According to it’s National Delinquency Survey, released today by the Mortgage Bankers Association, the percentage of Utahn’s with loans in foreclosure at the end of the second quarter 2007 dropped from 0.74% (second quarter 2006) to 0.55%. This puts Utah’s foreclosure rate 61% lower than the current national rate of 1.40% for the quarter.
As the Salt Lake Tribune points out, some of the factors include Utah’s economy creating jobs at one of the fastest rates in the nation, local unemployment rates at record lows, and our continued strong housing appreciation, which allows people to sell their homes and pay closing cost before needing to resort to foreclosure.
The strong local economy and job growth are two very important factors here as they help give indication as to where a real estate market is going. The strength of our local market for the last few years has been attributed to a number of factors that go beyond simple investor speculation and home rehabbing. Factors such as the strong local economy, job growth, the influx of people moving into the area, low unemployment, and significant improvements made the area’s infrastructure.
By the way, it’s fun to show all the “Chicken Little’s” how wrong they are… have a nice day.
April 25, 2008 at 8:24 pm
Good post. I think we’re a long way from seeing the end of the foreclosure nightmare across the U.S. Like a stone thrown in a pond, the little circles will reach further and further.
December 26, 2008 at 3:42 am
Nice blog