Sacramento was the nation's No. 8 market for short-sale home purchases in the fourth quarter of 2012, according to a report by Irvine-based housing market tracker RealtyTrac.
A short sale is one where proceeds fall short of debts and liens against the property, with lien holders accepting less than the amounts owed.
In its top-15 short sales list dotted by California jurisdictions, RealtyTrac said the average sales price in Sacramento in last year's final quarter was $184,700, with an average short amount of $132,836. In the area, it took an average of 235 days to sell a property from the time of a foreclosure start.
Santa Barbara, Visalia/Porterville and Fresno, respectively, topped RealtyTrac's national short-sales list. Other California areas in the top 15 included Vallejo/Fairfield, Bakersfield, 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, RealtyTrac vice president. "But buying from the bank may still be a better option in other markets because of increasing (bank-owned) inventory, deeper discounts and shorter times to close."
No California jurisdictions were in RealtyTrac's top 15 U.S. markets to buy bank-owned homes in last year's final quarter.
Call The Bee's Mark Glover, (916) 321-1184.
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