is on a record pace in the region's 10 counties.

It has been shown by data that between January and April 2,284 home sales were short sales, a 171 percent increase from the same period last year.

The News also said that short sales drive down the price of homes, though not as much as foreclosures do, resulting in bargains for buyers but depressed prices for home sellers.

The News further noted that adding to the Detroit area's woes is a growing backlog of bank-owned homes that have yet to hit the market. (With Inputs from Agencies)