There seems to be this idea out there that Utah Homeowners are loosing their homes left and right. I don’t really understand where this idea came from. CnnMoney.com recently listed the 10 States with the highest rates of default, and guess where Utah came in? That’s right, not on the list.
So, where are the most foreclosures? Try Nevada, California and Florida for your top 3. Michigan and Ohio come in at 4 and 5 respectively with Colorado, Arizona, Georgia, Indiana and Texas rounding out the top 10. Notice a theme? To get in the top ten it would appear that you need to be in a state with a struggling economy and high unemployment rates (which we are not), or a state with an abnormal amount of real estate speculation (which we are dangerously close to having).
It would seem to me that foreclosures are the result of either people not having money to pay their mortgages, or people purchasing homes with artificially inflated home values resulting from investors and speculators driving values up.
Since much is written about the health of the Utah economy, I am left to believe that the increasing number of real estate investors is a leading factor contributing to high foreclosure rates. My advice, beware the speculator.
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