As the national housing market recovers from the Great Recession, Utah’s real estate boom continues to stand out. But as property values rise and the real estate market takes off, many American’s forget about the foreclosure market that continues to slow down the recovery. In February 2016 the national foreclosure inventory reached its lowest point since 2010, a sign that the housing market is finally improving.
Utah has one of the lowest foreclosure inventory rates in the nation, and real estate analysts are finally taking notice. Rising property values, increased demand, and a dwindling foreclosure inventory has set Utah’s housing market apart.
“Home price gains have clearly been a driving force in building positive equity for homeowners,” Anand Nallathambi, president and CEO of CoreLogic, said in a recent interview. “Longer term, we anticipate a better balance of supply with demand in many markets which will help sustain healthy and affordable home values into the future.”
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This news summary contains excerpts from the Consumer Affairs article dated April 12, 2016.