Foreclosures Cause Decrease in Utah Home Sales

In the state of Utah, statistics are showing that there has been an increase in the year-over-year drop in existing home sales.  In fact, home sales in Salt Lake County during the month of August dropped by 26% with only 763 home and condo sales.  Last year during the same time period, there were 1,036 home sales according to a report released by the Salt Lake Board of Realtors.

Many experts in the real estate sector say that high unemployment and foreclosure rates have kept the country and the state of Utah from recovering since the recession.  Additionally, bankruptcy and other factors are deterring residents in Utah from purchasing homes.

Last spring, the housing industry experienced a boost due to the government offering home buyers tax credits.  However, those credits expired back in April and since that time, the housing market has continued to suffer.  Even reduced mortgage rates have not provided enough incentive for people to buy real estate. 

If you need assistance with filing for Chapter 7 bankruptcy or have questions pertaining to foreclosure, contact us to set up a consultation with a Salt Lake City bankruptcy lawyer.