The foreclosure situation in Utah is not looking good. According to RealtyTracs numbers, Utah ranks 6th nationally in terms of percentage of foreclosures. What’s most alarming, is the fact that foreclosure activity during August was up by 25% compared with a year ago. One in every 236 Utah homes saw some sort of foreclosure filing last month.
The top four states for foreclosures, Nevada, Arizona, Florida, and California, all saw year over year declines in foreclosure numbers. Idaho, which ranks 5th nationally saw an 11.5% increase in foreclosure activity. The fact that Utah saw such a large increase in foreclosure filings compared to a year ago is not good. This will lead to more future REO properties, and increased inventory levels. Ultimately more foreclosures will decrease Utah real estate values.
Overall, the real estate cycle for the state of Utah has been slower than that of California, Arizona and Nevada. Our peak years were later, and now our foreclosure peak is always later.
Cache Valley real estate has been even a step behind Salt Lake Real Estate, and the rates of rise and fall haven’t been nearly as drastic. While the numbers of foreclosures in Logan will likely continue to increase, I don’t think they will ever hit the high numbers we are seeing in Salt Lake and Utah County.
Click this link if you would like to view Logan Utah Foreclosures.