Utah Foreclosure Statistics 2024-2023
- Utah experienced a 128.6% increase in foreclosures from the first half of 2023 to the first half of 2024.
- In the first half of 2024, Utah had 1,022 foreclosures, compared to 447 in the first half of 2023.
- Utah’s foreclosure rate in early 2024 was one in every 1,127 homes.
- This rate ranked Utah as having the 25th lowest foreclosure rate in the U.S..
- Approximately 70.1% of homeowners in Utah have a mortgage, one of the highest percentages in the country.
- The typical home value in Utah was $305,400, with a median household income of $74,197.
- In July 2023-2024, Utah recorded 3,580 purchase loans.
- The number of purchase loans in Utah decreased by 14.4% year-over-year in November 2023.
- Utah saw a 3.8% year-over-year increase in refinance loans in November 2023.
- The state experienced a 30.4% decrease in Home Equity Line of Credit (HELOC) loans year-over-year in November 2023.
- Utah’s median sold home prices dropped by 1.35% to $526.2K.
- In 2024, the number of homes for sale in Utah decreased by 22.14%.
- The price per square foot for single-family homes was $33 more than condos on average.
- The list price per square foot for single-family homes increased by 1.93%.
Key UT Foreclosure Trends 2024-2023
- Utah’s median estimated home value for Carbon County homes in foreclosure was the state’s highest, being $399,900
- Pre-foreclosure homes in Utah accounted for 0.02% of all residential properties.
- The estimated value of pre-foreclosure homes ranged from $1,802,908 in Davis County to $140,014 in Carbon County.
- Bank-owned homes (REO properties) in Utah varied in value, with the highest being $703,926 in Weber County.
- Salt Lake County had the highest number of bank-owned properties in Utah.
- Auction homes and properties accounted for 02% of all properties in Utah.
- The median estimated home value for auction homes ranged from $1,332,500 in Washington County to $203,444 in the same county.
- Homes actively listed for sale comprised 0.26% of residential properties in Utah.
- Washington County had the highest number of listed properties in Utah.
- The median value for recently sold homes ranged from $349,900 in Beaver County to $23,985 in the same county.
- Salt Lake County had the highest number of recently sold properties in Utah.
- Recently sold homes and properties accounted for 3.28% of properties in Utah.
More about Utah Foreclosure Stats and Facts
For real estate investors, the increasing rate of foreclosures suggests a potential market for investment opportunities. The higher number of foreclosures might lead to a greater availability of properties at lower prices. It can be lucrative for investors looking to buy properties at a discount and either rent them out or renovate and resell them for a profit liek they do in Las Vegas. However, this also signals caution, as the increased foreclosure rate could be indicative of a stressed housing market or broader economic challenges. Investors should be aware of these risks and conduct thorough market research and risk assessment before committing to investments.
Potential home buyers might find these statistics encouraging, particularly those looking for more affordable housing options. The rise in foreclosure rates could lead to more properties being available on the market, possibly at reduced prices compared to the standard market rate. This could be an opportune time for buyers who were priced out of the market to purchase a home. However, they should be mindful of potential reasons behind the foreclosures, such as economic downturns or declining neighborhood quality, which could affect the long-term value of their investment.
For property sellers in Salt Lake City, these trends could present a challenging scenario. An increase in foreclosures typically leads to more competition in the market, potentially driving down property prices. Sellers might find getting their desired asking price harder and face longer selling times. This situation necessitates a well-thought-out strategy, possibly involving pricing adjustments or property improvements to make their offerings stand out in a crowded market. Sellers should also be prepared for negotiation and be flexible in their terms to attract potential buyers.
Cited Sources:
- https://www.attomdata.com/news/market-trends/foreclosures/attom-midyear-2022-u-s-foreclosure-market-report/
- https://www.attomdata.com/news/market-trends/figuresfriday/top-10-u-s-metros-where-foreclosure-filings-are-on-the-rise/
- https://www.attomdata.com/news/market-trends/foreclosures/attom-july-2023-u-s-foreclosure-market-report/
- https://www.realtytrac.com/statsandtrends/ut/
- https://finmasters.com/foreclosure-statistics/
- https://www.attomdata.com/news/market-trends/foreclosures/attom-q3-2023-u-s-foreclosure-market-report/