This topic comes from conversations with residents, friends, and clients, who have asked about distressed properties in SunCrest. If you have a topic you’d like us to cover, submit it here!
Utah was recently reported to have a foreclosure inventory at .4% of all homes with a mortgage by CoreLogic, an analytics and data-enabled services provider. That’s down .2% from a year ago, and nearly a full 1% lower than the national average. The study also goes on to say this is the 44th consecutive month that national foreclosure inventory has declined.
Utah is a “non-judicial” foreclosure state, which is a fancy way of saying that a house that’s been foreclosed on can be sold without having to file lawsuit or go to court. On the other hand, in other states–”judicial” states–foreclosures have to go through the court system. Judicial foreclosures tend to take longer and be more costly than non judicial, which may contribute to Utah’s foreclosure inventory rate being so low.
SunCrest Foreclosures and SunCrest Short Sales
SunCrest has seen a steady decline in distressed property sales that reinforce the study’s finding. We are however, still above the “average” for Utah. To date, 4 distressed properties have sold and 4 are pending.
Some homeowners who purchased at the peak of the home prices are, unfortunately, still facing negative equity or just getting back to a break-even point. We attribute SunCrest’s higher than average distressed property inventory to the community’s boom of the mid to late 2000’s. Because it was a brand new community in high demand during the most robust years of the real estate boom, there has been more adjusting. However, we’re seeing less and less distressed properties each year as the roller coaster ride seems to be slowing significantly.