It's fairly easy to use the MLS database to answer your question. I keep track of data like this and post it on my website regularly.
Let's consider Orange, Osceola, and Seminole the metro area. Here's what the MLS shows:
There have been 13,715 short sale listings this year.
5,399 (39%) are still active.
2,726 (20%) have expired or been taken off the market.
4,501 (33%) have an offer that is pending (and many if not most will fail).
1,089 (8%) have actually closed.
It a completely different story for bank owneds, where 64% of what's been listed this year has already closed (7,568 out of 11,984).
If you're trying to decide where to put your personal efforts, it's a pretty easy answer.
Hope this answers you question.
Weichert, Realtors - Hallmark Properties