Foreclosures Dash Hopes Of Realtor In Holladay
September 12th, 2008
Foreclosures have led to decline in property value in Holladay leading to dashed hopes of realtors.
Nestling in the Wander Lane locality in Holladay is a neat house with five bedrooms and three bathrooms. The house has recently been refurbished with a new roof, energy efficient windows as well as a furnace. Granite counter tops have been added together with fancy steel appliances. A shopping complex is close by. But despite all these brownie points the house priced at $450,00 continues to wait on the shop shelves sadly neglected. The owner had purchased it at a time when the booming housing industry was zooming. It was spruced up on the hope of fetching tidy profits. But today the downturn has totally changed the picture from hope to despair. Foreclosure is sniffing around.
There are many such houses in Holladay and in the middle section of Salt Lake Valley. The entire region is seeing a fall in the average price of houses in the second quarter of this year in comparison to the same period in the previous year. The zip codes of 84117 and 84124 have been worst hit by the foreclosure crisis causing housing prices to fall by about 15%. In the former zip code the average price is $328,250 while in the latter it is $347,000.
Kathy McCabe is a realtor in Holliday. She said that buyers are still keen on houses in the mid valley region. But slowly the foreclosure crisis is making its presence felt here. This has led to tightening of mortgage sanctions and consequently reduction in number of buyers. It has combined with a slump in the local economy, rising unemployment in the housing and other related business concern to mire the situation. It is the ideal hunting ground for foreclosures to prey upon. There are more houses than buyers. Prices will inevitably fall.
Kathy McCabe opines that those who bought houses in 2006 may at least get back their investment amount. Those who purchased in 2007 are in the worst position.
Holladay is one of the worst affected zones as regards drop in prices. The average decrease in selling prices has been in double digits. The price however is well above the Salt Lake average of $250,000 or less. Many of the buyers constrained by income and loans cannot afford beyond $300,000. 75% of the houses in Salt Lake County are being sold below this figure.
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
- Foreclosure Assistance Being Taken on Tour by Housing Advocate
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