UTAH FORECLOSURES DECREASE 1 PERCENT IN OCTOBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

State Activity Level Up 13 Percent From a Year Ago

 

IRVINE, Calif. – Nov. 10, 2006 – Utah reported 1,070 properties entering some stage of the foreclosure process in October, a 1 percent decrease from the 1,077 properties reported in September, but still 13 percent above the 945 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“When compared to many other states, Utah foreclosures are not much higher than they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Steady employment growth and home price appreciation are likely keeping these numbers stable.  Still, Utah continues to hold one of the higher foreclosure rates nationwide.”

 

Utah ranked 22nd in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 718 households — 1.4 times the national average — ranks it among the top 10 states in the nation.

 

Activity in Salt Lake County accounts for largest share of state total

Salt Lake County led the state in activity, reporting 486 properties entering some stage of the foreclosure process during the month. Reporting 244 properties entering some stage of the foreclosure process, Weber County had the second highest total, followed by Davis County where 189 properties entered the foreclosure pipeline. 

 

Weber County posts state’s top foreclosure rate

Weber County posted the top foreclosure rate in the state for October, reporting one new foreclosure filing for every 289 households — 2.5 times the state average and 3.5 times the national average. Reporting one new foreclosure filing for every 392 households — 1.8 times the state average and 2.6 times the national average — Davis County had the second highest foreclosure rate, followed by Salt Lake County with one new foreclosure filing for every 640 households — 1.1 times the state average and 1.6 the national average.

 

State activity has minor impact on national total

Utah’s foreclosure activity represented less than 1 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase from the 112,210 foreclosures reported in September. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,001 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

 

 

 

     Utah Foreclosure Market by County – October 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

n/a

n/a

Utah

417

587

0

0

66

1,070

718

1.39

n/a

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

n/a

0.00

0.00

Box Elder

1

5

0

0

3

9

1,579

0.63

0.45

Cache

0

9

0

0

1

10

2,904

0.34

0.25

Carbon

0

0

0

0

0

0

 n/a

0.00

0.00

Davis

79

103

0

0

7

189

392

2.55

1.83

Duchesne

1

0

0

0

0

1

6,988

0.14

0.10

Garfield

0

0

0

0

0

0

 n/a

0.00

0.00

Grand

0

0

0

0

0

0

 n/a

0.00

0.00

Iron

0

1

0

0

0

1

13,618

0.07

0.05

Kane

0

0

0

0

0

0

 n/a

0.00

0.00

Rich

0

0

0

0

0

0

 n/a

0.00

0.00

Salt Lake

229

232

0

0

25

486

640

1.56

1.12

Sanpete

0

0

0

0

0

0

 n/a

0.00

0.00

Sevier

0

3

0

0

0

3

2,339

0.43

0.31

Summit

1

4

0

0

1

6

2,915

0.34

0.25

Tooele

0

2

0

0

2

4

3,453

0.29

0.21

Utah

11

58

0

0

13

82

1,272

0.79

0.56

Wasatch

0

6

0

0

0

6

1,094

0.91

0.66

Washington

11

18

0

0

0

29

1,258

0.80

0.57

Weber

84

146

0

0

14

244

289

3.47

2.49

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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