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Utah’s Future still Uncertain, Local Help Around the Corner

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By : Cassiano Travareli    99 or more times read
According to a recently released report, Salt Lake City came in at the seventh position when it came to cities with the most number of filings for foreclosures in the country. Other cities in Utah which were part of the top 100 are the Provo/Orem area which came in at number 39, and the Ogden/Clearfield area came in at number 100.

Salt Lake City foreclosure homes are seeing an unprecedented time. In July, 2008, Salt Lake City, for every 491 homes, had 1 in foreclosure, an increase of 35 from June, 2008 and an increase of 146 from July, 2008.

In the Provo/Orem area, for every 360 homes, 1 is in foreclosure and in the Ogden/Clearfield area, 1 out of every 660 homes is involved in foreclosure. Utah, generally, saw an increase of 27.32 where 1 out of every 472 homes was involved in foreclosure, when compared with June, ’08. Compared with July, ‘07, there was a 294.02 increase. From being the State with the tenth highest rate of foreclosure in June, ’08; in July, ‘08, Utah has the ninth highest foreclosure rate across the country. Local housing sector experts are of the opinion that with the rising number of foreclosures in the area, prices of property are also being adversely affected.

Four hours away from Salt Lake City, in Cedar City, the Utah Foreclosure Prevention Task Force in association with non-profit and commercial partners, conducted a training session for home owners facing foreclosures on 08/19/2008.

The event took place at the Crystal Inn and was aimed at members from the housing sector, school counselors and local clergy.

The Utah Housing Coalition, the JPMorgan Chase Bank and the Federal Reserve Bank of San Francisco, together, sponsored the event. The team comprised of professionals from a number of non-profit organizations, the lending and banking sector and state universities, besides representatives of the Department of Housing and Urban Development. Announcements for more sessions like these around the State are to be made soon. Homeowners involved with Salt Lake City foreclosure homes will certainly hope so.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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