St George Utah Foreclosure Activity
Posted by on Monday, May 17th, 2010 at 4:23pm.St George Utah Foreclosure Activity. St George Housing Market Report.
Unfortunately, St George real estate remains a hot spot for foreclosure activity in Washington County. The economic downturn has affected the entire county with many businesses being forced to close; the number of available commercial buildings remains high. With the close of each business means those employees have lost jobs, and with job loss additional of Notice of Defaults are being filed on mortgages that are past due, which ultimately leads to foreclosure (unless the homeowner can restructure the loan and bring it current).
Searches for "Foreclosure Homes in St George" are high demand. My Foreclosure Homes and St George Short Sales pages on my website continue to be the most visited. Homes that are priced very competitive will typically receive multiple offers within a matter of days. Of course this is great news; we do not have an abundance of vacant homes overtaking our neighborhoods. Lower prices levels have attracted a multitude of buyers, including first time buyers, investors, and those looking to acquire an upgraded property at a great price.
Here are some numbers to report for the St George foreclosure market; this will include only residential homes throughout Washington County. As of today (May 2010) there are 2,309 of residential homes listed ACTIVE on the Washington County MLS. Of that number, there are 759 that are DISTRESSED homes showing available (foreclosed or short sale homes). Last month (APRIL 2010) there were 391 sold (residential in Washington County) and of that number, 179 were of DISTRESSED status. The number of Notice of Defaults (NOD) filed for April 2010 was 188 as compared to March=234.
If the owners can not bring their property current (some in fact will) the property moves on to the foreclosure sale. The number of ACTUAL bank foreclosure sales for April 2010 was 114 as compared to March=161. These comparisons reflect improvement, once the NOD’s are significantly reduced we should begin to see true market stabilization.
There will be a small margin of error to these numbers (listing agents may not yet have reported sales or may have incorrectly entered a listing).
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