Foreclosures made up about 27 percent of all Utah home sales this spring, four times higher than what would be expected in a healthy housing market but better than the 31 percent rate for the nation as a whole.
The share of foreclosure sales in Utah and nationwide, which includes homes purchased after they received a notice of default or that were repossessed by lenders, would have been larger if not for state and federal investigations into faulty paperwork by banks and servicers, according to RealtyTrac Inc., a foreclosure tracking firm. The probe has led many banks to delay foreclosure sales. Once that is complete later this year, the rate is expected to surge.
In Utah, 2,141 homes in some stage of foreclosure or owned by banks sold in the second quarter, down nearly 35 percent from the April-May-June quarter one year ago. Salt Lake Tribune
