Bank foreclosures and government HUD foreclosures remain a major problem in Utah's housing market. The state came in fifth among areas with the highest rates of foreclosures. This problem is expected to continue for the rest of 2010, analysts have reported.
The poor performance of the state's housing market can be traced back to each local area's performance. Realtors have reported that listed foreclosed homes for sale in Salt Lake City, UT alone are over 2,000, with almost 8,000 homes more with pending foreclosures.
Other areas contributing to the record level of Utah foreclosed homes are the counties of Washington, Wasatch, Summit and Uintah. Overall, the state has around 18,000 homes under foreclosure or in danger of getting foreclosed. This figure is only for the first six months of 2010, with the remaining half of the year expected to post higher figures.
The foreclosed property figures for the first half of the current year means that almost two percent of all households in the state, including homes for sale, are foreclosed or facing the possibility of foreclosure. In terms of nationwide figures, the U.S. is facing the possibility of adding another million homes to foreclosed property listings.
However, most of these nationwide bank and HUD foreclosures have been foreclosed for months and lenders are just working through inventory backlogs, hence the possibility of foreclosures reaching the one million-mark. Nationwide statistics also showed that more than half a million of residential properties in the whole country have been taken over by banks and lenders during the first half of the current year.
This figure is expected to increase further in the second half and the whole 2010 period is predicted to eclipse 2009 numbers which recorded a total of 900,000 homes that were repossessed or foreclosed. Should the 2010 numbers prove true to form, the foreclosure figures by the end of the year will set a nationwide record. Analysts reveal that prior to the housing market crisis, lenders repossess homes at an average of only 100,000 annually.
In terms of comparable performance, the number of bank, government and HUD foreclosures all over the U.S. during the first half of the current year is 8% higher than the same period of 2009. Compared with the second half of 2009, current numbers represent a 5% decline.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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