Utah Foreclosure Homes are Little More Than Pebbles in the Pond

By: philip smith

Ripples have been made by one or two luxury homes joining the small fleet of Utah Foreclosure Homes, enough to raise awareness that the valley cannot be sheltered by the fallout from the nationwide housing market slump forever.

Along the Wasatch Front the bulk of Utahns live in a corridor almost completely cushioned from the twofold threat of declining house prices and mortgage delinquencies. Foreclosure filings are right down on last year in Utah, numbers light even in the Salt Lake basin where the population is most concentrated. There has been strong price appreciation in this area over the last year, although the rate has now slowed. The economy is strong, unemployment negligible, and the state's share of loans in default very low; with limited use being made of sub prime lending. Maybe it's just a matter of timing- Utah's housing market hotted up later than the rest of the country, and not until 2004.

There are some signs that that Utah is not immune to the financial pressure that falling house prices will inevitably bring, a search through current listings of foreclosures finds a small number but high percentage share of expensive larger homes; 5 and 6 bedrooms, 5,000 to 7,000 sq.feet of luxury living on the eastern side of Salt lake city, listed below current market value at around $800,000. Foreclosure sales in the last quarter have averaged $180,000 versus a median home price for the state of $165,000, the reverse of what you might expect. For those thinking to include Utah foreclosures in their search for affordable housing, don't be alarmed, there are several 3 to 5 bedroom bungalows on the west side, between 1,200 and 2,200 sq.feet, listed at $70,000 to $180,000 with some smaller units starting from $51,000. But note that there is little repo housing available from Government institutions.

Dramatic scenery, world famous winter resorts, popular summer sports, an enlightened and vibrant arts community with growing retirement attractions in the south, Utah continues to grow fast and jobs are aplenty. Just a little pioneering spirit and you too will prosper.

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