St George Utah Foreclosure Statistics

Posted Jun 22, 2008 @ 9:33 am, Viewed by 1675 Visitors, Read 1776 Times.

St George Utah property sales are remaining consistent, but here are some interesting foreclosure statistics for Washington County. The year to date notice of defaults filed is at 721 which, according to Southern Utah Title Company, is 138% higher than last years 303 notices filed from January to May of 2007. Actual foreclosures are at an all time high at 64, for May 2008. The year to date (through May 2008) totals 260 recorded foreclosures in comparison to only 48 recorded January to May of 2007. This shows substantial increases and future foreclosures are inevitably going to set records for the St George Utah area.

Indicators include the number of "short sales" listed on the Washington County MLS which has dramatically increased in past months. A short sale is when the homeowner is attempting to sell the home for less money than they owe the lender. Of course this requires lender approval, which proves difficult here in the St. George Utah area. Only 20% of short sales actually close, which is higher than the national average yet still very low for the amount of homes listed. Lender cooperation, or lack there of, is one reason so few short sales close, however; inexperienced agents are also a contributing factor. Unfortunately, the attempt to elude foreclosure by means of a short sale is failing, which is reflected by the large number of actual foreclosed homes that recorded this year.

Home sales in Southern Utah for the month of May (2008) were up slightly. Visit my St George Utah May 2008 Market Report to see exact sold property statistics. Buyers are out searching for deals and with this record number of foreclosures, the banks are dramatically reducing prices in an effort to reduce their inventory. This is offering buyers the low prices they are searching for and traditional home sellers are forced to reduce their price in an effort to compete.

Paula Smith, Realtor
Unisun Realty
"List or Buy through me and we move you free"

Paula Smith is your St George Utah real estate professional.  If you are interested in Southern Utah, visit my St George Utah Real Estate website.  Here you will be able to research neighborhood and city information, discover current real estate market statistics updated monthly, as well as search the entire MLS for all listed property.  Now offering exclusive Buyers Agent Services!

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2paula

2paula Paula Smith is REALTOR in St. George Utah. I specialize in residential property in St. George, Santa Clara, Ivins, SunRiver, Washington (UT), Hurricane, New Harmony, and LaVerkin Utah areas. Visit my website to preview all MLS listed property for sale.  Additionally, you will find St George Utah area information, news and property market reports.   Your St George Utah real estate professional. Read More

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