different states have different problems---Utah

[Rich Weese]

http://www.sltrib.com/business/ci_13546100?source=rss

Utah is one of my ex stomping grounds. A couple years ago, all my Utah friends told me their state would be immune to the problems in other states, because everyone wanted to live there. I told them they had been drinking too much Mormon tea(I'm Mormon). I explained that different states would arrive at the foreclosure party at different times. They'd have no part of the thought.
Lately, there have been many predictions that salt lake and provo/orem won't hit bottom for a couple more years. This new article is explaining how BKs are up 68% since same time last year. This is a good item to look at in your area to see if your state is continuing to weaken. Rich

[John Williams]

I too was guilty of thinking Utah was in a class of its own economically. But that mentality only worsens the problem. I'm actually hoping that housing will become more affordable around here, so maybe this will be a good thing.

Its kinda sad, I was looking to buy a house a couple months ago (here in UT) and I was pre-approved for a mortgage that I couldnt have afforded. It was an FHA but still, if I was dumb I might have bought a home and probably gotten foreclosed on shortly after. Not to mention, with prices falling I would be upside down before I knew it. You would think lenders would be more careful by now.