Utah Bank Owned homes see decline, foreclosure pace slows.

More great news for the Utah Real Estate market. According to a report in the Sunday edition of the Salt Lake tribune, Utah Bank Owned and foreclosed property has declined nearly 49% in the first quarter of this year, compared with the same three-month period in 2011. As a Salt Lake Realtor, whom pays special attention to the local Real Estate market, I could not be more pleased with the number of positive reports indicating a recovering housing market.

Nationally, the number of homes receiving some type of foreclosure-related action - a notice of default, auction or repossession by a lender - was down 16% according to foreclosure listing firm Realty Trac Inc. The declines do not neccessarily mean that the foreclosure crisis is over in Utah. Nor do the declines indicate that a surge in Home prices can be expected anytime soon. In Utah and Nationally it will take years for the Bank Owned property and foreclosure mess to level out.

The news does indicate to many Real Estate professionals that the bottom of the housing crisis and falling prices has passed. It is still a very good time to Buy a home in Draper, Salt Lake City, Sandy or Holladay. For many Home buyer who have been sitting idle in fear of purchasing a home, this should impose a sense of urgency. Buy a Home Now! We are seeing a trend with some areas experiencing price increases and other areas of the Salt Lake Valley sure to follow. If you are thinking about buying or selling a home, consult a Linda Secrist & Associates team member today!