I have included the number of Notice of defaults filed for the last few years each June. This year while we are still seeing a few filed we are significantly lower then the previous two years. This is a good sign that our market is starting to recover and at least bottom out. A Notice of Default is filed in Utah when a home owner is at least 3 months behind on their mortgage payment. These homes usually either sale as a short sale or are foreclosed on and sold as a foreclosure. Also notice that we are significantly lower for our year to date notice of defaults then we have been in the prior year. This is another great sign that our Housing Market in Cedar City is recovering. I have also noticed a lot more multiple offer situations as well as traditional sales this year which is a great sign!
Notice of Default
June 2011: 34
June 2010: 46
June 2009: 50
Year to Date 11: 266
Year to Date 10: 374
Year to Date 09: 403
*Thanks to Derek Morton of Mountain View Title for compiling these numbers.