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. 

In the month of June, RealtyTrac reported that national foreclosures continued to decrease.  Compared to the month of May, foreclosures dropped by 3%.  In the month of June, RealtyTrac says that 313,841 homes were foreclosed in the United States.

On a state-wide basis, not much changed.  The states with the highest foreclosure rates remained consistent with the top four being Nevada, Florida, Arizona and California.  The state of Utah was reported as number five, taking the spot from Michigan.

For the most part, the majority of states experienced a drop in foreclosure rates, which may be promising news for real estate market.  Additionally, there was a 30% decrease in the foreclosure rate compared to the same timeframe last year.

If you are facing foreclosure and would like to learn more about filing for consumer bankruptcy in the state of Utah, a Salt Lake City bankruptcy lawyer at the Stone Law Firm can help.  Contact us today to set up an initial consultation.