Foreclosure sales down in Utah

The number of foreclosed homes being bought and sold across the country and in Utah is falling significantly, a new report indicated. The RealtyTrac Third Quarter 2010 U.S. Foreclosure Sales Report showed that foreclosed homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010, with the average sales price of properties that sold while in some stage of foreclosure more than 32 percent below the average sales price of properties not in the foreclosure process. That was up from a 26 percent discount in the previous quarter and 29 percent in the third quarter of last year.

In Utah, foreclosed homes accounted for just over 20 percent homes sold during the quarter, but prices only discounted about 3 percent, the report noted. Sales of foreclosed properties — default, scheduled for auction or bank-owned (REO) — in Utah fell nearly 30 percent from the previous quarter and 21 percent from the same period in 2009. Deseret News