Saturday, May 26, 2012

Utah

"More than 40,360 properties in Utah have been listed as REOs at some point between October 2007 and April 2012, according to RealtyTrac data. These properties — most of them residential — had a combined total estimated market value at foreclosure of $9.6 billion.

The main effect of REOs is to keep broader home prices depressed, as banks try to sell the backlog of foreclosed properties at a discount to bargain-hunters taking advantage of historically low interest rates. Many in the industry complain these deals are difficult to put together, for a variety of reasons.

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