Foreclosure Market in Salt Lake City, Utah could increase in the near future
The current foreclosure situation in Salt Lake County is moderate at the moment, but foreclosures are increasing here just as they are almost everywhere in the country.
The numbers of foreclosures are up in Salt Lake County since August 2007 and have been trending upwards, but only in slight increases. The summer selling season should improve or lessen the effect. Some increase in foreclosures is expected to continue, but it should not be a significant increase.
According to a Salt Lake Tribune article in October 2007, bankruptcy was at an all time high even after bankruptcy reforms enacted in 2005. The article didn’t specifically state whether foreclosures were a factor in the rise in bankruptcies, but it did say that more young people were more heavily in debt then ever before, which can become more than people can handle when they are affected by a job loss, illness or even needing to buy a new car. This indebtedness will most certainly affect young homeowners and increase the risk of foreclosures.
Although Utah’s rate of foreclosures is fifth lowest on a national level, late payments were on the increase at the beginning of last year, though they have since leveled off. Even in good economic times, foreclosures can happen with the loss of a job, heavy medical expenses, death or divorce.
Foreclosures are moderate but increasing in Salt Lake County. The market in Salt Lake is becoming more of a buyer's market with the inability to obtain credit or home financing starting to impact seller's ability to sell their homes. Many buyers are concerned about the national news and real estate reports even though the local unemployment and economic situation is better than in most other areas of the country. Now is definitely the time to buy real estate as prices are soft and loan rates low.
All areas of Salt Lake County, Utah are experiencing a rising number of foreclosures with a greater number occurring in the upper or affluent price ranges. Low and moderate price ranges (i.e. lower than $300,000) are still selling well.
Fortunately, homeowners do have options when facing foreclosure. Many states are setting up toll free relief lines and some are setting up relief funds. Other states are cracking down on predatory lending. Utah is seeking to crack down on mortgage fraud, but otherwise is not doing much to alleviate foreclosures.
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