REPORT: Salt Lake Foreclosed Homes Owned By Banks !!!
Salt Lake Foreclosed Homes Owned by Banks has become a real hot topic here in the Beehive State. With all the talk and examination of the housing bailout, people want to know the usual facts..... How many, where are they, how much can we get them for?
Unlike some of the National Services, we can't paint with a broad brush. You want us to be specific.
Each City and Town can be different, and generally is.
Home buyers and Sellers both understand that Real Estate is local, and Salt Lake is no exception.
So..... here is a list of cities in Salt Lake, the number of foreclosed homes owned by Banks, a range of prices, both high and low, the median price of the foreclosures, and applicable percentages. We hope this will help our clients evaluate Real Estate Investments, select a home to buy if they are relocating to Utah, or help a home seller price a house or condominium for the re-sale market.
FORECLOSED HOMES IN SALT LAKE:
Salt Lake County:
There are 462 Bank Owned Homes in Salt Lake County. The median price is about $400,000. This represents 5.4% of the total number of homes for sale in the County. Inasmuch as there are 1109 distressed homes for sale in the County ( short sales), the downside could go as high as 13%.
Salt Lake City:
The City of Salt Lake has only 105 Bank owned homes, which is just a little over 4% of the total homes listed.
The foreclosed homes/condos listed in SLC are from $75,000 dollars to 1.4 million dollars with a median listed price of $230 thousand dollars.
Sandy UT:
Of the 822 homes listed for sale in Sandy, 100 are either Short Sales or require a third party to approve any sale by the home owner. Thirty eight of these are already owned by a Bank. Listed prices of Sandy Homes for sale by Banks are between $145 thousand and 2.7 million. The median price is about $400,000.
West Jordan:
Twenty eight of the 90 distressed properties in W. Jordan are Bank Owned, Corporate owned or REOs.These 28 Bank Owned West Jordan Homes represent only 3.5% of the 770 listed homes and Condos for sale in W.J. Median price of these homes is about $240,000 with a range of $144,000 to $529,000.
Draper:
Draper UT has 54 homes that Banks have already foreclosed on in the 113 that were listed as distressed properties. That's 8% of the 667 homes for sale in Draper UT, 47% of the problem homes/condominiums.
The inventory is a wide range as far as price goes,( $165 thousand to $1.8 million), with a median price of $ 450,000.
South Jordan:
There are 628 S. Jordan homes for sale, with 15% (92) being categorized from listings on the WFRMLS as foreclosure or pre-foreclosure houses. 45 of these have already been foreclosed, so the immediate worst case is about twice what it is now. The prices range from $185,000 to1.25 million dollars with a median price of about $380,000.
West Valley City:
Of the 564 homes/condos for sale in West Valley City, 76 houses are distressed and 26 of those have been through the foreclosure process. Median price of the houses and condos is $175,000 dollars. Ranges are from $80,000 to $290,000.
Herriman UT:
Twelve per cent (56) of Herrimans homes for sale (451) are owned by Banks. That is about half of the homes that are considered REOs or Pre-foreclosures. These homes are priced between $199 thousand and 1.5 million dollars, with a median price of $350,000. The 27.7% of homes that are in pre-foreclosure is the highest per centage of any of the Salt Lake neighborhoods and over the next few months could approach statistics of some of the more troubled cities in the country.
Riverton UT:
Three hundred twenty five homes are listed for sale in Riverton UT. Fourty seven of those are either foreclosures or pre-foreclosures, with only 14 of those being owned by a bank or corporation. Priced from $200,000 to1.2 million dollars, there is a wide range of homes for sale in Riverton Utah. Homes for sale have a median price of $329,000.
In a normal Real Estate market the number of Salt Lake foreclosures, Pre-foreclosures, REOs, HUD Homes, and Short Sales, would be alarming. In this market however these statistics make Utah and particularly the Salt Lake City market the envy of the west.
If this report has sparked an interest, and you'd like to view the over 8000 homes for sale in Salt Lake, stop by our website Salt Lake Homes. You'll see pictures, prices, maps and valuable information to help in your search.
To see just Bank Owned, HUD Homes, Corporate Owned, REOs, and Short Sales click on Salt Lake Bank Owned Homes. Or you can call us @ 801-567-0946.
We hope this report has been of help, and you will look to Group1 as your trusted source for Utah Real Estate Information as you investigate Salt Lake Foreclosed Homes Owned By Banks.