Foreclosures and HUD Home Numbers are Up In Logan

The fact is that foreclosure numbers in Cache Valley are increasing. There are currently more foreclosure and HUD Homes for sale than I have ever seen before. The increased foreclosure numbers are result of declining home prices, overextended borrowers, and a poor economy.

When I first started selling real estate over five years ago, there was rarely more than one or two HUD homes each month.

There are currently 12 homes for sale in Cache County that are HUD properties. These include townhouses, condos, manufactured homes, ramblers and bungalows. Most of these homes are priced at less than $100,000, and the most expensive of the HUD homes currently for sale has a list price of $145,000. Some of the properties are only available to people who want to owner occupy them, but most of these homes are now open to all bidders.

Click this link if you want to view the currently listed HUD Homes for sale in Logan Utah.

Read More at Real Estate Logan - Number of Hud Homes Up in Logan Utah

Lease Option Homes in Logan Utah

The slow real estate market has increased the number of homes for sale in Logan UT that are offering lease options. Right now there are 22 lease option homes for sale in Logan. A couple years ago, I assisted some sellers with a lease option. At that time there were only three other homes being offered as lease options.

Click this link if you would like to view the current Lease Option Homes for Sale in Logan Utah.

With a “Lease Option,” or “Rent to Own home,” sellers rent their home out giving the renter the option to buy the home at a future date. Lease option contracts usually require a substantial down payment. The down payment will be subtracted from the purchase price in the event that the renter buys the house. Lease options also generally have a portion of the rent that goes towards the option as well.

Read more at Logan Real Estate Blog - Lease Options Up in Logan

Cache County August Home Sales Numbers Improved

The good news is that home sales numbers for Cache County Utah during August were substantially improved compared with last month. The bad news is that although the 68 homes sold is an improvement, it is still down nearly 40% compared with last August of last year. This graph shows the comparison of home sales numbers during 2010, compared with the average monthly home sales over the previous five years.



The other good news is that it looks like September home sales will be even better than August home sales. There are more Cache County Homes under contract than there have been in the last two months. We currently have 107 homes under contract compared with just 98 at this time last month.



One interesting thing about the Logan Utah Homes that sold during August is that they were bigger than homes that have sold over the previous four months. The average home that sold was 2,489 square feet, and had an average original list price of $221.767. During April, the average original list price of homes sold was just $176,975, and the average square footage was 2,093 square feet. I think this statistic shows that a much larger percentage of August home sales were made by non first time buyers, whereas, during April the large majority of homes were purchased by first time buyers.