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IRVINE, CA-California cities dominate the list of best markets in which to buy short-sale properties, according to a recent report from RealtyTrac, a locally based supplier of US real estate data. The report shows that Santa Barbara tops the list of cities in the report, which analyzed data from fourth-quarter 2012 in more than 900 metro areas nationwide. Other high-ranking cities, in descending order, are Visalia-Porterville, Fresno, Vallejo-Fairfield, Bakersfield, Sacramento, Stockton, Modesto and Riverside.
“Short sales are on the rise as a better alternative to foreclosure in many areas—good news for buyers and investors in markets where short sales are closing more quickly at solid discounts,” said Daren Blomquist, VP at RealtyTrac, in a prepared statement. “But buying from the bank may still be a better option in other markets because of increasing REO inventory, deeper discounts and shorter times to close.”
RealtyTrac also released data on the best markets for buying bank-owned properties in the US. No West Coast markets appeared on that list, which was dominated by markets in Ohio, Florida, North Carolina, Tennessee and Illinois. For the complete report, click here.
As GlobeSt.com reported in February, the Florida foreclosure rate ranked highest among the states for the fifth month in a row, edging out California's six-year lead, according to RealtyTrac, an online marketplace for foreclosure properties and real estate data. As GlobeSt.com also previously reported, the firm's market report for January revealed that US foreclosure starts fell to a six-year low last month, and scheduled foreclosure auctions increased in 26 states.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
