We LOVE hearing great news for our Utah real estate market!
Although Utah continued to have the fourth highest foreclosure rate in the nation in April (according to the latest RealtyTrac report), the number of foreclosures actually went down from April 2010... significantly. Dave Anderton with the Salt Lake Board of Realtors believes the report shows Utah’s economy is on the upswing.
“It shows me that foreclosures have crested and we’re finally coming off that peak from 2010 when they were at all time highs in Utah and the nation,” he says. “The economy is getting better and I think people are starting to buy homes again as we see jobs increase in Utah especially.”
The number of foreclosures in Utah fell nearly 14 percent since March of this year, and nearly a 31 percent drop since April of 2010, the report says. And nationwide, foreclosure activity was at a 40-month low.
RealtyTrac says one out of every 322 homes in Utah received a foreclosure filing in April. In Nevada, which tops the list, it’s one out of 97. Let's hope this decline continues!
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