Utah Foreclosure Activity Declines in February

Statewide filings decrease 16 percent from January; rate #6 nationally

 

Foreclosure activity in Utah declined in February to 3,430 properties with foreclosure filings, down 16 percent from the previous month, but still 90 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure filings dropped in Utah in February, though activity remained nearly double what it was at this time last year in the Beehive State,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though slow to take hold, foreclosure activity ramped up substantially in many parts of Utah in the second half of 2009 and just recently appears to slowing.”

 

One in every 275 Utah housing units received a foreclosure filing in February, the sixth highest rate in the nation.

 

Washington County posts top foreclosure rate in the state for February

With one in every 117 housing units receiving a foreclosure filing — 3.6 times the national average and 2.4 times the state average — Washington County posted the state’s highest county foreclosure rate in February. Tooele County was second, with one in every 184 housing units receiving a foreclosure filing — 2.3 times the national average and 1.5 times the state average. Summit County came in third highest, with one in every 197 housing units receiving a foreclosure filing — 2.1 times the national average and 1.4 times the state average.

 

Salt Lake County led the state in total foreclosures in February

Salt Lake County led the way, totaling 1,431 properties with foreclosure filings for the month. Utah County was second, documenting 575 properties with foreclosure filings. Reporting 484 properties with foreclosure filings for the month, Washington County ranked third highest. Weber County came in fourth place, reporting 231 properties with foreclosure filings, while the fifth highest total was in Davis County, where 230 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Utah accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Utah Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Utah

1,349

0

1,355

0

726

3,430

275

1.52

n/a

 

 

 

 

 

 

 

 

 

 

Washington

107

0

271

0

106

484

117

3.58

2.36

Tooele

0

0

84

0

18

102

184

2.28

1.50

Summit

35

0

57

0

26

118

197

2.13

1.40

Uintah

0

0

34

0

17

51

212

1.97

1.30

Wasatch

12

0

20

0

11

43

225

1.86

1.23

 

 

Utah Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Utah

1,349

0

1,355

0

726

3,430

275

-16.08

90.03

 

 

 

 

 

 

 

 

 

 

Salt Lake

695

0

483

0

253

1,431

249

-19.79

121.86

Utah

332

0

74

0

169

575

249

-27.58

87.91

Washington

107

0

271

0

106

484

117

14.69

22.22

Weber

77

0

115

0

39

231

359

-22.48

1,115.79

Davis

3

0

183

0

44

230

409

47.44

9.00

 

 

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