According to a Salt Lake Tribune Special Feature in the Sunday 05/23/10 issue, the worst is ahead for Utah's foreclosure crisis. Having lagged behind other hard-hit regions where housing markets are now slowly improving, Utah has yet to reach the peak of its crisis.
More than 22,000 homeowners in Utah found themselves in some stage of foreclosure between July 2008 and April 2010, according to a Salt Lake Tribune computer analysis based on data from RealtyTrac, which tracks U.S. foreclosures. And having lagged behind other hard-hit regions where housing markets are now slowly improving, Utah has yet to reach the peak of its crisis.
In Salt Lake City, foreclosure filings doubled in the first three months of 2010 compared with the same time last year, the highest rate of increase for all U.S. cities. The number leapt an additional 44 percent in April, raising the share of all Utah homes in foreclosure to one in every 221, fifth highest in the nation.
'I truly believe that we have not seen the worst of this,'' said Julia Borst, president of the Utah Mortgage Lenders Association. 'I can't even explain to you the gravity of it.''
However the articles fail to highlight an alternative to foreclosure - a short sale - which has far fewer negative ramifications to the homeowner.
Please watch this 5 minute video and print this fact sheet to learn what to consider if foreclosure is in your foreseeable future.
My team is very experienced in the short sale process and can successfully communicate with your lenders. If you or someone you know needs short sale options, call us TODAY at 801-858-3070 or toll free at 1-866-532-9202.
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