Foreclosures In Utah On The Rise

Compared to November 2006, this year Utah bank foreclosures rose by 7.2%. Till the other day foreclosures had been declining but now it has picked up the national trend and is on the rise with 981 foreclosure listings. Utah is one of the 43 states that saw a considerable rise during the past twelve months. Nevertheless it has not as yet reached a critical stage as elsewhere.

Across the nation 201,950 foreclosures had been listed last month – showing 68% increase from November 2006. Everything in life is relative. Utah and its 7% rise is not good but far better than the 68% high jump of Salt Lake City bank foreclosures. A prominent economist of the city, Jeff Thredgold, a consultant of Zions Bank opined that most of the properties that went into foreclosure in Utah are valued at more than $500,000. It is the slowing down of the residential market that is telling on the high-end real estate bazaar. Expensive house owners are having to make the biggest concessions to sell from units. Low priced houses can be quickly sold off but it is not so with high valued ones. Utah has one foreclosure for every 890 houses – this being a much better showing than the national rate, which is one for 617 units.

Foreclosures are showing a decline nationally as well as in Utah. Most probably that is because the reset matter is in the waiting and watching stage. In the first few months millions are waiting to enter the danger zone of foreclosures. Another group is tensed to take off in the middle of the next year, in May and June. That will mean in fall many houses will fall into foreclosures. During the next seven months in total 2 million are ready to be threatened. Foreclosure statistics include default notices, auction sale notifications as well as bank repossessions. This means that one unit may have got more than one notice if the borrowers have multiple mortgages on their houses.

Foreclosure is not just a matter of statistics. It is a reality that is translating into social unrest and economic depression. The blame is being squarely put on the sub-prime mortgage loans. Perhaps the malaise goes deeper down to the carefully cultivated loan culture that has gripped the minds of people. The price is now being paid for forgetting that thrift and savings are golden truths.

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