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Group predicts rise in Utah foreclosures

Group predicts rise in Utah foreclosures

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Amanda Butterfield reportingA new report predicts that in the next few years, about half of Utah's homeowners could feel the ripple effect of foreclosures.

A study the Pew Charitable Trusts reveals the housing crisis that's forced thousands across the country into foreclosure could soon hit Utah hard. One in 25 Utah homeowners could enter foreclosure in the next two years. A big reason is that 24 percent of all loans made in 2005-2006 were sub-prime. And 47 percent of all Utah homeowners are expected to feel the ripple effects of foreclosures from sub-prime loans through falling property values.

Those statistics show Utah is among the top five states with the greatest rates of anticipated sub-prime foreclosures. We hit the streets and talked with folks trying to sell their homes right now, and they say it's been tough selling.

Paul Richardson said, "I'd love you to take the house."

We also talked with the head of the Utah Association of Realtors about our state's real estate market. He said it could be all the media reports on foreclosures and loans making people scared to buy and sell, and that, in fact, it is a buyer's market in the state right now.

Richardson's home has been on the market for nine months. He says it's getting a loan that's been the problem. "We had a good offer, a strong offer, but the finances didn't pull through. As of today we stuck it back on market again. I'm about as low as I'm willing to go on it now."

Also according to the report, Utah is expected to lose more than $1billion from the state and local taxes due to the foreclosure crisis.


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