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Utah foreclosure sales down, discounts less

Utah foreclosure sales down, discounts less

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SALT LAKE CITY -- Foreclosure sales are declining in Utah. And, people shopping for foreclosed homes are seeing better deals nationally than here in Utah.

The RealtyTrac Third Quarter 2010 U.S. Foreclosure Sales Report says nationally foreclosures are selling for 32 percent less than properties not in foreclosure. That's up from a 29 percent discount this time last year.

In Utah, buyers are getting only about a 3 percent discount on foreclosures. Realtors are attributing the difference to high demand here.

"The RealtyTrac report confirms that there are fewer foreclosures in Salt Lake City and Utah compared to the rest of the nation," said Bill Heiner, president of the Salt Lake Board of Realtors. "With fewer homes for sale in the Salt Lake area, home prices are beginning to stabilize and even increase in some neighborhoods."

The number of foreclosures bought and sold in Utah is down 21 percent from this time last year. And foreclosed home sales plummeted 30 percent from the second quarter.

According to the report, the average sales price for a Utah foreclosure was $214,472 compared to $169,523 nationally.

The average sales price of properties not in foreclosure was $249,721, up 6.42 percent from the previous quarter and up 4.36 percent from the third quarter of 2009, the report states.

Story written with contributions from Jasen Lee.

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