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The ten best cities to buy short sales!
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Posted on: 22nd Nov 2013
10. Seattle-Tacoma-Bellevue, Wash.
(average short sale discount � 24.5%)
Short sales took off in
the Seattle area in the fourth quarter of
2011: 925 pre-foreclosure homes were sold. That's a whopping 46%
increase from the same period a year earlier and represented 7.4%
of all home sales in the area, at an average price of $245,403.
Buyers of short sale homes reaped a nearly 25% discount off
non-foreclosure homes. Seattle is also among the top metros to
buy foreclosure properties generally, at an average discount of
43%.
9. Phoenix-Mesa-Scottsdale, Ariz. (24.7%)
Phoenix is the sixth-most populous city in the United States.
Known as the Valley of the Sun, the Phoenix metropolitan area had
the second-highest number of pre-foreclosure home sales on the
list, with 7,112 (up 43% from the fourth quarter of 2010). Short
sales made up 20.3% of all homes sold in the area, at an average
price of $122,212. As a state, Arizona saw one of the largest
year-over-year increases in
pre-foreclosure sales, up 48%.
8. Portland-Vancouver-Beaverton,
Ore./Wash. (26.1%)
The Pacific Northwest is a pricier housing market that Phoenix,
with fewer homes available. The area sold only 679
pre-foreclosure homes in the fourth quarter, which is the
third-lowest number on the list (the minimum for inclusion is 500
homes). Still, that's up 37.2% from 2010, and a willing buyer can
get a short sale home for an average price of $190,042, which
represents an average discount of 26.1% below market value.
7. Los Angeles-Long Beach-Santa Ana, Calif.
(28.0%)
sales increase in the fourth quarter. Los Angeles led the charge,
with the most short sale houses sold of any metro in the country,
let alone the state, at an average sale price of $342,668. In
terms of total home sales, Los Angeles also boasts the highest
percentage of short sales on the list, at 22%.
6. Jacksonville, Fla.(28.8%)
Situated on the St. Johns river at the top of Florida's Atlantic
coast, Jacksonville is the largest metropolitan area in the
country from a geographical standpoint. It's cheap, too � 677
short sale homes were sold in the area in 2011's fourth quarter,
at an average sale price of $116,447. Jacksonville saw a 41.34%
increase in short sales from 2010, with pre-foreclosures making
up 12.4% of all home sales in the area.
5. St. Louis (29.6%)
The St. Louis area has by far the cheapest housing market of the
short sale metros on the Top 10 list. Nearly 600 pre-foreclosure
homes were sold there in the fourth quarter of 2011, at an
average price tag of $96,131. Short sales made up only 5.7% of
home sales in St. Louis (the lowest proportion on the list), but
short sales increased 19.9% from 2010.
4. Atlanta-Sandy Springs-Marietta, Ga. (32.9%)
Georgia's foreclosure problem has continued to worsen in recent
years. Foreclosure sales made up 39% of total home sales for the
state in the fourth quarter of 2011, the third-highest of any
state. As a result, the Atlanta area ranks high in both short
sales and foreclosure sales. The area saw the biggest surge in
short sales of all the cities on the Top 10 list, with 3,387
homes sold, up 63% since the same period in 2010. Short sales
made up 14% of all home sales in the quarter, with an average
price tag of $123,271.
3. Chicago-Naperville-Joliet Ill./Ind./Wis. (33.5%)
In addition to a deep average discount on short sales, the
Chicago metro is one of the top places to buy foreclosed homes,
with an average discount of 49.1%. Chicago sold 2,409
pre-foreclosure homes in the fourth quarter of 2011, at an
average sale price of $156,349. That's a 28.9% increase from the
fourth quarter of 2010.
2. San Jose-Sunnyvale-Santa Clara, Calif. (37.3%)
Home to Silicon Valley, the San Jose metro area is located just
south of San Francisco and is the third largest metro in the
state. In the fourth quarter of 2011, 1,169 homes were sold in
short sales at an average price of $398,413. That's the highest
price among the cities on the Top 10 list, even with one of the
biggest discounts in the US. Short sales increased 34.1% from the
end of 2010 and made up 18.6% of all home sales in the San Jose
area.
1. San Francisco-Oakland-Freemont, Calif. (41.0%)
Discounts for short sale homes don't come any bigger than this in
major metropolitan areas: more than 40% in San Francisco. Such
sales surged 50% in the San Francisco metropolitan area from the
fourth quarter of 2010: Nearly 3,000 homes in pre-foreclosure
were sold in 2011's fourth quarter, at an average price of
$330,733. Short sales made up 19.2% of all home sales. The city
is not among the top markets for deeply discounted foreclosure
homes, indicating that lenders are taking measures to help
homeowners avoid foreclosure.
By: Christian Science Monitor
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