Nearly one-fifth of all home sales in Utah last year were foreclosures, a new report shows.
The state’s share of distressed property sales, 19.7 percent, is lower than many other states, including neighboring Nevada (57.4 percent), Arizona (49.2 percent), Colorado (24.7 percent) and Idaho (28.4 percent).
Nationally, foreclosed homes accounted for nearly 26 percent of all U.S. residential sales, according to a report by RealtyTrac, which tracks foreclosures nationally.
In a normal market, foreclosures typically account for 1 percent to 5 percent of the home-sale market, said Daren Blomquist, managing editor of the RealtyTrac. Even though foreclosures are a smaller share of overall home sales in the state, “19 percent is still abnormally high,” he added.
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