10 Cities Where Homebuyers Can Get Steals On Short Sales

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Photo: vxla via Flickr

Pre-foreclosure sales (short sales) accounted for 10 per cent of all home sales in the fourth quarter of 2011 according to the latest data from RealtyTrac.  Short sale volume was up 15 per cent from a year ago.Earlier this week we published a list of the 10 best metro areas to buy bank-owned properties.

Now we put together a quick guide of the 10 metro areas where homebuyers got the biggest discounts on pre-foreclosure homes.

Note: Pre-foreclosure homes refer to homes that are in default or scheduled for auction. The data is for metro areas with at least 500 pre-foreclosure sales (short sales) during the fourth quarter, and where pre-foreclosure sales climbed at least five per cent from a year ago.

Seattle-Tacoma-Bellevue

Average discount:
24.45%

Average pre-foreclosure sales price:
$245,403

Short sales:
925 units

Source: RealtyTrac

Phoenix-Mesa-Scottsdale

Average discount:
24.66%

Average pre-foreclosure sales price:
$122,212

Short sales:
7,112 units

Source: RealtyTrac

Portland-Vancouver-Beaverton

Average discount:
26.05%

Average pre-foreclosure sales price:
$190,042

Short sales:
679 units

Source: RealtyTrac

Los Angeles-Long Beach-Santa Ana

Average discount:
28.03%

Average pre-foreclosure sales price:
$342,668

Short sales:
7,605 units

Source: RealtyTrac

Jacksonville

Average discount:
28.83%

Average pre-foreclosure sales price:
$116,447

Short sales:
677 units

Source: RealtyTrac

St. Louis

Average discount:
29.63%

Average pre-foreclosure sales price:
$96,131

Short sales:
597 units

Source: RealtyTrac

Atlanta-Sandy Springs-Marietta

Average discount:
32.91%

Average pre-foreclosure sales price:
$123,271

Short sales:
3,387 units

Source: RealtyTrac

Chicago-Naperville-Joliet

Average discount:
33.52%

Average pre-foreclosure sales price:
$156,349

Short sales:
2,409 units

Source: RealtyTrac

San Jose-Sunnyvale-Santa Clara

Average discount:
37.25%

Average pre-foreclosure sales price:
$389,413

Short sales:
1,169 units

Source: RealtyTrac

San Francisco-Oakland-Fremont

Average discount:
41.01%

Average pre-foreclosure sales price:
$330,7333

Short sales:
2,989 units

Source: RealtyTrac

Now here's how you can actually go about buying distressed homes...

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