utah homes for sale (Salt Lake City, Sandy: foreclosures, mortgages, home builders)

[dodgetx]

Hi!
We are thinking of relocating to either Sandy, Draper or Lehi. As I was looking through the MLS listings I noticed a large number of pre-owned homes that are empty, there seemed to be a lot of new contruction empty as well. Does anyone have any idea if a lot of these homes are foreclosures or are people leaving because they don't like the area. Any input would be great. Thanks

[Nevada1]

Originally Posted by dodgetx

Hi!
We are thinking of relocating to either Sandy, Draper or Lehi. As I was looking through the MLS listings I noticed a large number of pre-owned homes that are empty, there seemed to be a lot of new contruction empty as well. Does anyone have any idea if a lot of these homes are foreclosures or are people leaving because they don't like the area. Any input would be great. Thanks

I am curious too. I love Sandy. We travel there several times a year.

[jmuzic1]

There has been a ton of new construction and housing prices have skyrocketed in the past 2 years while many people rolled the dice with exotic mortgages in the hope of selling for a profit. This is the same story you have been hearing nationwide. There are for-sale signs everywhere and new home builders are having to offer steep incentives to move inventory. As you can see at HousingTracker.net: Median Home Asking Price & Inventory Data for Salt Lake City, Utah inventories are up 85% over the past year and are rapidly increasing while listing prices are plummeting. It's not so much a population decline (rather from what I have experienced, population is rising rapidly), but the ability of builders to quickly get homes to market has caused a correction in housing demand.