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SALT LAKE CITY (AP) -- An auction of Utah state trust lands has been called off because of the depressed real-estate market.
The Utah School and Institutional Trust Lands Administration says that because it expected to receive only low-ball bids from bargain hunters, it might cancel all auctions this year. It usually sells about 5,000 acres of land in two auctions a year.
The trust lands administration said Thursday it was calling off a May auction and might also cancel October's auction to wait out a real-estate recovery.
The agency controls millions of acres of public land granted to Utah at statehood. It makes most of its money from oil, gas and mining royalties. The revenue is used to support public schools.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
