Utah Foreclosure Activity Decreases in May

Statewide foreclosure filings fell 39 percent from April; Down 10 percent from May 2009

 

Foreclosure activity in Utah fell 39 percent in May to 2,623 properties with foreclosure filings and fell 10 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Utah foreclosures were down in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which fell 45 percent for the month. The state’s unemployment rate is still more than 2 percent below the national average. This has definitely contributed to the overall decrease.”

 

Utah ranked 26th in the country in total foreclosures reported for the month. With one in every 360 housing units receiving a foreclosure filing, its foreclosure rate ranked 9th among the 50 states.

 

Uintah County dominates foreclosure rate numbers in May

Uintah County posted the highest foreclosure rate in Utah for May, with one in every 164 housing units receiving a foreclosure filing — 2.4 times the national average. Summit County came in second, with one in every 168 housing units receiving a foreclosure filing — 2.4 times the national average. Washington County had the third highest foreclosure rate in Utah, with one in every 213 housing units receiving a foreclosure filing — 1.9 times the national average. Sevier County documented the fourth highest foreclosure rate in May, with one in every 245 housing units receiving a foreclosure filing.

 

Salt Lake County tops in foreclosure total for May

Salt Lake County came out on top, reporting 1,048 properties with foreclosure filings for the month. Utah County followed in second, documenting 491 properties with foreclosure filings. Reporting 266 properties with foreclosure filings for the month, Washington County reported the third highest ranking. Davis County was fourth highest, reporting 202 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

Utah accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Utah

833

0

990

0

800

2,623

360

1.11

n/a

 

 

 

 

 

 

 

 

 

 

Uintah

0

0

40

0

26

66

164

2.44

2.20

Summit

52

0

57

0

29

138

168

2.38

2.14

Washington

65

0

135

0

66

266

213

1.88

1.69

Sevier

0

0

17

0

15

32

245

1.63

1.47

Wasatch

8

0

12

0

18

38

254

1.57

1.42

 

Utah Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Utah

833

0

990

0

800

2,623

360

-38.51

-10.39

 

 

 

 

 

 

 

 

 

 

Salt Lake

356

0

405

0

287

1,048

340

-44.40

-4.12

Utah

269

0

63

0

159

491

291

-29.66

-39.75

Washington

65

0

135

0

66

266

213

-34.16

-18.90

Davis

5

0

137

0

60

202

466

12.85

-23.19

Weber

16

0

97

0

61

174

477

-63.83

-6.45

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved