7 Great Markets for Short Sales

Properties sold in short sales account for about 22 percent of all residential sales, according RealtyTrac.

RealtyTrac recently identified some of the best markets for buying a short-sale property.

“The average amount short was more than $100,000 in seven of the top 15 markets, indicating banks are willing to realize a significant loss with a short sale in exchange for avoiding the increasingly complex and costly foreclosure process,” according to RealtyTrac.

The following are some of the best markets to buy a short sale, according to RealtyTrac data:

Santa Barbara, Calif.

Average sales price: $283,825

Average amount short (the difference between the sales price and the loan amount owed to the bank): ($178,201)

Visalia-Porterville, Calif.

Average sales price: $126,496

Average amount short: ($71,102)

Fresno, Calif.

Average sales price: $145,313

Average amount short: ($89,140)

Grand Rapids, Mich.

Average sales price: $91,145

Average amount short: ($53,158)

Vallejo-Fairfield, Calif.

Average sales price: $192,432

Average amount short: ($177,748)

Bakersfield, Calif.

Average sales price: $115,107

Average amount short: ($87,269)

Las Vegas

Average sales price: $124,555

Average amount short: ($140,811)

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