Home sales in Utah were up in April, May and June of this year, partially because of the first time home buyer tax credit, but that expired in April and doesn’t explain May and June. What did keep sales high looks to be foreclosures. In fact, 18.6% of all homes sold in Utah from April through June were in some state of foreclosure.
A lot of buyers may not have been looking for foreclosures, but the average foreclosure is selling for 26% less than another home for sale that is not a foreclosure. This make them hard to overlook.
HUD, VA and Fannie Mae all have programs to purchase foreclosed properties with little or no down payment and lenient credit standards. Plus, buying a home at 20% t0 30% less gives you instant equity in a time that values are down.
Check-out the links in the Resources section of the sidebar for more information on these programs or give me a call.