The number of foreclosed homes being bought and sold across the country and in Utah is falling significantly, a new report indicated.

The RealtyTrac Third Quarter 2010 U.S. Foreclosure Sales Report showed that foreclosed homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010, with the average sales price of properties that sold while in some stage of foreclosure more than 32 percent below the average sales price of properties not in the foreclosure process. That was up from a 26 percent discount in the previous quarter and 29 percent in the third quarter of last year.

In Utah, foreclosed homes accounted for just over 20 percent homes sold during the quarter, but prices only discounted about 3 percent, the report noted.

Sales of foreclosed properties in default, scheduled for auction or bank-owned (REO) properties in Utah fell nearly 30 percent from the previous quarter and 21 percent from the same period in 2009.

'The RealtyTrac report confirms that there are fewer foreclosures in Salt Lake City and Utah compared to the rest of the nation,' said Bill Heiner, president of the Salt Lake Board of Realtors. 'With fewer homes for sale in the Salt Lake area, home prices are beginning to stabilize and even increase in some neighborhoods.'

*source Salt Lake Board of Realtors