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SALT LAKE CITY -- One out of every six homes for sale in the Salt Lake Valley is a short sale. That's according to Salt Lake Board of Realtors communications director Dave Anderton.
"It just shows that the recession has affected a lot of homeowners who purchased their homes in the last couple of years and now find themselves underwater in their homes," he said.
Anderton also tells KSL Newsradio most homeowners looking for relief aren't people who purchased large homes over $500,000.
"Most of the homes, three out of four homes that are in the short-sale situation, are homes that are priced below $300,000," he said.
Still, Anderton says Utah is doing a lot better than many other areas in the country, where one out of every three or four homes for sale is a short sale. In a short sale, a lender allows a customer to sell a home and pay off the loan for less than the amount owed.
The problem is worse in the St. George region. Southern Utah Title owner Alan Carter says three out of four of Washington County's real-estate sales are foreclosure listings or short sales.
Also, 8.42 percent of Utah homeowners are delinquent on mortgage payments or are in foreclosure. Nationally, that number is just over 12 percent.
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Story compiled with information from Randall Jeppesen and The Associated Press.
