Notice of defaults (when a homeowner does not make mortgage payments for 90 days) were way up in Utah for the months of July and August.  This is likely a sign of a surge of foreclosed homes to soon hit the Salt Lake market.  As these properties work there way through the system, many will eventually get foreclosed on.  When that happens, the bank will be forced to sell them on the open market as a bank owned home or an REO (Real Estate Owned).

Because of the foreclosure time line, you can expect to see many of these homes in default to hit the market sometime after the new year.  And while this is not great news for many neighborhoods, many home buyers can take advantage of these REOs which are often sold at a discount so the bank can get them off their books.  If you would like these homes emailed to you the day they come on the market, sign up here and indicate the neighborhood you are interested in.   Be sure to indicate you are looking for foreclosed homes.

                                 Utah Notice Of Defaults

 All data taken from the WFRMLS. Information reliable but not guaranteed. All rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell (801) 979 6275