Local Foreclosure News

Although the region has experienced thousands of foreclosures among all property types, it is believed that the region is poised to experience a sustained flood of distressed properties hitting the market until about 2013, according to Allan Carter of SUTC Developer Services. He further states that banks halted a number of foreclosures in recent months amid growing fears that saturating the market with additional distressed properties would result in further price drops.
Washington County’s foreclosure rate was 4.15 percent in July, surpassing the national average of 3.13 percent and the Utah rate of 2.22 percent for the month, according to the most recent data available from CoreLogic, a California-based real estate research group.
While thousands of distressed properties are set to hit the market, Carter said investors and individual buyers would likely absorb the additional inventory, as bargain pricing drives demand for bank-owned properties in Southern Utah. “There are enough people that are aware of the home sales going on,” he said. “I don’t think you’re going to see prices go down in St. George even with the influx of additional properties.”
Scott Kerbs/Spectrum