UTAH FORECLOSURE ACTIVITY DOWN 5 PERCENT IN JANUARY

Foreclosure Filings Statewide Increase 85 Percent From January 2008

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 1,791 Utah properties in January, down 5 percent from the previous month, but still 85 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

Utah foreclosures were down in January,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state currently holds the fifth lowest unemployment rate in the nation. This is likely helping to temper foreclosures here when they are skyrocketing in most places.”

 

Utah ranked 26th in the country in total foreclosures reported for the month. With one in every 517 housing units receiving a foreclosure filing, its foreclosure rate ranked 12th among the 50 states.

 

Five counties account for bulk of state activity in January

Five Utah counties accounted for 95 percent of all foreclosure activity in the state during January. Salt Lake County led the pack, reporting 758 properties with foreclosure filings for the month. Washington County was second highest, reporting 305 properties with foreclosure filings. Weber County came in third place, reporting 253 properties with foreclosure filings. Davis County placed fourth, documenting 195 properties with foreclosure filings. Utah County posted the fifth highest foreclosure activity, where 191 properties with foreclosure filings were reported.

 

Washington County posts state’s highest foreclosure rate for January

Washington County reported the highest foreclosure rate in Utah for January, with one in every 179 housing units receiving a foreclosure filing — 2.9 times the state average and 2.6 times the state average. Wasatch County posted the state’s second highest foreclosure rate, with one in every 289 housing units receiving a foreclosure filing — 1.8 times the state average and 1.6 times the national average. Weber County documented the third highest foreclosure rate, where one in every 323 housing units received a foreclosure filing during the month.

 

State contributed 1 percent to nation’s foreclosure total in January

Utah accounted for 1 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Utah

705

0

538

0

548

1,791

517

0.90

n/a

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

 n/a

0.00

0.00

Box Elder

0

0

0

0

0

0

 n/a

0.00

0.00

Cache

0

0

0

0

0

0

 n/a

0.00

0.00

Carbon

0

0

0

0

0

0

 n/a

0.00

0.00

Daggett

0

0

0

0

0

0

 n/a

0.00

0.00

Davis

0

0

151

0

44

195

474

0.98

1.09

Duchesne

0

0

0

0

0

0

 n/a

0.00

0.00

Emery

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

0

0

5

5

3,595

0.13

0.14

Juab

0

0

0

0

1

1

3,444

0.14

0.15

Kane

0

0

0

0

0

0

 n/a

0.00

0.00

Millard

0

0

0

0

0

0

 n/a

0.00

0.00

Morgan

0

0

0

0

0

0

 n/a

0.00

0.00

Piute

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

543

0

8

0

207

758

465

1.00

1.11

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

Sanpete

0

0

0

0

0

0

 n/a

0.00

0.00

Sevier

0

0

5

0

0

5

1,547

0.30

0.33

Summit

2

0

24

0

11

37

597

0.78

0.86

Tooele

0

0

0

0

0

0

 n/a

0.00

0.00

Uintah

9

0

0

0

0

9

1,145

0.41

0.45

Utah

60

0

7

0

124

191

724

0.64

0.71

Wasatch

0

0

21

0

11

32

289

1.61

1.79

Washington

91

0

130

0

84

305

179

2.60

2.88

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Weber

0

0

192

0

61

253

323

1.44

1.60

                   

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 homes, with more than 1.3 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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