Salt Lake CITY -- The number of homes lost to foreclosure nationwide jumped nearly 4 percent in August. Utah is still in the top 10 for foreclosures, and the experts say the situation is likely to get worse before it gets better.

Related:

US homes lost to foreclosure up 25 pct on year
Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.

The numbers from RealtyTrac, Inc. show there were more repossessed homes in August than in any other month since the mortgage crisis began three years ago. The report shows 95,364 homes were foreclosed -- that's up 25 percent from August 2009.

There is some good news. The number of properties entering foreclosure actually slowed for the seventh month in a row. Experts say that is due to lenders allowing borrowers who miss their payments to stay in their homes longer.

Rick Sharga, RealtyTrac senior vice president, says the number of foreclosures may continue to increase before the economy stabilizes. He predicts at best we'll see another record-level year of foreclosures in 2011 before the numbers begin to improve.

In Utah, one in every 230 housing units received a foreclosure filing in August. That's slightly worse than the one in 242 homes foreclosed the previous month.

More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice.

April 12, 2010 — If you want to be a doctor, you go to medical school.  If you want to practice law, you go to law school.  Realtors who want to become specialized in a particular niche of real estate advance their skills by acquiring certain designations and certifications, beyond their normal licensing requirements.  With foreclosures on the rise and the increasing demand for Realtors to be well educated and trained in various aspects of pre-foreclosure related topics, it is imperative that Realtors become proficient in these niche disciplines.  Foreclosures continue to skyrocket and homeowners who may have fallen behind on their payments need to know where to turn to find out more about what options might be available when facing foreclosure.  On a traditional listing, a homeowner is usually hopeful to get the price they’re asking.  In a distressed situation, where the homeowner has a legitimate hardship, is behind on mortgage payments, and owes more on their mortgage than the property is worth, they typically must sell quickly to avoid foreclosure.  Realtors must be properly prepared in knowing what to do if a situation like this arises.  As a Certified Default Resolution Specialist (CDRS), Realtors go through a comprehensive training program to learn how to assist in facilitating the decision-making process with a homeowner, to identify the best strategy for a homeowner who may not qualify for a loan modification or special forbearance.  Some might say that it is the homeowner’s responsibility to determine which option or alternative may be best for them, given their unique situation, but most homeowners truly don’t know what to do in a situation like this.  Reports show that, while some homeowners qualify and are taking advantage of the pre-foreclosure options made available through the Making Home Affordable Program and other government initiatives, too many homeowners are still too afraid to call their lender and find out what other options might be available to them.  In many cases, the first person a homeowner calls when they’re in trouble with their mortgage is someone they probably know and trust, who many times is their Realtor.  Therefore, it is of utmost importance that the Realtor knows what to do, what to say, and how to determine the best strategy in moving forward.  Getting the right pre-foreclosure education and training is essential to a Realtor’s success in today’s market.

Natalie Bethers-Southwick is a licensed REALTOR® with Aspen Creek Realty, a member of the Wasatch Front and the Park City Board of REALTORS®, as well as both the Utah Association of REALTORS® and the National Association of Realtors®.  Natalie Bethers-Southwick is also a distinguished member of the National CDRS Agent Network, offered through America’s Home Rescue, a company whose sole focus is helping homeowners in pre-foreclosure situations by providing education and training to the real estate professionals in their community.

Natalie Bethers-Southwick provides a free consultation to homeowners who want to find out more about their options if facing foreclosure.

For information: www.aspencreekrealty.com or
Contact: Natalie@aspencreekrealty.com
Phone: 801-558-0364

This week will be a busy one for many people who still haven't filed their tax returns for 2009.  The last day to file is April 15th, unless you are filing an extension.  Remember an extension is NOT an extension to pay your taxes, it is an extension to file your taxes.  Happy tax day to everyone! Get 'em filed.

The snow finally arrived!  It is great to see snow outside.  Hopefully we will be having a White Christmas here in Utah this year.  Last year we got some snow on Christmas, which doesn’t always happen.  With this snow, more runs will be open at the ski resorts.  There are some good discounts for ski passes.  They can be purchased at Canyon Sports in Salt Lake City. 

Over the past week or two, the Treasury Department has been considering a plan to push down 30-year fixed-rate mortgages for home purchases to as low as 4.5% in the hopes that it will stimulate sales, stop the freefall of prices, and allow homeowners to afford bigger loans.  The proposed plan only helps those who buy homes.  It will not help those who want to refinance.  If they do lower the interest rate to 4.5%, it will be a good time for those that do not own a home to purchase a home if you have a steady job and good credit.  If you have any questions, give me a call.