According to RealtyTrac, foreclosure activity in Utah is up 10% from last month and up 104% for the year.  The biggest jump from October was seen in the number of properties going to the auction [Notice of Trustee Sale(NTS)].   In October there were 277 NTS and in November there were 624 NTS.  These numbers were likely a result of July’s spike in Notice of Defaults (NOD).   In July, we had 892 NOD filings when we had traditionally been in the 100-200 range. 

 

I imagine the following scenario may be at playing out in these numbers:  Mr. Seller needs to sell.  He puts the home on the market in the spring of  08’.  But the Salt Lake market has slowed considerably by this time and he can no longer sell at the price he needs to in order to break even.  So Now, Mr. Seller cannot sell the home and can no longer make payments.  He stops making payments in March/April of 08’.  Notice of Default is filed in July of 08' along with 891 other NODs.  In November, he gets a Notice of Trustee sale with the time and date the lender is going to hold the auction at the court house steps.  Next January or February,  the home will be sold at the auction.  And in Feb or March of 09’ it will come on the Salt Lake Real Estate market as a REO (Bank Owned Home). 

 

If you want to have these REOs emailed to you the day they come on the market then fill out this form and I will set you up with the automatic email for free.  Be sure to fill out the price range and neighborhoods you are interested in.

 

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