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Foreclosure sales falling in Utah

Published: Thursday, Aug. 30 2012 1:31 p.m. MDT

SALT LAKE CITY — The number of foreclosed properties sold in the Beehive State during the second quarter of 2012 is falling.

Foreclosures accounted for nearly 18 percent of all sales for the three-month period in Utah, according to a quarterly report by Irvine, Calif.-based RealtyTrac, a marketplace of foreclosure properties. But foreclosure sales were down 27 percent from the period last year and almost 19 percent from the first quarter of this year.

The average price paid for a Utah foreclosure property in the second quarter was $177,265, according to the report.

Nationally, sales of homes that were bank-owned or in some stage of foreclosure accounted for 23 percent of all U.S. residential sales during the second quarter — up from 22 percent of all sales in the first quarter this year and 19 percent in the second quarter of 2011.

The average foreclosure-related sales price in the second quarter of $170,040 increased 6 percent from the previous quarter and was up 7 percent from the second quarter of 2011 — the first annual increase in average price since the second quarter of 2010 and the biggest annual increase since the fourth quarter of 2006.

Homes in foreclosure or bank-owned homes sold at an average price that was 32 percent lower than the average price of a nonforeclosure home, up from a 30 percent discount in both the first quarter this year and the second quarter of 2011.

Foreclosure sales accounted for 43 percent of residential sales in Georgia and Nevada in the second quarter, the two highest percentages among U.S. states, despite decreasing foreclosure-related sales activity in both states.

Email: jlee@desnews.com Twitter: JasenLee1

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