Foreclosure Sky is Falling In Salt Lake City
Based on Dan Levey's article in the Salt Lake Tribune today, It looks like the Home Foreclosure sky is falling In Salt Lake Real Estate.
According to the article from bloombergs, Utah climbed a rung on the foreclosure ladder from number 10 that was reported last month to number 9 for July.That means that only 8 States had more homes in foreclosures last month than Utah.
Since the majority of the homes, and population are centered around the Salt Lake Metro Area, It stands to reason that the Sky is falling on homes for sale in Salt Lake. (forty four per cent of the States population live in homes in towns surrounding SLC.)
Last month (July), Leslie Mitchell wrote that in June, one of every 600 Utah home owners were in danger of losing their home or condominium.
Dan Levy reported today in his article "foreclosures, bank seizures rise sharply" that there was one foreclosure filing for every 472 homes in Utah.
It's hard to fathom, and very sad if you are in this business; sadder yet if you are one of the folks facing the loss of the family home.
Let me share these numbers and this information with you.
UTAH FORECLOSURES 2008
Notice of defaults filed: 892
Notice of trustee sale: 687
Bank Owned, REOs: 332
Total In Process: 1911
So we have over 1900 Utah home owners that have been foreclosed on or are in the process of trying to save the family home.
Using the 44% number, that means that there are over 800 homes in Salt Lake that are already owned by the Bank, (146) or a house or condo that has the clock ticking (288).
Now that I believe, what does that mean. What can I tell you that might help you navigate these troubled waters.?
Well, If your an Investor the advise is easy. Those 146 Bank Owned homes represent a real home buying opportunity. Contact a good Realtor; one that knows Real Estate in the area you are interested in, one that is knowledgeable about the mechanics of buying REOs, and working with Banks. Lay out your parameters, share your goals and expectations, get your agent working for you.
You arrange your money, so that a quick closing will be a critical part of any offer. Once you've selected some possibilities, set aside time to visit houses or condos. You may need to put yourself on full speed for a couple of weeks. Timing can be critical.
If your on the other end of this deal. If you are facing foreclosure, I'm sorry. But keep in mind, the only one with any where near the interest you have in this house is the lender. You must talk to the first mortgage holder as soon as it looks like you could have problems. Talk to them in a businesslike, truthful and problem solving manner. You can suggest re-casting the debt, refinancing, selling the home as a short sale. Show the lender you want to solve the problem and will do whatever makes sense (for your family as well as the lien holder). The Bank does not want to own that house.!!!!!
Don't lose your home. Here are more tips on ways to avoid default and foreclosure prevention.
To see distressed properties in the Salt Lake area, stop by our web-site @ Bank Owned Homes and see over 300 foreclosed, REO, or short sale homes for sale in SLC.
If your looking for advise on short sales, check out our site, Salt Lake Real Estate. You'll find articles, blog topics, information on pre foreclosure techniques and in general a complete resource of home selling information.
Or call us at 801-567-0946 If you just want to talk to someone about the foreclosure sky falling in Salt Lake City Utah.