Utah ranks No. 11 in quarterly foreclosure report

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  • RSLfanalways West Valley, UT
    Oct. 14, 2013 2:17 p.m.

    Coming from out of state I am surprised with how nice of cars and houses people have here. And then you look at the stats and see that Utahn's make an median household income of $57,000 and think you can afford all the cars, boats, toys and house that they are making payments on.

  • UtahBlueDevil Durham, NC
    Oct. 10, 2013 3:43 p.m.

    I am not really sure what My2Cents is describing...... from the numbers, homes are appreciating at a pretty good clip in Utah with YoY number being 11.4%. That is a strong number. Add to that in 2008 Utah has 13+ months home inventory on the market - that number is down to about 7 months. In the Salt Lake Valley - that number is even stronger - up in Ogden, weaker.

    If you look at new home permits, pulled that number is also up, and per labor statistics, Utah is about 30,000 short on demand for skilled construction people.

    I am not sure if it is because people have so bought so deeply into the sky is falling mentality... but the numbers just don't match the impressions people have. Truth is probably in the middle, and of course, for some, I am sure it is a lot worse than for others.

  • UtahBlueDevil Durham, NC
    Oct. 10, 2013 6:42 a.m.

    Whet is interesting about these numbers is when you do the ranking correlated to unemployment rate... there seems to little correlation between the two numbers. With Utah's relatively "healthy" economy compared to its peers - you would not expect Utah to be in the top quartile in the nation in foreclosures.

    I know the popular talking points on the matter is that is people who bought McMansions....but the value of the homes being foreclosed is right in the heart of the middle class housing market, not the typical over extenders market. It would be good to get some insight why such a conservative state has a constant problem with the and bankruptcy filings.

  • My2Cents Taylorsville, UT
    Oct. 10, 2013 5:58 a.m.

    Not surprising at all, even expected an even higher ranking in the top 10 list.

    It doesn't take much effort to live, shop, and drive around Utah to see how bad the Utah economy really is. Expendable incomes is the root of economic growth and it is the most relative bit of information the state never uses to evaluate the state of the economy. The state of the economy is always measured by job numbers regardless of lost incomes. Personal income is never put in the governors equation to establish the real state of Utah's economy.

    But in all new home construction sites in Utah usually of 12 or less homes at a time it is taking more than a year to build and sell a dozen homes. Used homes sell faster but sellers are forced into asset equity losses to avoid foreclosures.

    Even the counties are making illegal changes to property valuation laws by inflating uncontested valuations by county workers. The valuation adjustments are high enough that to contest the yearly valuation costs thousand of dollars to challenge the county tax departments. Legislators turn their nose at complaints and won't enforce taxation laws by representation.