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Foreclosure Crisis is Worsening in Utah

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By : Julie Thompson    99 or more times read
Initially the foreclosure crisis was not strong in Utah but lately it has been worsening. The peak has not been reached as yet. But slowly it is becoming a part of the lives of many residents of Utah.

One of them is Clancy Talbot who lives in Bountiful. Dealing in sale of identity protection items she earned nearly $10,000 each month. But following an accident her medical bills are touching that amount. The result? She is set to lose her residence. Following the accident thirty seven years old Clancy could not work for long eight months. Together with her husband the couple managed to modify one of their loans but the second one has not been a success. They have cut down on expenses wherever possible but the mortgage payments are increasing and now it is beyond their affordable limits.

There are hundreds of others who are in the same boat right across Utah State. Over 22,000 owners of residential properties have been in foreclosure (any one of its stages) from 2008 July to 2010 April. Whereas other areas in the country are improving the foreclosure situation in Utah is worsening.

During the first quarter of this year the number of foreclosure filings in Salt Lake City doubled as compared to the first three months of the previous year. In April the numbers high jumped by 44% calculating to a foreclosure rate of 1:221. Julia Borst of Utah Mortgage Lenders Association feels that the worst is not yet over and the situation is grave.

About 18,000 households in Utah have received foreclosure notices since 2008 July. 4,720 of these notices were posted since the start of this year. Nearly 7,800 houses have been sent up for auction from the time of the middle of 2008. 3,720 of these are scheduled for trustee sales this year. Only few houses have been sold through auctions till 2008 December but currently the speed has gone up to 45 units being sold in each auction.

The social impact of foreclosures is damaging to an extreme point with society being torn apart leaving pain, anxiety and chaos. The mail is full of deadly notices. The hours spent trying to talk to loan serversí end up only in frustrated waste of time. Memories are cramped into boxes as families move out. The kids feel disoriented without old friends and ties. Many move in with friends and relatives; the ultimate end is public shelters or perhaps the streets or shanties by rail lines.
Julie Thompson, GM Sales & Marketing,
Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of Foreclosure. Try to visit and begin your Foreclosure Listings search.

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