Talk of Salt Lake City Foreclosures and Short Sales Made Me Do This. !!
All this talk of Salt Lake City Foreclosures and their Precursor, "short sales" made me take a look at those areas in The Salt Lake Valley that most of my clients are interested in. IE: Sandy, Draper, South Jordan, West Jordan, Riverton, and Herriman.
Weve written a lot about short sales in most of these areas and have provided monthly reports about homes for sale in these communities that were trying to ward off possible foreclosure by attempting to "sell short".
There have also been occasional articles about our frustration with the pre- foreclosure process, and we have been real generous with our criticism.
Plenty of blame to go around.
Home Mortgage lenders, qualifying any one that could fog a mirror. And their henchman, mortgage brokers who set home buyers up with un-real expectations. Of course the local Realtor that encouraged families to buy as much house as they could qualify for ( for obvious reasons) should get part of the blame, and the borrowers themselves who used their home like an ATM machine have some responsibility..... We were all part of the problem !!!
But how big is the problem ?
According to Fridays Salt Lake Tribune Article by Leslie Mitchell, Utah is No. 10 in foreclosures, and one Utah family in 600 is in danger of losing their home.
Thats BIG. !!! REAL BIG if you are that one.
But like politics, Real Estate is local, and if you are thinking or it has been suggested that selling short could be your answer to impending doom, we'd better look at how that is going in your local community.
Salt Lake County:
There are today 7/12/08, 8566 homes for sale in Salt Lake County.
Seven hundred thirty one of these are listed as short sales.
Six hundred sixty three pre-foreclosures have been sold so far this year.
In Salt Lake County 8.5% of the homes listed for sale across the MLS are pre-foreclosure.
Sandy Utah:
There are 847 homes for sale in Sandy City Utah.
Of those homes listed, 70 are listed as short sales.
Twenty four houses have been sold "short" this year.
About 8% of Sandy homes for sale are pre-foreclosure according to the Wasatch Front Multiple Listing Service.
West Jordan:
There are 808 houses listed for sale in West Jordan as of 7/12/08.
Sixty of these are short sales, foreclosures, or Bank Owned Homes.
This year 46 pre- foreclosures or foreclosures have been sold in W. Jordan UT.
About 7.4% of the West Jordan listings are distressed property.
Draper:
Draper UT. has 689 homes and condos listed on the MLS.
Eighty four of these single family residents are listed as Bank Owned or short sales.
So far this year in Draper, 35 units have been sold.
Twelve per cent of the houses listed for sale in Draper are pre-foreclosure.
South Jordan:
There are 605 S. Jordan listings as of 7/12/08
Seventy of these listings are pre-foreclosure.
This year 33 South Jordan homes have been sold as Bank Owned or short sales.
Pre-foreclosures account for about 11.5% of the available listed inventory of homes.
Herriman:
There are 450 homes for sale in Herriman on the Wasatch Front MLS.
Of those 450 Herriman homes for sale, 87 are Short Sales, Bank Owned, Foreclosures or REOs.
So far this year 31 distressed homes have been sold in Herriman.
Over 19%, almost 1of 5 house listings in Herriman UT is a pre-foreclosure property.
Riverton Utah:
There are 309 listings of Riverton homes for sale across the MLS.
Only 24 of those would be considered pre-foreclosure.
Nineteen Riverton Ut. short sales have been sold and closed this year.
Thats 7.7% of the available homes that are facing some kind of problem.
Based on what this report shows, I think Fridays article was less than accurate.
If your trying to escape foreclosure by selling your home in Herriman, whether it's for less than you owe the bank or not, you have a hill to climb. By that same token if you are looking to buy a home in Herriman for your family or as an investor the chances are great that you can get a real good deal.
For relocation families, the south end of the Salt Lake Valley offers lots of well priced homes to choose from. That could help ease the sting of being transferred or of relocating to Utah.
To have a look at each one of the homes for sale in Salt Lake click on SLC Homes and enjoy pictures, prices, maps, locations and most of the same information Realtors use to help you look for a house. Its FREE and we update daily so you can come back often.
I hope I haven't bored you with this, I thought it was information you might need to have.
It was all this talk of Salt Lake City Foreclosures and Short Sales that made me do this.