10 Best Cities to Buy Short Sales

Don’t worry, the housing recovery isn’t wiping out the discounts on homes that were prevalent at the height if the housing decline. Short sales and foreclosures are still aplenty in many housing markets around the country. And the savings are steep. Here, we take a look at the best cities to buy short sales. Short sales went for an average of 23 percent below market rate in the fourth quarter of 2012, according to online foreclosure marketplace RealtyTrac. But there were plenty of markets where the discounts stretched further than that. “Short sales are on the rise as a better alternative to foreclosure in many areas — good news for buyers and investors in markets where short sales are closing more quickly at solid discounts,” said RealtyTrac vice president Daren Blomquist. “But buying from the bank may still be a better option in other markets because of increasing REO inventory, deeper discounts and shorter times to close.”

Virginia Beach, Va.

Virginia Beach

Q4 2012 annual percent change in short sales: 46%

Average sales price: $192,098

Average amount short: $65,248

Average days to sell from foreclosure start: 238

Des Moines, Iowa

Iowa

Q4 2012 annual percent change in short sales: 51%

Average sales price: $133,999

Average amount short: $63,864

Average days to sell from foreclosure start: 198

Sacramento, Ca.

Sac

Q4 2012 annual percent change in short sales: 58%

Average sales price: $184,700

Average amount short: $132,836

Average days to sell from foreclosure start: 235

Las Vegas, NV

Vegas

Q4 2012 annual percent change in short sales: 63%

Average sales price: $124,555

Average amount short: $140,811

Average days to sell from foreclosure start: 358

Bakersfield, Ca.

Bako

Q4 2012 annual percent change in short sales: 68%

Average sales price: $115,107

Average amount short: $87,269

Average days to sell from foreclosure start: 235

Vallejo-Fairfeild, Ca.

Fairfeild

Q4 2012 annual percent change in short sales: 77%

Average sales price: $192,432

Average amount short: $177,748

Average days to sell from foreclosure start: 235

Grand Rapids, Mich.

Mich

Q4 2012 annual percent change in short sales: 81%

Average sales price: $91,145

Average amount short: $53,158

Average days to sell from foreclosure start: 191

Fresno, Ca.

Frsno

Q4 2012 annual percent change in short sales: 97%

Average sales price: $145,313

Average amount short: $89,140

Average days to sell from foreclosure start: 235

Visalia-Porterville, Ca.

Porterville

Q4 2012 annual percent change in short sales: 106%

Average sales price: $126,496

Average amount short: $71,102

Average days to sell from foreclosure start: 235

Santa Barbara, Ca.

SB

Q4 2012 annual percent change in short sales: 107%

Average sales price: $283,825

Average amount short: $178,201

Average days to sell from foreclosure start: 235

Source: AOL Real Estate

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