5 Worst Places to Buy Foreclosures in 2013
Fifth-worst market: Salt Lake City
Speculators priced out of California and Arizona markets bid Salt Lake City's home prices way up during the housing bubble, but Utah's nonjudicial-foreclosure laws have helped the metro area recover relatively quickly from the bust that followed.
Salt Lake's foreclosure-related filings fell 37.7% in 2012, leaving the 1.1-million-person metro area with just 19 months of unsold foreclosures on the market (one month less than the U.S. average).As a result, the typical Salt Lake City foreclosure buyer got only a 13.4% discount in 2012 -- way below the 31.6% national average. "We've seen the numbers come down in Salt Lake City in the past year because of the state's more streamlined foreclosure process," Blomquist says.
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