Record-low interest rates, high housing affordability welcome news for Utahns

The news on the Utah real estate front is mostly positive, as refinancing and buying a home in Utah have each reached unprecedented levels of affordability.

Earlier this year, the National Housing Affordability Index climbed to heights never before seen by housing observers. With the rating coming in at 206.1, the National Association of Realtors (NAR) determined that the average American family has two times the household income needed to purchase a home at an average price.

"Housing inventory levels have declined to a point where conditions are becoming much more balanced in much of the country," NAR president Moe Veissi said in a press release. "If access to credit improves, we could see a much more meaningful increase in home sales and broader stabilization in home prices with modest gains in areas with stronger job growth."

Many of the Utah homes available for sale are foreclosed properties, which represent opportunities for Utah first-time homebuyers and investors alike. 

This week, The Deseret News combed through a list of the most expensive foreclosed properties in the state and published their findings. The news source noted that foreclosures are down nearly 50 percent since the beginning of last year, even though Utah still remains in the top 10 of states with the most foreclosed properties.

The most expensive property on the list is a 7,520 square-foot property listed at $1,395,000. One note about that home – other than its five bathrooms – is the fact that the home was built in 2008. In fact, a majority of the listed properties were built during the 2000s, when lenders were far more cavalier with their financing processes.

Consumers interested in these properties or any others will need to begin discussions with a Utah mortgage company before they are able to secure financing. A local real estate expert can match consumers with the right lending company for their needs.

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