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Notice of defaults (when a homeowner does not make mortgage
payments for 90 days) were way up in Utah
for the months of July and August. This
is likely a sign of a surge of foreclosed homes to soon hit the Salt Lake
market. As these properties work there
way through the system, many will eventually get foreclosed on. When that happens, the bank will be forced to
sell them on the open market as a bank owned home or an REO (Real Estate
Owned).
Because of the foreclosure time line, you can expect to see
many of these homes in default to hit the market sometime after the new
year. And while this is not great news
for many neighborhoods, many home buyers can take advantage of these REOs which
are often sold at a discount so the bank can get them off their books. If you would like these homes emailed to you
the day they come on the market, sign up here and indicate the neighborhood you
are interested in. Be sure to indicate
you are looking for foreclosed homes.
|
Month |
Notice of Defaults |
Notice of Trustees Sale |
REOs |
Total |
|
February 2008 |
200 |
955 |
133 |
1288 |
|
March 2008 |
161 |
946 |
123 |
1230 |
|
April 2008 |
244 |
926 |
178 |
1348 |
|
May 2008 |
95 |
938 |
328 |
1361 |
|
June 2008 |
243 |
1030 |
228 |
1501 |
|
July 2008 |
892 |
687 |
332 |
1911 |
|
August 2008 |
486 |
779 |
326 |
1611 |
Utah Notice Of Defaults
All data taken from the WFRMLS. Information reliable but not guaranteed. All
rights reserved Mark Alder ©, A Salt Lake City REO Real Estate Agent cell
(801) 979 6275
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