The number of Handyman Special homes for sale and foreclosed properties in general has remained high in Utah last year, but most economists believe that the state will grow faster than majority of other U.S. regions in the coming few years.
Although foreclosed homes in Salt Lake City and in most parts of the state continue to hammer the residential property market, analysts are predicting a stronger commercial property industry for the state in the coming years. According to them, Utah is one of the most resilient regions in the country that can ride out the real estate crisis and achieve economic growth despite real estate-related problems.
Economists stated that Utah has two major problems, though. First, foreclosed homes in Utah remain high, bringing the values of properties down and causing the housing market to remain in poor condition. Second, the state is facing a budget deficit that might take some time to solve. However, they claimed that compared with other states, Utah has a relatively better commercial property market and has more resilience than most regions.
Even with huge supplies of foreclosed Handyman Special homes for sale, the state is considered one of the best places for business. Real estate brokers reported that signs of a stabilizing commercial real estate industry have been emerging in the past few months. Although they did admit that the real estate sector as a whole will take some time to fully recover, most of them believe that commercial properties will get there faster.
Unlike homes in foreclosure for sale, commercial structures in the state are getting sold and occupied fast. Last year, retailers posted sales increases, one of the strongest performances of the sector since the start of the real estate crisis and the recession. A big number of retailers are expanding, bringing vacancy down to 9.08% in the fourth quarter from a peak of 9.69% in the first quarter of 2010.
Industrial spaces are also reportedly getting occupied faster than residential properties, including Handyman Special homes for sale. Industrial vacancy rate was down last year to a little over 7% compared with the 2009 rate of more than 8%.The office market, on the other hand, is still struggling with high lease rates due to high vacancies, brokers have reported.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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