10 Cities Where Homebuyers Can Get Steals On Short Sales

Pre-foreclosure sales (short sales) accounted for 10 percent of all home sales in the fourth quarter of 2011 according to the latest data from RealtyTrac.  Short sale volume was up 15 percent 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 percent 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

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