Noticed a short sale for the first time in a long time. More to come?

I was a little taken aback this morning while searching on realtor.com as I noticed the first short sale I've noticed in a LONG time in my little hometown.  I'm not sure if there have been others recently that I didn't notice, but this is the first one that I can remember in years and years.
Are you seeing short sales in your area?
Do you think this will be the first of many?
I ask because even with the softening in the market, I have a hard time believing that this person could be so far upside down as to require a short sale...