Salt Lake Foreclosed Homes & Pre Foreclosures !
The profile of Salt Lake Foreclosed Homes and Pre-Foreclosures doesn't seem to match national statistics or what I hear from the media.
All this talk about sub-prime loans and first time home buyers with little or no money down being the source of our unprecedented foreclosure rates doesn't seem to totally fit the Salt Lake City profile of foreclosed and pre-foreclosed homes. IE: Bank Owned Homes, HUD Homes, Corporate Owned (usually Investment groups) Short Sales, and houses that need third party approval before title can be transferred.
The amount of inventory doesn't match either. Of the 8455 homes for sale in Salt Lake County, only 12% fall into the category of "distressed property". This number is well under what is being reported for most areas nationally.
The facts are, that over 44% of 1032 Foreclosed, or Pre-foreclosures are valued at over $300 thousand dollars. Hardly what I would call a "starter home". Over 21% of these distressed properties are homes in the Salt Lake Valley priced in excess of $450,000 dollars.
If your moving to SLC in the near future, looking to invest in Real Estate around Salt Lake, or just planning to upgrade the family home , these statistics could help you determine where the best opportunities are, and where to begin your home search from among the 8455 total homes listings in Salt Lake County.
The following numbers are provided by the Wasatch Front Regional Multiple Listing Service, (MLS) and are a composite of the listings entered by Realtors, some FSBOs and a few New Home Builders in the Salt Lake Valley.
Salt Lake Foreclosed Homes & Pre-Foreclosures By Price Range:
Under $99,000
There are only 5 of these properties listed.
$100,000 to $149,000
73 of these homes are listed across the S.L.Valley which is about 7% of the problem homes.
$150,000 to $199,000
185 foreclosures & pre-foreclosures are listed. That's about 17.9%.
$200,000 to $249,000
16.3% or 169 homes and condominiums are listed as distressed properties.
$250,000 to $299,000
There are 143 houses listed for sale in SLC that are either foreclosures or in the process.
$300,000 to $349,000
87 houses or condos (about 8.4%) are in this group.
$350,000 to $399,000
79 homes, 7.6%.
$400,000 to $449,000
69 homes or condos are listed as either Bank Owned, HUD Homes, REO, or Short Sale.
$450,00 to $499,000
5.7% or 59 single family homes are listed in this category in this price range.
$500,000 to $599,000
There are 63 homes in this range.
$600,000 to $699,000
The MLS has 35 of these listings as Short Sales, Reos, Bank Owned, or HUD Homes.
$700,000 to $799,000
The fifteen in this price range are mostly new homes for sale by builders prior to foreclosure.
$800,000 and up
There are 50 Luxury homes (4.8) that fall into this category. Once again most of these are New Homes that builders are trying to work out with the lenders.
What does it all mean? .... Well, the modest (by today's standards) 12% pre-foreclosure and foreclosure rate means that any recovery has fewer homes to deal with than most areas.
On the other hand, with over 15% of the distressed inventory priced over a half a million dollars the upper end and Luxury Homes might sit awhile unless banks are willing to discount a bunch.
To check out all of the homes listed in Utah visit our web site SLC Homes for Sale, and get prices, pictures, maps, directions and the same information your Realtor looks at to help you begin your home search.
Or feel free to call us @ 801-567-0946. We'd love to talk Salt Lake Real Estate in general, and Salt Lake Foreclosed Homes & Pre- Foreclosures in particular.
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