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Monday, February 18, 2008

Foreclosures in Daybreak

According to RealtyTrac, a company that tracks foreclosures around the United States, foreclosures increased by 75% in 2007. Utah, for the most part, has bucked this national trend with foreclosures actually going down compared to last year. However, Utah had 7,438 properties in foreclosure this last year. This statistic sparked my interest and so I used the map feature on RealtyTrac to get an overview of foreclosures in Daybreak. I was fairly surprised. According to the map there are 5 houses that are in pre-foreclosure status, 10 houses that are at auction status, and 3 houses that have transferred ownership to the bank. Looking at the definition of pre-foreclosure on RealtyTrac I found that properties in pre-foreclosure are those whose owners may have received a notice of default or are significantly behind on their mortgage payments. Apparently if a loan is not reinstated by the end of the pre-foreclosure period then a house may be put up for auction.

Does this make Daybreak a foreclosure hotspot? No, not really. Considering the actual foreclosure rate in Utah is about 1 house in 400, there is bound to be a couple of foreclosures in a 1000 home community such as Daybreak. Life happens. Maybe somebody lost their job or have a mass of medical bills for some unforeseen health problem. Most of those houses that are in pre-foreclosure status or auction status will be sold before they are actually auctioned or the bank takes possession. I seriously doubt that this will have a big impact on property values in Daybreak. However, there were some interesting patterns in the data posted on RealtyTrac. Most of the pre-foreclosures, auctions, and bank-owned properties were concentrated in the Southwestern portion and the outskirts of Founder's Village. Eastlake did not have any listings on the map. The heart of Founder's Village is virtually free of mortgage problems. I think this also corresponds with actual property values, but will need to do more research to be sure. Hopefully Utah's economy along with actions by our federal government will ensure that Utah and Daybreak do not suffer the same fate as areas in Florida and California.

1 comment:

Anonymous said...

5/7/08---look again. I count 29 today. Uh oh...