| Ripples have been made by one or two luxury homes | | | | foreclosures finds a small number but high percentage |
| joining the small fleet of Utah Foreclosure Homes, | | | | share of expensive larger homes; 5 and 6 bedrooms, |
| enough to raise awareness that the valley cannot be | | | | 5,000 to 7,000 sq.feet of luxury living on the eastern |
| sheltered by the fallout from the nationwide housing | | | | side of Salt lake city, listed below current market value |
| market slump forever. | | | | at around $800,000. Foreclosure sales in the last |
| Along the Wasatch Front the bulk of Utahns live in a | | | | quarter have averaged $180,000 versus a median |
| corridor almost completely cushioned from the twofold | | | | home price for the state of $165,000, the reverse of |
| threat of declining house prices and mortgage | | | | what you might expect. For those thinking to include |
| delinquencies. Foreclosure filings are right down on last | | | | Utah foreclosures in their search for affordable |
| year in Utah, numbers light even in the Salt Lake basin | | | | housing, don’t be alarmed, there are several 3 to 5 |
| where the population is most concentrated. There has | | | | bedroom bungalows on the west side, between 1,200 |
| been strong price appreciation in this area over the last | | | | and 2,200 sq.feet, listed at $70,000 to $180,000 with |
| year, although the rate has now slowed. The economy | | | | some smaller units starting from $51,000. But note that |
| is strong, unemployment negligible, and the state’s | | | | there is little repo housing available from Government |
| share of loans in default very low; with limited use | | | | institutions. |
| being made of sub prime lending. Maybe it’s just a | | | | Dramatic scenery, world famous winter resorts, |
| matter of timing- Utah’s housing market hotted up | | | | popular summer sports, an enlightened and vibrant arts |
| later than the rest of the country, and not until 2004. | | | | community with growing retirement attractions in the |
| There are some signs that that Utah is not immune to | | | | south, Utah continues to grow fast and jobs are |
| the financial pressure that falling house prices will | | | | aplenty. Just a little pioneering spirit and you too will |
| inevitably bring, a search through current listings of | | | | prosper. |