Posts Tagged United States
According to data released this week by real estate website Trulia, even with the current state of the economy and the real estate market it’s still cheaper to buy than rent in many areas of the United States.
So I thought I’d see how that applies to Utah. Most two bedroom apartments in Salt Lake City rent for around $800 a month, which will buy you a $140,000 house.
Now I know what you’re saying: “Cory, where is anyone going to find a house for $140,000 in Utah?”
Good question. So I consulted the Multiple Listing Service (MLS) to see if there were homes and condos to be had in that price range, and here is what I came-up with:
Salt Lake County: 1,582
Utah County: 720
Davis County: 354
Weber County: 882
Sure, all of these aren’t going to be brand new, and some may require some repair here and there, but if they pass an FHA inspection and you could own for the price of renting and get a mortgage interest deduction at the end of the year than why wouldn’t you do it? With over 3,700 homes for sale under $140,000 along the Wasatch Front you’re bound to find at least one that is just what you’re looking for.
Congress is getting tough with the banks over the robo-signing scandal where banks may be foreclosing on some homes they don’t even own, and never did the proper due diligence to make sure they do. Sometimes two banks are even foreclosing on the same property.
Watch the TBWS Daily video below for more on this:
Utah joins other states in foreclosure probe
Utah has joined other states in the foreclosure probe against JP Morgan Chase and GMAC as they look into fraud that may have been committed at the banking level in an effort to foreclose on homes where borrowers were delinquent in their payments. Because loan servicing rights are bought and sold all the time, the question of who really has the right to foreclose has been brought-up as well as needed documentation has been lost and then recreated by the foreclosing servicer.
How many, if any homes will this save? It’s hard to tell. In the end, if a borrower is behind more than three payments (regardless of why and any follower of this blog knows my feelings on that) they are still in violation of their loan terms.
Anyhow, it will be interesting to watch.
Despite freezes by BofA and GMAC, foreclosures in Utah march on