Headline: Group predicts rise in Utah foreclosures
First Paragrah: A new report says Utah’s housing bubble is forecast to burst in a big way, with one in 25 Utah homeowners projected to be in foreclosure in the next two years. (Don’t panic. They’re yelling fire in a crowded theater when there’s no fire).
KSL Readers point to the real facts and expose the dollar-driven media BS.
I do lead generation for real estate agents in Utah, and I can tell you first hand, things have picked up big time in the state the last two months. Utah real estate agents I talk to are saying the same thing. As one comment points out “24 in 25 homes WILL NOT be foreclosed upon.” (Caps added for emphasis).
As the other KSL commenter pointed out, “If you don’t spin it the other way, it won’t create that ad revenue pop that will make KSL more $$.”
6 comments ↓
Whether you say that 24 in 25 homes WILL NOT be foreclosed on or that 1 in 25 will be, either way Utah still has one of the five highest projected foreclosure rates in the nation, and I don’t see how that can be a good thing. Except for me, because I want to buy a house in about a year on the cheap.
Agreed. It’s not good. But I think what many people are going to find is that as house prices drop, interest rates are going to go back up, and their monthly payment will pretty much be the same.
The Media is excellent at spinning the story. The truth about SLC Market http://www.hothomesofutah.com/blog/category/salt-lake-housing-market/
Of course, real estate ‘picking up’ is not the purest indicator of foreclosure rates, or whether or not someone can really afford a house. Not to mention that real estate agents are going to say things are getting better because they want to help you buy or sell yours. (I have my license, so let me know when you are ready.)
But look at the number this way:
One in 25 homes is projected to be in foreclosure in the next two years. According to the US Census Bureau, there are 827,000 total housing units (admittedly old data from 2003), and of those, 74 percent are single unit structures. If that accurately translates to homes, then there are 611,980 in Utah (certainly more than that in 2008). If one in 25 will soon face foreclosure, then there will soon be 24,479 homes available ‘on the cheap’ as Joshua put it.
We might need to check my math (there is a reason I studied and practice PR), but that seems like a significant number to me.
Aside from the folks who have tragedies or other circumstances occur that prohibit them from continuing to make a living, I don’t have a lot of sympathy for people who knowingly get into homes they can’t afford.
Live within your means, and you will be one of the 24.
@Dan
Good to hear from you. How are you… another news article to read.
http://www.ksl.com/?nid=148&sid=3137603
Yes, my nephew was a new home supervisor for Ivory Homes and got laid off a few months back for just what that article discusses.
Would love to catch up. Do you have my contact info?
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