Deer Valley & Park City Real Estate Prices
Nobody rings a bell at the bottom...or do they?
If you've been reading our regular Park City Foreclosure Updates, you won't be surprised to learn that distress sales are becoming harder and harder for value-conscious buyers to find. And if you're a skeptic, don't take our word for it. Here are the cold, hard, facts...
See how the number of NOD's (Notices of Default--number of new borrowers 90+ days delinquent on their loan payments) has dropped in 7 of the past 11 quarters in Summit County? Looking at the # of NOD's is a quick and easy way to forecast how many properties banks will take back at Trustee's Sales in the months ahead. The chart above shows this lag, and it relates very closely with the trailing quarter of NOD's...
Given that there were only 58 new NOD's in the ENTIRE COUNTY in April, May, and June, don't expect a sudden surge in the number of foreclosures in the next couple of months. There just isn't much shadow inventory of distress sellers left in Deer Valley and Park City at this point.
So if you're waiting for one of these to magically fall into your lap, you could be waiting for a very long time...
As inventory levels continue to drop across most Park City neighborhoods, we predict you'll have fewer properties to choose from, and you may have to pay more than the last guy did as prices begin to rise in the coming months.
So for those of you waiting for confirmation that the Deer Valley and Park City real estate markets have stabilized, can you hear the sound of the bell ringing?
Leave a Comment
The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Listing information last updated on January 21st, 2020 at 1:58pm MST.