Utah-Salt Lake Foreclosures Up, Up, & Away !
Utah, & particularly the Salt Lake Metro area has seen the number of foreclosures on family homes increase dramatically over the last few months.
In the January 14th issue of the Salt Lake Tribune, Leslie Mitchell points out that the number of foreclosure related notices has nearly doubled in the last year. Leslie's article, "Foreclosure-Related Notices Hit Utah Hard" mentions some interesting facts about Salt lake Real Estate and the reason for pessimism among home owners along the Wasatch Front. (I tried to link you to Leslies article but it was already pulled down. Let me give credit for some of the contents as lelie did to Salt Lake Tribune reporter roxana Orellano)
Here are some that I think are worth paying attention to:
1. Utah property owners received 14,836 foreclosure-related notices last year.
2. That was nearly twice the notices about foreclosures received in 2007.
3. Salt Lake City home owners received 6,628 of them.
4. That ranked Salt Lake City the 46th highest among 100 metro areas.
5. Foreclosure filings were up 80% from 2007.
6. That number represented 1.7% of Salt Lake City's mortgaged homes.
7. That's 1 in every 61 housing units in Utah being affected in 2008.
So what? you say !!
Well it could get a lot worse. As an example, look at the State just to the South of us, Nevada, where nearly 77,700 property owners received a notice preliminary to being foreclosed on. Seven per cent of Nevada's housing units are in foreclosure.
We are not there yet, but it could get worse for existing home owners before it gets better.
With that in mind, next week we are going to look at some legitimate counseling options for you and hopefully introduce you to some helpful options for federal assistance.
For those families in position to take advantage of this market look for some posts next week about the steps you should be taking to prepare to buy that new home in Salt Lake.
In the meantime we invite you to visit our website, Salt Lake Homes and access over 20,000 Salt Lake homes for sale, with photos, maps, prices and locations. It's FREE and a service for our clients to assist in the search for a new home.
Or call us @ 801 567-0946 we'd love to talk about Real Estate in Utah and particularly Utah-Salt Lake Foreclosures.