After yesterdays article, many of you are wondering where the Home Foreclosures in Salt Lake are going to be. We've done a little research on short sale homes around the Salt Lake Valley to help you out.
If, as the article points out, short sales are not all going to sell, and the number of Bank Owned Homes will soon account for 35% of all the listings of homes,It makes sense to report on the number of homes for sale that are being offered by the owner for less money than is owed the bank. Notice I didn't say offered by the lender at less than the mortgage. That may be true, but then again it may not.
But thats information to discuss on another post.
For this report we have used information provided by the Wasatch Front Multiple Listing Service, (MLS) to examine Bank Owned Homes, REOs, & HUD Homes (already foreclosed) and short sales, (pre-foreclosures) in some of the major towns and communities around Salt Lake City.
To give you a good feel for the current and possible upcoming foreclosure market we have noted for each area, the number of homes for sale, the number of those homes or condominiums for sale that are distressed; that percentage; how many of those Salt Lake Homes are under contract, and how many of these houses or condos have sold this year.
This is what we found, hope it helps you determine where the Salt Lake Foreclosures are going to be. Hopefully when you decide to investigate further you'll give us a call.
HOME FORECLOSURES- SALT LAKE:
Possible Salt Lake County Foreclosures:
There are 8492 total listings in Salt Lake County. (Homes or Condos for sale)
1474 of these are Condominiums, & 7018 are homes for sale.
906 of these homes are classified as distressed. IE: Bank Owned, REO, HUD Homes, pre-foreclosure, or short sale.
That represents 10.6% of the single family home inventory in Salt Lake County.
162 of the listed homes are under contract.
So far this year, 740 of these distressed properties have been sold.
Possible Salt Lake City Foreclosures:
In the City we find 2504 total listings.
1798 of these are homes, 706 are condominiums for sale.
221 are classified on the MLS as pre-foreclosure, or foreclosed property.
36 are under contract.
233 have sold this year.
Possible Sandy UT Foreclosures:
Sandy UT has 799 homes listed.
72 of these are Condos.
79 of these listed Sandy homes would be considered distressed.
11 of these homes or condos in Sandy are under contract.
This year 44 of these Sandy Houses have been sold.
Possible West Jordan Foreclosures:
There are 788 single family homes listed in W. Jordan.
112 of these are Condominiums, or Town homes. 676 are houses.
Eighty are listed as either Bank Owned, REOs, HUD Homes, or short sales.
15 are under contract.
82 of those listed as problem properties have been sold this year in W. Jordan.
Possible Draper UT, Foreclosures:
Total listings in Draper UT are 677.
One hundred twelve are Condominiums for sale.
87 are listed as distressed.
14 Draper homes are under contract.
Fifty four short sales, Bank Owned, HUD Homes have been sold this year in Draper.
Possible South Jordan Foreclosures:
Sth. Jordan has 632 house listings.
37 are condos in South Jordan, 595 are Sth. Jordan homes for sale.
89 of the S. Jordan houses listed are distressed.
Six are under contract.
56 of these foreclosure, and pre-foreclosure homes have been sold in South Jordan this year.
Possible Herriman Foreclosures:
There are 472 homes for sale in Herriman.
27 are condos.
95 are Herriman distressed property.
27 homes or condos are under contract today in Herriman.
47 have been sold this year.
Possible Riverton UT Foreclosures:
Riverton UT, has 341 listings.
17 are Condominiums, 324 are Riverton homes for sale.
There are 35 foreclosed or pre-foreclosure homes in Riverton UT.
8 are under contract.
So far this year 26 have been sold.
Conclusions About Salt Lake Foreclosures:
Using yesterdays article as a frame of reference, and after having read horror story after horror story about real foreclosure problems across the nation, we would have to say that the Salt Lake Valley and those towns that make up the Salt Lake Metro-plex are in pretty good shape.
Real Investors can still find opportunities around Salt Lake, but those expecting to double their money overnight, should be very careful. One advantage of this market is that for long term investors, "long term" doesn't have to be quite so long; homes are selling and employment is strong.
For those relocating to Salt Lake, this market has wonderful choices and the possibility of buying more house than you thought possible. Banks are eager, and demand to work with someone that can enter into an agreement with no contingencies and short closing dates.
For those families that are hoping to use this "buyers market" to upgrade the family home, keep on looking at this blog as in the next few days we will discuss what you can and should do to capitalize on the opportunities available.
In the meantime if you would like to see all of the Salt Lake Homes for sale stop by our website and get pictures, prices, maps and more info. on S.L. Homes.
To see foreclosed, or pre-foreclosures in many of the cities around Salt Lake check out HUD HOMES.
Give us a call @ 801-567-0946 if you would like to discuss where Home Foreclosures in Salt Lake are going to be.
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