Orem Bank Foreclosures: Inventory Rises!
Orem Utah had 1,478 homes, condos, townhomes and
twinhomes SOLD in 2011. These homes consisted of
Bank Foreclosures, Short Sales, HUD Homes, Fannie Mae
and Freddie Mac Homes. The 1,478 homes included
the typical residential seller in Orem that was not
experiencing a distressed situation.
Approximately, 25% of the homes sold in Orem were
short sales in 2011. Another 25% of the homes were
Orem bank foreclosures. Team Teasdale Realty
has recently sold several short sales and Orem bank foreclosures.
How to Orem Bank Foreclosures in Utah County Compare?
I have crunched some numbers to see how the bank
foreclosures in Utah County compare to one another.
The most stable city is Orem and the least stable is
Springville. Provo is relatively stable compared
to the other cities in Utah County. Saratoga
Springs and Eagle Mountain had a higher percentage of
Orem bank foreclosures.
Orem appears to be the most stable. In my
opinion this is because the Orem community is a more
seasoned community of homes and residents. Cities
like Saratoga Springs and Santaquin experienced a boom
as the markets were on the rise from 2000-2006.
The cities like Saratoga Springs and Santaquin are now
experiencing the contraction of the growing pains.
This was not the case for Orem. The city of Orem
has older homes and people that have lived in their
homes for a much longer period of time.
It is hard to imagine that half of the homes sold in
Orem, Utah were either bank foreclosures and short
sales. The amount of bank foreclosures in Orem
Utah and shorts sales will continue into 2012. In
speaking with many of the Realtors that represent the
banks in Utah County they have made it clear the
inventory will continue to climb.
If the supply of Orem bank foreclosures and
Orem short sales
continue to climb into 2012 then prices will also
decline. It still makes sense to buy a home in
Orem even if prices slightly fall. Prices have
been falling for five years and catching the exact
bottom will be very difficult. In 2013 and 2014 Orem
bank foreclosures were difficult to find. If you need
help finding Orem bank foreclosures contact Team
Teasdale Realty.
See an updated daily list of
Orem Utah Bank Foreclosures
