St. George foreclosure market update: my sources indicate foreclosure property in St. George is shrinking!! Read on to see what this means to you as a St. George Buyer and Seller.
Foreclosure rates in St. George decreased for the month of January over the same period last year, according to newly released data from CoreLogic.
The CoreLogic data reveals that the rate of St. George area foreclosures among outstanding mortgage loans was 1.72 percent for the month of January 2013, a decrease of 0.91 percentage points compared to January of 2012 when the rate was 2.63 percent. Foreclosure activity in St. George was lower than the national foreclosure rate, which was 2.90 percent for January 2013.
Also in St. George, the mortgage delinquency rate decreased. According to CoreLogic data for January 2013, 4.38 percent of mortgage loans were 90 days or more delinquent compared to 6.40 percent for the same period last year, representing a decrease of 2.02 percentage points.
Our St. George real estate market is going through another set of changes. Distressed inventory is shrinking which is taking pressure off conventional real estate downward pricing. What that means to you as a buyer = PRICES ARE TRENDING UPWARD. As a seller you will enjoy the benefits of increased value and equity in your Southern Utah real estate.