10 best cities to buy short sale homes

2. San Jose-Sunnyvale-Santa Clara, Calif. (37.3 percent)

Robert Gailbraith/Reuters/File
The Cisco logo is displayed at the technology company's campus in San Jose, Calif., in this file photo. Home to many tech companies, San Jose has the most expensive short sale homes on the list, but at a deep discount – 37.3 percent below market value, on average.

Home to Silicon Valley, the San Jose metro area is located just south of San Francisco and is the third largest metro in the state. In the fourth quarter of 2011, 1,169 homes were sold in short sales at an average price of $398,413. That's the highest price among the cities on the Top 10 list, even with one of the biggest discounts in the US. Short sales increased 34.1 percent from the end of 2010 and made up 18.6 percent of all home sales in the San Jose area.

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