Recession may be over, Utahns are still going into default.
Utahns who are 30 days or more behind in payments soared in the 4th quarter of 2009. Rising to 8.64 percent up from 6 percent a year ealier. Foreclosures are expected to worse over the next 6 months, however with changes in govt. regulation banks are going to be more interested in shorting properties than foreclosing. In Salt Lake County, one out of every four active listings is a short sale currently. Typically a bank will see a savings of 41 percent versus an REO foreclosure. These are some interesting insights into todays market. Majority of bank foreclosures are properties that have a first and a second lien holder on the properties. The second lien holder would rather have the property go into foreclosure so they can retain the right to collect their loan. However with ne guidlines from the Govt. HAFA, the incentive program the govt. has rolled out to reward banks for moving forward quickly with the short sale process could have a positive effect on our local markets. I am holding my breath to see the results from this program. Perhaps I will be surprised in this instance. Having talked about foreclosures, if you are interested in a free list of the Utah Foreclosure REO properties, check out this link.
Related posts:
- Interest Rates will rise in 2010. Tax incentives will end.
- Foreclosures drop for 2nd month in February: Bank Foreclosures in UTAH
- Deal Of the Day, Bank Foreclosures in UTAH..
- Market update, Real Esate in UTAH, Interest rates, tax incentives
- Nabbing a Mortgage Before Rates Rise Interest rates will be in the 6% range soon
