I have sold quite a few Salt Lake City foreclosed homes recently and can testify that there are some smokin’ deals out there right now. I think banks have finally awakened to the fact that the Salt Lake City foreclosed houses they now own and are sitting vacant have got to be sold. Stability in the housing industry must be reached before the economy can recover. Interest rates are at the lowest amount since 1971 and a public opinion poll says that 53.7% of the public still believe real estate is the best long term investment to make.

Some of the good news is that the stock market is up 20% from its low, rock bottom November 20th date, the credit market is freeing up some money, and bank loans to businesses are up. Still, with that being said, many people still owe more than their house is worth and Salt Lake City foreclosures are still on the rise with so many people being unemployed. People still are worried about job stability and fear making a change. Foreclosures are at a record high in our nation and in Salt Lake City.

United Way in Salt Lake City has a Neighbor to Neighbor help line for emergency help for people facing foreclosure in Salt Lake City.  Many people wait too long to get help on Salt Lake City foreclosures. There are credit agencies out there who can help give credit counseling if you find yourself in trouble or facing a foreclosure. Another alternative are the many short sales that are showing up on the market. In November 75% of homes sold were priced under $300,000 with homes in the $200,000-$250,000 selling the fastest. Again, with interest rates so low and many homes on the market, it’s a Great Time to Buy.

Posted on Tuesday, January 13th, 2009 at 12:30 pm and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.