LAS VEGAS -- The Las Vegas metropolitan area is among the top 15 markets to purchase a short sale home, RealtyTrac.com reported Wednesday.
Las Vegas landed on the list because it had a 63 percent increase in short sales in the fourth quarter of 2012 compared to the same period in 2011. That was the seventh highest increase among U.S. metros, according to RealtyTrac, a real estate analytics company in Irvine, Calif.
Topping the list was Santa Barbara, Calif., where short sales increased by 107 percent.
The average short sale price in Las Vegas for the final quarter of last year was $124,555. The average short sale was also $140,811 short of the loan amount owed on the property.
"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." RealtyTrac vice president Daren Blomquist said.