Monday, October 12, 2009

Foreclosure Rate Increasing Cache Valley

  • The number of short sales and the rate of foreclosures are increasing in Cache Valley. The Herald Journal interviews Ty Haguewood of Cornerstone Real Estate Professionals.

    tags: foreclosures, short, sales

    • Foreclosure rate inching upward in Cache Valley
    • With the economy still struggling and layoffs on the rise, the risk of foreclosures is rising.
    • According to figures from First American CoreLogic, a company that collects real estate statistics, the foreclosure rate in the Logan area rose from 0.42 percent to 0.84 percent during the past year.
    • This is still well below the national rate of 2.86 percent, but experts believe the trend isn’t likely to reverse for some time.
    • Kim Datwyler, executive director of Logan-based Neighborhood Nonprofit Housing Corporation, also says that the region “hasn’t topped out” when it comes to foreclosures.
One advantage we have in Cache Valley is that the price of homes hasn't declined much since the peak of the housing boom. People that have owned their homes for a few years nearly always have the option of selling, and can afford to sell. In other portions of Utah, Short Sales are a much larger percentage of the overall real estate market.

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