The number of foreclosed homes being bought and sold in Utah is falling significantly, a new RealtyTrac report indicated.
In Utah, foreclosed homes accounted for just over 20 percent homes sold during the third quarter, with the avarage sales prices of properties that sold while in some stage of foreclosure was 3 percent below the average home sales price. This compares to 25% of homes at a national level, sold at a 32% discounted price.
The relativly low discounted price of foreclosed homes is a sign of the stabilizing Utah housing market.
The number of Utah homes in some stage of forcloser fell 30% from the previous quarter and 21% from the same time last year.
At the end of this year’s third quarter, the percent of Utah loans that had been foreclosed (bank-owned) fell to 3.23 percent, down from 3.35 percent in the second quarter.
Foreclosures had been climbing in Utah for the past three years — since the third quarter of 2007 when the rate was at 0.66 percent. Utah’s foreclosure rate peaked in the first quarter of 2010 at 3.43 percent, according to the MBA report. Since then, Utah’s foreclosure rate has steadily fallen over the past two quarters.
You can read this post about Utah Home Foreclosures and other posts on my real estate blog.