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Home Mortgage Rates in Utah

Glen Canyon.

Utah's home loan industry offers a full line of traditional loan products to homebuyers. These loans are regulated by laws that have created a unique foreclosure market in the Western United States. As a result, anyone interested in purchasing a foreclosed home in Utah should first understand something about how mortgages and foreclosures are handled in Utah.

In order to fully understand how mortgages and foreclosures are handled in Utah, here is some background information about Utah's home value and population trends.

Utah Real Estate Prices

Here is some information about Utah's median home value trends:

Cities in Utah have median home values that vary considerably against the nationwide median home price of $179,900.

To demonstrate this point, here are the January, 2010 median home values from highest to lowest for four of Utah's most popular cities:

  1. Draper ($268,761).
  2. Salt Lake City ($245,000).
  3. Logan ($169,900).
  4. Ogden ($148,500).

There are two reasons why Utah's median home values vary considerably against the nationwide median home price:

First, median home values tend to be higher in higher income cities such as Draper and Salt Lake City because residents who live here tend to have lower income demand elasticties for well-built homes in nicely situated areas. This is the case because most residents in these cities can afford to pay higher prices for nice homes. This has pushed the price prices in communities in resort towns like Draper and Salt Lake City well above the national average median price.

On the other hand, blue collar communities such as Logan and Ogden tend to have lower than average median home prices. This is the case because residents tend to have lower per-capita incomes and a lower cost of living than their higher priced counterparts.

As a result of these two factors, Utah's communities see median home values that vary against the nationwide median home price.

Metropolitan Areas

UT Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 48 Salt Lake City 1,186,187 1,087,873 98,314 9.04%
2 85 Ogden-Clearfield 654,417 597,159 57,258 9.59%
3 92 Provo-Orem 603,309 526,810 76,499 14.52%
4 260 St. George 160,245 138,115 22,130 16.02%
5 304 Logan, UT-ID Metro Area 136,159 125,442 10,717 8.54%
6 594 Cedar City 49,937 46,163 3,774 8.18%
7 691 Summit Park 40,307 36,324 3,983 10.97%
8 749 Vernal 36,373 32,588 3,785 11.61%
9 811 Heber 30,528 23,530 6,998 29.74%
10 904 Price 20,399 21,403 -1,004 -4.69%

Utah's Population Trends

Salt Lake City Skyline.

Here are the four biggest cities in Utah:

  1. Salt Lake City (181,698),
  2. West Valley City (123,447),
  3. Provo (118,581),
  4. West Jordan (104,447).

Many of Utah's most populated cities are holy places for the Mormon Church. Utah is one of the Mormon Church's cultural and spiritual bases. As a result, two of Utah's biggest cities are important symbols for people of the Mormon faith. These cities are Salt Lake City and Provo.

Furthermore, much of the state is rural and Utah's most populated cities also tend to suburbs of Salt Lake City. Two of Utah's most populated cities are suburbs of Salt Lake City. West Valley City and West Jordan are located within 30 minutes of Salt Lake City. These cities have also enjoyed growth as newcomers from Salt Lake City and the surrounding area have taken advantage of lower taxes and lower home prices.

Utah's three fastest growing cities

Salt Lake City: Salt Lake City is one of Utah's fastest growing cities despite having one of the worst foreclosure rates in the Western United States. This is true because it enjoys a lower cost of living, lower unemployment rates and a greater than average per-capita income. Furthermore, many people of the Mormon faith have moved to Salt Lake City to take advantage of the social resources that are available there.

Provo: Provo is home to Brigham Young University. As more students have enrolled at BYU, Provo has enjoyed sustained growth due to an increase in jobs in industries such as the hospitality industry that cater to college students.

West Valley City: As a suburb of Salt Lake City, West Valley City is taking advantage of rapid growth along the western and southwestern ends of the Salt Lake Valley region. This growth has been made possible due to a lower cost of living and a younger work force who is taking advantage of growth in the technology industry.

Lightning Hitting Monument Valley.

Utah Census Data

According to the United States Census an estimated 3,051,217 people live in the state of Utah. The state has 82,169.62 mi² of land area, which gave it a population density of 37.13 per mi². Here is a list of cities, towns & Census Designated Places across the state, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Salt Lake City Salt Lake 193,744 186,440 7,304 3.92% 111.11 1,743.71
2 West Valley City Salt Lake 136,574 129,480 7,094 5.48% 35.56 3,840.66
3 Provo Utah 116,868 112,488 4,380 3.89% 41.67 2,804.61
4 West Jordan Salt Lake 113,699 103,712 9,987 9.63% 32.46 3,502.74
5 Orem Utah 97,499 88,328 9,171 10.38% 18.29 5,330.73
6 Sandy Salt Lake 95,836 87,461 8,375 9.58% 22.87 4,190.47
7 Ogden Weber 86,701 82,825 3,876 4.68% 27.09 3,200.48
8 St. George Washington 82,318 72,897 9,421 12.92% 70.4 1,169.29
9 Layton Davis 75,655 67,311 8,344 12.40% 22 3,438.86
10 South Jordan Salt Lake 69,034 50,418 18,616 36.92% 22.05 3,130.79
11 Lehi Utah 61,130 47,407 13,723 28.95% 26.34 2,320.80
12 Taylorsville Salt Lake 60,436 58,652 1,784 3.04% 10.85 5,570.14
Millcreek CDP Salt Lake 60,119 62,139 -2,020 -3.25% 13.65 4,404.32
13 Logan Cache 50,676 48,174 2,502 5.19% 17.94 2,824.75
14 Murray Salt Lake 49,230 46,746 2,484 5.31% 12.29 4,005.70
15 Draper Salt Lake & Utah 47,328 42,274 5,054 11.96% 30.08 1,573.40
16 Bountiful Davis 44,078 42,552 1,526 3.59% 13.45 3,277.17
17 Riverton Salt Lake 42,838 38,753 4,085 10.54% 12.63 3,391.77
18 Spanish Fork Utah 38,861 34,691 4,170 12.02% 15.39 2,525.08
19 Pleasant Grove Utah 38,756 33,509 5,247 15.66% 9.17 4,226.39
20 Roy Weber 38,201 36,884 1,317 3.57% 7.92 4,823.36
Kearns CDP Salt Lake 36,530 35,731 799 2.24% 4.63 7,889.85
21 Herriman Salt Lake 35,385 21,785 13,600 62.43% 20.27 1,745.68
22 Cottonwood Heights Salt Lake 34,285 33,433 852 2.55% 8.83 3,882.79
23 Tooele Tooele 33,762 31,605 2,157 6.82% 21.45 1,573.99
24 Springville Utah 33,044 29,466 3,578 12.14% 14.38 2,297.91
25 Midvale Salt Lake 33,035 27,964 5,071 18.13% 5.93 5,570.83
26 Kaysville Davis 31,243 27,300 3,943 14.44% 10.45 2,989.76
27 Cedar City Iron 31,223 28,857 2,366 8.20% 36.83 847.76
28 Clearfield Davis 30,855 30,112 743 2.47% 7.62 4,049.21
29 Holladay Salt Lake 30,831 26,472 4,359 16.47% 7.92 3,892.80
30 Eagle Mountain Utah 29,202 21,415 7,787 36.36% 44.46 656.82
31 American Fork Utah 28,770 26,263 2,507 9.55% 9.2 3,127.17
32 Syracuse Davis 28,407 24,331 4,076 16.75% 9.57 2,968.34
Magna CDP Salt Lake 27,451 26,505 946 3.57% 7.92 3,466.04
33 Saratoga Springs Utah 26,887 17,781 9,106 51.21% 16.61 1,618.72
34 Washington Washington 25,339 18,761 6,578 35.06% 32.86 771.12
35 South Salt Lake Salt Lake 24,630 23,617 1,013 4.29% 6.94 3,548.99
36 Farmington Davis 23,140 18,275 4,865 26.62% 9.86 2,346.86
37 Clinton Davis 21,672 20,426 1,246 6.10% 5.85 3,704.62
38 North Salt Lake Davis 20,301 16,322 3,979 24.38% 8.52 2,382.75
39 Payson Utah 19,810 18,294 1,516 8.29% 8.66 2,287.53
40 Brigham City Box Elder 18,975 17,899 1,076 6.01% 23.84 795.93
41 North Ogden Weber 18,791 17,357 1,434 8.26% 7.04 2,669.18
42 Highland Utah 18,647 15,523 3,124 20.12% 8.52 2,188.62
43 Centerville Davis 17,286 15,335 1,951 12.72% 5.98 2,890.64
44 South Ogden Weber 17,094 16,532 562 3.40% 3.69 4,632.52
45 Hurricane Washington 16,159 13,748 2,411 17.54% 51.2 315.61
46 Heber Wasatch 14,969 11,362 3,607 31.75% 8.41 1,779.90
47 West Haven Weber 12,329 10,272 2,057 20.03% 10.3 1,196.99
48 Bluffdale Salt Lake 11,809 7,598 4,211 55.42% 10.22 1,155.48
49 Woods Cross Davis 11,351 9,761 1,590 16.29% 3.88 2,925.52
50 Smithfield Cache 11,146 9,495 1,651 17.39% 4.98 2,238.15
51 Santaquin Utah & Juab 11,062 9,128 1,934 21.19% 10.39 1,064.68
52 Lindon Utah 10,939 10,070 869 8.63% 8.38 1,305.37
53 Vernal Uintah 10,681 9,089 1,592 17.52% 4.61 2,316.92
54 North Logan Cache 10,590 8,269 2,321 28.07% 6.96 1,521.55
55 West Point Davis 10,548 9,511 1,037 10.90% 7.3 1,444.93
56 Grantsville Tooele 10,459 8,893 1,566 17.61% 19.34 540.80
57 Cedar Hills Utah 10,374 9,796 578 5.90% 2.76 3,758.70
58 Alpine Utah 10,361 9,555 806 8.44% 7.42 1,396.36
59 Pleasant View Weber 9,716 7,979 1,737 21.77% 6.91 1,406.08
60 Mapleton Utah 9,512 7,979 1,533 19.21% 12.58 756.12
61 Washington Terrace Weber 9,198 9,067 131 1.44% 1.97 4,669.04
Stansbury Park CDP Tooele 8,752 5,145 3,607 70.11% 1.25 7,001.60
62 Riverdale Weber 8,710 8,426 284 3.37% 4.57 1,905.91
63 Hooper Weber 8,466 7,218 1,248 17.29% 26.88 314.96
64 Tremonton Box Elder 8,426 7,647 779 10.19% 7.8 1,080.26
65 Price Carbon 8,371 8,715 -344 -3.95% 5.07 1,651.08
66 Park City Summit & Wasatch 8,299 7,558 741 9.80% 17.57 472.34
67 Ivins Washington 8,132 6,753 1,379 20.42% 9.71 837.49
68 Hyrum Cache 8,027 7,609 418 5.49% 4.83 1,661.90
Summit Park CDP Summit 8,025 7,775 250 3.22% 15.77 508.88
69 Salem Utah 7,831 6,423 1,408 21.92% 10.17 770.01
70 Richfield Sevier 7,723 7,551 172 2.28% 5.69 1,357.29
71 Providence Cache 7,270 7,075 195 2.76% 3.79 1,918.21
72 South Weber Davis 7,196 6,051 1,145 18.92% 4.67 1,540.90
73 Ephraim Sanpete 7,072 6,135 937 15.27% 3.73 1,895.98
74 Santa Clara Washington 7,065 6,003 1,062 17.69% 5.52 1,279.89
75 Roosevelt Duchesne 6,905 6,046 859 14.21% 5.57 1,239.68
76 Farr West Weber 6,755 5,928 827 13.95% 6.04 1,118.38
77 Nibley Cache 6,747 5,438 1,309 24.07% 4.03 1,674.19
78 Enoch Iron 6,568 5,803 765 13.18% 7.21 910.96
79 Plain City Weber 6,493 5,476 1,017 18.57% 11.73 553.54
80 Harrisville Weber 6,376 5,567 809 14.53% 3.01 2,118.27
Snyderville CDP Summit 6,252 5,612 640 11.40% 10.82 577.82
81 Fruit Heights Davis 6,161 4,987 1,174 23.54% 2.27 2,714.10
82 Nephi Juab 5,784 5,389 395 7.33% 4.58 1,262.88
83 West Bountiful Davis 5,574 5,265 309 5.87% 3.25 1,715.08
White City CDP Salt Lake 5,497 5,407 90 1.66% 0.81 6,786.42
84 Moab Grand 5,242 5,046 196 3.88% 4.13 1,269.25
85 Sunset Davis 5,234 5,122 112 2.19% 1.31 3,995.42
86 Midway Wasatch 4,898 3,845 1,053 27.39% 5.24 934.73
87 Perry Box Elder 4,846 4,512 334 7.40% 8.04 602.74
88 Kanab Kane 4,526 4,312 214 4.96% 14.59 310.21
89 Hyde Park Cache 4,513 3,833 680 17.74% 3.37 1,339.17
Maeser CDP Uintah 4,260 3,601 659 18.30% 6.47 658.42
90 La Verkin Washington 4,246 4,060 186 4.58% 12.69 334.59
91 Morgan Morgan 4,154 3,687 467 12.67% 3.21 1,294.08
92 Blanding San Juan 4,036 3,375 661 19.59% 13.04 309.51
93 Vineyard Utah 3,953 139 3,814 2743.88% 4.35 908.74
Silver Summit CDP Summit 3,768 3,632 136 3.74% 16.96 222.17
94 Wellsville Cache 3,678 3,432 246 7.17% 6.6 557.27
95 Delta Millard 3,509 3,436 73 2.12% 4.64 756.25
96 Elk Ridge Utah 3,430 2,436 994 40.80% 2.68 1,279.85
97 Manti Sanpete 3,396 3,276 120 3.66% 2.15 1,579.53
98 Mount Pleasant Sanpete 3,363 3,260 103 3.16% 2.88 1,167.71
99 Gunnison Sanpete 3,325 3,285 40 1.22% 5.3 627.36
100 Beaver Beaver 3,048 3,112 -64 -2.06% 6.49 469.65
101 Parowan Iron 2,986 2,790 196 7.03% 6.66 448.35
Mountain Green CDP Morgan 2,981 2,309 672 29.10% 5.42 550.00
102 Hildale Washington 2,945 2,726 219 8.03% 2.94 1,001.70
103 Richmond Cache 2,600 2,470 130 5.26% 3.45 753.62
104 Salina Sevier 2,551 2,489 62 2.49% 6.18 412.78
105 Garland  Box Elder 2,492 2,400 92 3.83% 1.89 1,318.52
106 Fillmore Millard 2,491 2,435 56 2.30% 6.08 409.70
107 Monroe Sevier 2,321 2,256 65 2.88% 3.57 650.14
108 Monticello San Juan 2,213 1,972 241 12.22% 4.47 495.08
Erda CDP Tooele 2,181 4,642 -2,461 -53.02% 22.22 98.15
109 Naples Uintah 2,130 1,755 375 21.37% 6.6 322.73
110 Kamas Summit 2,109 1,811 298 16.45% 3.66 576.23
111 Helper Carbon 2,095 2,201 -106 -4.82% 1.75 1,197.14
South Willard CDP Box Elder 1,992 1,571 421 26.80% 5.85 340.51
112 Millville Cache 1,986 1,829 157 8.58% 2.11 941.23
113 Huntington Emery 1,975 2,129 -154 -7.23% 2.04 968.14
114 River Heights Cache 1,962 1,734 228 13.15% 0.63 3,114.29
Liberty CDP Weber 1,881 1,257 624 49.64% 5.85 321.54
Emigration Canyon CDP Salt Lake 1,838 1,567 271 17.29% 18.98 96.84
115 Enterprise Washington 1,823 1,711 112 6.55% 7.74 235.53
116 Willard Box Elder 1,812 1,772 40 2.26% 5.67 319.58
117 Lewiston Cache 1,806 1,766 40 2.27% 25.59 70.57
118 Duchesne Duchesne 1,755 1,690 65 3.85% 2.53 693.68
119 Marriott-Slaterville Weber 1,751 1,701 50 2.94% 7.18 243.87
120 Panguitch Garfield 1,665 1,520 145 9.54% 2.14 778.04
121 Mona Juab 1,662 1,547 115 7.43% 2.77 600.00
122 Oakley Summit 1,624 1,470 154 10.48% 6.88 236.05
123 Wellington Carbon 1,609 1,676 -67 -4.00% 5.13 313.65
124 East Carbon City Carbon 1,572 1,678 -106 -6.32% 12.1 129.92
Carbonville CDP Carbon 1,558 1,567 -9 -0.57% 5.56 280.22
125 Toquerville Washington 1,547 1,370 177 12.92% 15.13 102.25
Benjamin CDP Utah 1,545 1,145 400 34.93% 12.3 125.61
126 Ferron Emery 1,534 1,626 -92 -5.66% 2.14 716.82
127 Castle Dale Emery 1,528 1,630 -102 -6.26% 2.16 707.41
128 Woodland Hills Utah 1,527 1,344 183 13.62% 2.02 755.94
129 Honeyville Box Elder 1,501 1,441 60 4.16% 11.81 127.10
130 Genola Utah 1,484 1,370 114 8.32% 13.42 110.58
131 Moroni Sanpete 1,482 1,423 59 4.15% 1.07 1,385.05
132 Coalville Summit 1,457 1,363 94 6.90% 3.25 448.31
133 Centerfield Sanpete 1,416 1,367 49 3.58% 1.8 786.67
Granite CDP Salt Lake 1,414 1,932 -518 -26.81% 2.07 683.09
134 Wendover Tooele 1,407 1,400 7 0.50% 9.06 155.30
135 Mendon Cache 1,386 1,282 104 8.11% 1.25 1,108.80
136 Orangeville Emery 1,378 1,470 -92 -6.26% 1.35 1,020.74
137 Milford Beaver 1,357 1,409 -52 -3.69% 3.08 440.58
138 Francis Summit 1,347 1,077 270 25.07% 2.49 540.96
139 Uintah Weber 1,333 1,322 11 0.83% 1.06 1,257.55
140 Fairview Sanpete 1,288 1,247 41 3.29% 1.24 1,038.71
Spring Glen CDP Carbon 1,217 1126 91 8.08% 3.41 356.89
Benson CDP Cache 1,190 1485 -295 -19.87% 30.4 39.14
Oljato-Monument Valley CDP San Juan 1,151 674 477 70.77% 28.94 39.77
141 Fountain Green Sanpete 1,104 1,071 33 3.08% 1.41 782.98
142 Elwood Box Elder 1,077 1,034 43 4.16% 7.81 137.90
143 Ballard Uintah 1,071 801 270 33.71% 13.8 77.61
144 Daniel Wasatch 1,061 938 123 13.11% 3.27 324.46
145 Aurora Sevier 1,043 1,016 27 2.66% 1.04 1,002.88
146 Spring City Sanpete 1,023 988 35 3.54% 1.33 769.17
147 Paradise Cache 950 904 46 5.09% 1.29 736.43
West Mountain CDP Utah 950 1186 -236 -19.90% 10.69 88.87
148 Goshen Utah 949 921 28 3.04% 0.81 1,171.60
149 Green River Emery 943 952 -9 -0.95% 12.46 75.68
150 Levan Juab 898 841 57 6.78% 0.78 1,151.28
151 Minersville Beaver 887 907 -20 -2.21% 0.64 1,385.94
152 Hideout Wasatch 875 656 219 33.38% 3.29 265.96
153 Henefer Summit 871 766 105 13.71% 1.7 512.35
154 Bear River City Box Elder 869 853 16 1.88% 1.54 564.29
155 Elsinore Sevier 866 847 19 2.24% 1.3 666.15
156 Leeds Washington 852 820 32 3.90% 3.71 229.65
Marion CDP Summit 852 685 167 24.38% 5.82 146.39
Riverside CDP Box Elder 829 760 69 9.08% 6.71 123.55
157 Annabella Sevier 809 795 14 1.76% 0.7 1,155.71
158 Rocky Ridge Juab 806 733 73 9.96% 2.12 380.19
Wolf Creek CDP Weber 800 1,336 -536 -40.12% 3.16 253.16
159 Newton Cache 797 789 8 1.01% 0.79 1,008.86
160 Escalante Garfield 787 797 -10 -1.25% 2.94 267.69
161 Mantua Box Elder 786 687 99 14.41% 4.8 163.75
Fort Duchesne CDP Uintah 784 714 70 9.80% 7.01 111.84
Hoytsville CDP Summit 761 607 154 25.37% 4.45 171.01
Central CDP Washington 742 613 129 21.04% 2.51 295.62
162 Redmond Sevier 740 730 10 1.37% 0.96 770.83
163 Apple Valley Washington 739 701 38 5.42% 40.75 18.13
West Wood CDP Carbon 738 844 -106 -12.56% 1.06 696.23
Lake Shore CDP Utah 723 817 -94 -11.51% 10.92 66.21
164 Clarkston Cache 711 666 45 6.76% 0.97 732.99
165 Corinne Box Elder 703 685 18 2.63% 3.82 184.03
166 Hinckley Millard 698 696 2 0.29% 5.05 138.22
Enterprise CDP Morgan 683 605 78 12.89% 3.78 180.69
167 Eureka Juab 682 669 13 1.94% 1.51 451.66
Thatcher CDP Box Elder 665 789 -124 -15.72% 11.7 56.84
Copperton CDP Salt Lake 648 826 -178 -21.55% 6.41 101.09
168 Stockton Tooele 647 616 31 5.03% 1.62 399.38
169 Oak City Millard 644 578 66 11.42% 0.92 700.00
170 Huntsville Weber 632 608 24 3.95% 0.75 842.67
Eden CDP Weber 627 600 27 4.50% 4.2 149.29
171 Myton Duchesne 624 569 55 9.67% 1.02 611.76
172 Virgin Washington 608 596 12 2.01% 16.37 37.14
Dugway CDP Tooele 597 795 -198 -24.91% 5.21 114.59
173 Garden City Rich 587 562 25 4.45% 8.38 70.05
174 Loa Wayne 585 572 13 2.27% 0.9 650.00
175 Orderville Kane 573 577 -4 -0.69% 9.15 62.62
176 Springdale Washington 570 529 41 7.75% 4.63 123.11
177 Central Valley Sevier 561 528 33 6.25% 1.36 412.50
178 Mayfield Sanpete 531 496 35 7.06% 0.99 536.36
Halchita CDP San Juan 521 266 255 95.86% 17.11 30.45
Navajo Mountain CDP San Juan 521 354 167 47.18% 33.35 15.62
179 Paragonah Iron 520 488 32 6.56% 0.64 812.50
180 Amalga Cache 516 488 28 5.74% 3.42 150.88
181 Trenton Cache 512 464 48 10.34% 7.28 70.33
182 Tropic Garfield 509 530 -21 -3.96% 8.37 60.81
183 Circleville Piute 501 547 -46 -8.41% 9.08 55.18
Wanship CDP Summit 497 400 97 24.25% 5.05 98.42
Veyo CDP Washington 492 483 9 1.86% 2.07 237.68
Dammeron Valley CDP Washington 484 803 -319 -39.73% 4.89 98.98
184 Big Water Kane 480 475 5 1.05% 6.16 77.92
185 Rush Valley Tooele 479 447 32 7.16% 18.34 26.12
186 Glenwood Sevier 473 464 9 1.94% 0.54 875.93
187 Charleston Wasatch 471 415 56 13.49% 2.03 232.02
188 Kanosh Millard 466 474 -8 -1.69% 0.84 554.76
189 Randolph Rich 466 464 2 0.43% 1.04 448.08
190 Fielding Box Elder 459 455 4 0.88% 0.45 1,020.00
Spring Lake CDP  Utah 454 458 -4 -0.87% 1.18 384.75
Aneth CDP San Juan 446 501 -55 -10.98% 11.03 40.44
191 Cleveland Emery 442 464 -22 -4.74% 0.85 520.00
192 Sigurd Sevier 438 429 9 2.10% 0.98 446.94
193 Plymouth Box Elder 431 414 17 4.11% 0.65 663.08
Peter CDP Cache 431 324 107 33.02% 21.48 20.07
Neola CDP Duchesne 419 461 -42 -9.11% 3.77 111.14
Timber Lakes CDP Wasatch 410 607 -197 -32.45% 8.84 46.38
194 Elmo Emery 408 418 -10 -2.39% 0.65 627.69
Cove CDP Cache 406 460 -54 -11.74% 14.59 27.83
195 Marysvale Piute 403 408 -5 -1.23% 17.61 22.88
196 Cedar Fort Utah 389 368 21 5.71% 21.24 18.31
197 Alta Salt Lake 387 383 4 1.04% 4.61 83.95
Palmyra CDP Utah 387 491 -104 -21.18% 11.42 33.89
198 Kanarraville Iron 378 355 23 6.48% 0.46 821.74
199 Holden Millard 377 378 -1 -0.26% 0.54 698.15
200 Glendale Kane 373 381 -8 -2.10% 7.79 47.88
Bluff CDP San Juan 358 258 100 38.76% 22.03 16.25
201 Wales Sanpete 355 302 53 17.55% 0.31 1,145.16
Montezuma Creek CDP San Juan 350 335 15 4.48% 11.96 29.26
202 Castle Valley Grand 348 319 29 9.09% 8.04 43.28
203 Joseph Sevier 346 344 2 0.58% 0.91 380.22
204 Wallsburg Wasatch 340 250 90 36.00% 0.52 653.85
205 Deweyville Box Elder 339 332 7 2.11% 6.4 52.97
206 Koosharem Sevier 331 327 4 1.22% 0.86 384.88
207 Bicknell Wayne 327 327 0 0.00% 0.61 536.07
208 Manila Daggett 324 310 14 4.52% 0.87 372.41
209 Scipio Millard 320 327 -7 -2.14% 0.93 344.09
211 Cornish Cache 315 288 27 9.38% 4.87 64.68
210 Meadow Millard 315 310 5 1.61% 0.51 617.65
Deseret CDP Millard 309 353 -44 -12.46% 3.07 100.65
212 Sterling Sanpete 302 262 40 15.27% 0.3 1,006.67
Newcastle CDP Iron 299 247 52 21.05% 3.98 75.13
Sutherland CDP Millard 296 165 131 79.39% 2.17 136.41
213 Vernon Tooele 294 243 51 20.99% 7.53 39.04
Avon CDP Cache 293 367 -74 -20.16% 7.13 41.09
White Mesa CDP San Juan 276 242 34 14.05% 15.65 17.64
Spanish Valley CDP San Juan 276 491 -215 -43.79% 14.2 19.44
214 Rockville Washington 273 245 28 11.43% 8.23 33.17
La Sal CDP San Juan 267 395 -128 -32.41% 47.56 5.61
215 Emery Emery 266 288 -22 -7.64% 1.17 227.35
216 Laketown Rich 259 248 11 4.44% 2.58 100.39
217 Portage Box Elder 257 245 12 4.90% 2.99 85.95
218 Altamont Duchesne 255 225 30 13.33% 0.14 1,821.43
219 Lyman Wayne 251 258 -7 -2.71% 1.88 133.51
220 Howell Box Elder 250 245 5 2.04% 35.35 7.07
221 Fayette Sanpete 249 242 7 2.89% 0.42 592.86
222 Torrey Wayne 241 182 59 32.42% 0.51 472.55
223 Leamington Millard 231 226 5 2.21% 1.55 149.03
224 Boulder Garfield 225 226 -1 -0.44% 20.92 10.76
225 Bryce Canyon City Garfield 223 198 25 12.63% 3.46 64.45
Elberta CDP Utah 223 256 -33 -12.89% 13.65 16.34
226 Henrieville Garfield 220 230 -10 -4.35% 1.56 141.03
227 New Harmony Washington 220 207 13 6.28% 0.61 360.66
228 Hanksville Wayne 214 219 -5 -2.28% 1.9 112.63
229 Interlaken Wasatch 209 209 0 0.00% 0.223 937.22
230 Independence Wasatch 204 164 40 24.39% 30.59 6.67
Jensen CDP Uintah 197 412 -215 -52.18% 3.23 60.99
231 Clawson Emery 190 163 27 16.56% 0.71 267.61
232 Woodruff Rich 188 180 8 4.44% 0.46 408.70
Randlett CDP Uintah 184 220 -36 -16.36% 5.22 35.25
233 Junction Piute 174 191 -17 -8.90% 14.44 12.05
234 Snowville Box Elder 172 167 5 2.99% 1.54 111.69
236 Cannonville Garfield 169 167 2 1.20% 1.98 85.35
235 Tabiona Duchesne 169 171 -2 -1.17% 0.13 1,300.00
Woodland CDP Summit 163 343 -180 -52.48% 2.26 72.12
Garden CDP Rich 161 181 -20 -11.05% 26.52 6.07
237 Kingston Piute 158 173 -15 -8.67% 5.32 29.70
Tselakai Dezza CDP San Juan 155 109 46 42.20% 19.98 7.76
238 Dutch John Daggett 150 151 -1 -0.66% 2.4 62.50
Pine Valley CDP Washington 150 186 -36 -19.35% 3.44 43.60
Bluebell CDP Duchesne 149 293 -144 -49.15% 9.74 15.30
Samak CDP Summit 146 287 -141 -49.13% 4.7 31.06
Dutch John CDP Daggett 143 145 -2 -1.38% 2.39 59.83
Summit CDP Iron 142 160 -18 -11.25% 0.68 208.82
239 Hatch Garfield 140 133 7 5.26% 0.48 291.67
240 Fairfield Utah 136 119 17 14.29% 26.71 5.09
Teasdale CDP Wayne 132 191 -59 -30.89% 4.01 32.92
Peoa CDP Summit 130 253 -123 -48.62% 2.85 45.61
Fremont CDP Wayne 127 145 -18 -12.41% 1.75 72.57
Kenilworth CDP Carbon 123 180 -57 -31.67% 0.75 164.00
242 Alton Kane 119 119 0 0.00% 2.08 57.21
241 Antimony Garfield 119 122 -3 -2.46% 10.11 11.77
243 Lynndyl Millard 113 106 7 6.60% 3.56 31.74
Whiterocks CDP Uintah 108 289 -181 -62.63% 2.35 45.96
Echo CDP Summit 99 56 43 76.79% 0.82 120.73
Flaming Gorge CDP Daggett 90 83 7 8.43% 2.28 39.47
244 Brian Head Iron 89 83 6 7.23% 3.1 28.71
Thompson Springs CDP Grand 85 39 46 117.95% 3.19 26.65
245 Ophir Tooele 55 38 17 44.74% 0.14 392.86
246 Scofield Carbon 23 24 -1 -4.17% 0.7 32.86

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Utah Mortgage Loans

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. Local affordability makes the $424,100 ceiling apply across most the state for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650. People buying properties in the the Summit Park & Salt Lake City metro areas have higher conforming mortgage thresholds.

County Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Salt Lake Salt Lake City, Ut $600,300 $768,500 $928,950 $1,154,450
Summit Summit Park, Ut $636,150 $814,500 $984,525 $1,223,475
Tooele Salt Lake City, Ut $600,300 $768,500 $928,950 $1,154,450

Home buyers who are borrowing more than the above amounts will likely need to obtain a jumbo mortgage. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

Utah offers the following home loans to home buyers:

  • ARM's,
  • Fixed rate mortgages that range in maturity from 15-40 years,
  • jumbo loans,
  • home equity loans,
  • 2nd mortgages,
  • FHA government loans and
  • VA mortgages for US armed forces veterans.
  • USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

These home loan products are recognized in Utah as either mortgage contracts or Deeds of trust. However, most lenders tend to use deeds of trust to govern home loans in Utah.

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Natural Disasters

Earthquakes

Utah has a high to very earthquake risk. Here are county-by-county risk profiles.

  • Very low: Grand, San Juan
  • Low: Daggett, Uintah
  • Moderate: Carbon, Duchesne, Emery, Millard, Tooele
  • High: Juab, Summit, Wasatch
  • Very high: Beaver, Box Elder, Cache, Davis, Iron, Morgan, Piute, Rich, Salt Lake, Sanpete, Sevier, Utah, Washington, Weber

Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Utah is considered to have a very low flooding risk. The following counties have a moderate flooding risk: Summit & Washington.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Wildfires

The risk of wildfires is considered moderate in the northwest part of the state. Fire damages from wildfires & other types of fires are typically covered in most homeowner's insurance policies. If you own expensive items you may want to keep an up-to-date household inventory list which lists specific valuables, such as fine art & jewelry.

Utah Foreclosure Law

The home loan products generally have recourse protection in Utah. This is the case because lenders can try to recover a deficiency judgment against borrowers who must sell their homes in foreclosure proceedings.

However, as we shall see, these deficiency judgments can be difficult to obtain. This is true because borrowers in Utah may exercise their right to redeem a property at any time in the foreclosure process. Furthermore, this redemption right can be extended indefinitely by the court if it is deemed necessary.

To gain a better understanding of this, here is how Utah's foreclosure process works:

Utah recognizes both judicial and non-judicial foreclosures.

If a lender must go to court to obtain a judicial foreclosure, here are the steps that the lender must take.

  • First, the lender must go to court in the county where the home is to ask the judge formally for a foreclosure proceeding to happen.
  • Next, the judge must decide if the borrower is in default. If the judge believes the borrower is in default, he can issue a sale decree that will put the property up for sale.

Before this can happen, the judge must give the borrower a redemption period that allows the borrower one last chance to completely pay off the loan and the costs associated with the proceedings. This period of time can be extended indefinitely if the judge feels that it would give the borrower a fair chance to redeem the property. If the borrower cannot make good on his redemption pledge, the home goes up for sale in a manner described below for non-judicial foreclosures.

Here is information about how the non-judicial foreclosure process works in Utah.

Most lenders tend to pursue non-judicial foreclosures. This is the case because non-judicial foreclosures are easier to execute against borrower who have defaulted on their home loans. It is easier to execute a non-judicial foreclosure on a defaulted home loan because most home loan contracts in Utah are governed by a power of sale clause that automatically allows the lender to sell the house if the terms of the loan agreement are not followed.

As a result, it is a good idea to understand how the non-judicial foreclosure process works in Utah. Here is how that process works:

If the loan contract has provisions in the power of sale clause that explain how the home is to be sold, those provisions govern the sale of the home.

Otherwise, lenders must follow these steps to legally execute a non-judicial foreclosure in Utah:

  1. The lender must list the home for sale at least once a week for three weeks in a local paper where the home is located.
  2. The last ad must be placed in the same paper 10-30 days before the date of the sale.
  3. After listing the home for sale in the paper, the lender must place a sale notice at the county clerk's office and in a prominent location at the home site.
  4. Step 3 must be completed within 20 days of the proposed sale of the home.
  5. If steps one to four are done correctly, the sale happens at the county courthouse where the home is located.
  6. There are no legally binding minimum bids required at the sale. As a result, someone could theoretically buy a house for $1.00 at one of these sales.
  7. Once a final sale price has been reached, two things must happen before the home is transferred to its new owner:
    • First, all of the borrower's rights to redeem the property must be exercised. This can take a very long time to happen because the court can give borrowers as much time as they need to make an honest attempt to redeem the property.'
    • Afterwards, any deficiency judgment proceedings must be completed. This protects the new homeowner against any snags in the legal system that can happen during the proceedings. This is especially true in Utah because lenders can put a lien on a borrower's property to pay for any deficiency judgments.
  8. Finally, once step seven has been completed, the new home owner may take the home into his custody.
    • Since this process outlined in step 7 can take several months to complete, people who are interested in foreclosed properties in Utah should look for properties that have a power of sale clause attached to the loan documents to simplify the foreclosure process.

 

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