Ever wonder what happens when all of these Salt Lake Short Sales don't sell ? They become Bank Owned Homes . That days coming you know.

Read this article, "Board up Guys & The Housing Boom"   and learn some interesting but sobering facts about short sales, and why if we take our time, let the market do what markets do, we can take advantage of some great home buying opportunities.

Ponder these stats from that same article. See if you reach the same conclusions I have.

Bank-repossessed homes accounted for about 17% of all U.S.Homes for sale in June. According to Realty Trac, the company that furnished those numbers, it could be more, since many lenders are holding on to REOs hoping the housing market will improve.

The National Association of Realtors estimates that just 2 years ago lender-owned properties accounted for only 5% of all U.S.Listings. Now they estimate that up to 35% of all listings in America are distressed, meaning they are already Bank Owned or on the verge of foreclosure.

Under normal market conditions a lender would put a repossessed home on the market within 30 days of foreclosure. Now says Realty Trac, the system is so backed up that some REO homes take as much as 11 months to hit the market. (I guess were not the only ones that think Banks do a lousy job of moving short sales).

On average,"a single home can cost a lender $50 to $150 dollars a day".

I think were just a few months behind the curve here in Salt Lake. And a few foreclosures!!!

BUT.... What if we end up with half the percentage of Bank Owned Homes as the rest of the country? Say 18%of all the Salt Lake County homes listed on the MLS become REOs.?

Folks.... That's over 1500 Bank Owned Homes. Not Short Sales, or Pre-Foreclosures, or homes waiting for 3rd party approval. These will be homes that are owned by the Banks.    HOMES THAT THEY MUST SELL!!!

What does it all mean? .........It means.... OPPORTUNITY!!!!

Whether you are an investor or want to become one, a family that wants to use this market to increase their lifestyle or someone re-locating to Utah, you need to start preparing. Today. 

To see over 8500 homes listed in Salt Lake County, visit Salt Lake Homes. You'll see pictures, prices, maps, and information that will help you put a plan into action.

Many of these over the next few months will become REOs.

Or if you want help in putting a strategy together, give us a call @ 801-567-0946. We can chat about what happens to the housing market and to you when Salt Lake Short Sales become Bank Owned Homes.