Tuesday, October 05, 2010

St George Distressed Properties- Trends

St George distressed properties are influenced by the Notice of Defaults.  As such, notice of defaults have been down for four consecutive months of decline, thus following a pattern that might be indicative of the future. Notice of Defaults are home owners in St George who did not make their month over month house payments, being in default.  The county does have a record of it and records typically show a parallel coorelation of a high amount of notice of defaults perhaps leading to a high volume of St George distressed properties.  September 2010 represents the fourth month over month number of notice of default filings being down.  While we are up in our amount of St George area foreclosures over last year and while January through April 2010 represented a 40% increase over 2009, May through September 2010 only showed a 6% increase over the same period last year.  Thus a trend appears that the number of notice of defaults is decreasing.  This is not conclusive by any means, but it does show a movement towards perhaps less and less distressed home owners and thus perhaps a decreasing amount of distressed properties to be coming onto the market in the future.  We will keep you posted regarding this St George Utah real estate market update.

An update to this post on 10/19/2010 involves me posting the new Foreclosure data statistics up through the end of September 2010, in which a trend of the supply of St George Ut real estate foreclosures depleting faster than the new ones that are coming onto the market is showing.