Pre-foreclosure sales (short sales) were up 25 percent in the first quarter from a year ago, according to the latest data from RealtyTrac.
Homebuyers bought a total of 109,521 pre-foreclosure homes during the period. And these homes sold for an average of $175,461.
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The appeal of short sales is that they sell at steep discount to homes that are not in any stage of foreclosure.
We drew on RealtyTrac's report to identify 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 100 pre-foreclosure sales (short sales) during the first quarter.
1. Boulder, Colorado
Average discount:
35.62%
Average pre-foreclosure sales price:
$249,094
Short sales:
116 units
2. Boston-Cambridge-Quincy, Massachusetts-New Hampshire
Average discount:
37.51%
Average pre-foreclosure sales price:
$231,093
Short sales:
822 units
3. San Jose-Sunnyvale-Santa Clara, California
Average discount:
38.08%
Average pre-foreclosure sales price:
$381,273
Short sales:
1,300 units
4. Cape Coral-Fort Myers, Florida
Average discount:
38.58%
Average pre-foreclosure sales price:
$99,102
Short sales:
952 units
5. San Francisco-Oakland-Fremont, California
Average discount:
40.58%
Average pre-foreclosure sales price:
$321,151
Short sales:
3,398 units
6. Springfield, Ohio
Average discount:
41.52%
Average pre-foreclosure sales price:
$108,468
Short sales:
144 units
7. Omaha-Council Bluffs, Nebraska-Iowa
Average discount:
42.60%
Average pre-foreclosure sales price:
$89,066
Short sales:
113 units
8. Milwaukee-Waukesha-West Allis, Wisconsin
Average discount:
43.52%
Average pre-foreclosure sales price:
$101,653
Short sales:
438 units
9. Memphis, Tennessee
Average discount:
43.65%
Average pre-foreclosure sales price:
$69,101
Short sales:
160 units
10. Sebastian-Vero Beach, Florida
Average discount:
51.39%
Average pre-foreclosure sales price:
$82,537
Short sales:
125 units
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