About 2 years ago, our team was brainstorming what our billboard should say. After testing a few of our ideas online our fanbase picked this one as their favorite. So we had it made and posted all across the Salt Lake valley. Yes, there were a few people who felt it was insensitive to those getting their homes foreclosed on, however the majority of people understood the real message. Many of the people who picked this billboard had even experienced the difficulties of foreclosure personally. The billboard received a lot of laughs as it depicted a fictional family: the Joneses.
About the Joneses:
The Joneses are the family that everyone envies because they have all the nicest gadgets, the biggest house, and the most expensive things. However, the Joneses maxed out their debt to get these nice toys. They didn't have a hardship, they didn't lose a job or have a medical emergency. They simply made poor financial decisions.
The Foreclosure Industry in Utah
In contrast to the Joneses are those who make wise financial decisions. Most of the those able to make a move and buy a
foreclosure or short sale in the past couple years made the best financial move they could make. We had the lowest interest rates in 50 plus years and they bought a home that should appreciate 20% over the next couple years.
The clock is ticking and the window of opportunity for this wise decision is closing. Rates can not stay at these record lows for long and neither will the home prices. The number of
foreclosures have decreased 50% over the last year. Default rates and foreclosure notices are also down significantly. The supply of homes on the market is also down nearly 50% from a year and a half ago.
Another factor to watch is that demand has ticked back up to the 2004 levels. The housing market is normalizing and even entering a sellers market. We will be in a sellers market until more homeowners are not underwater and can afford to put their home on the market. Once they can put their home on the market we will get a normal supply of housing once again.
About the Author:
Utah Dave - Daybreak Neighboorhood Expert and Local Resident
My friends nicknamed me Utah Dave in high school because they said it didn't matter where we went in Utah, I would know how to get there and who we needed to talk to. The name sticks today as UtahDave has formed into a professional real estate network of Neighborhood Experts all across the state. I live in Daybreak with my wife and 4 amazing children. I enjoy dancing (which is how I met my wife Dawn) as well as traveling, coaching, and learning.
