Utah Foreclosure Activity Fell in Second Quarter

Activity level fell 11 percent from Q1; rate 5th highest in nation

Foreclosure filings increase 2 percent mid-year; up 37 percent in June

 

Utah reported 9,564 properties with foreclosure filings for the second quarter of 2010, an 11 percent drop from the first quarter, but still 13 percent above the level reported in the second quarter of 2009. One in every 99 Utah housing units received a foreclosure filing during the quarter, giving the state the fifth highest foreclosure rate in the nation.

 

Activity level in Utah rose during the first half of 2010 as well as for the month of June. For the first six months of the year, Utah reported 18,058 properties with foreclosure filings, a 2 percent rise in activity from the second half of 2009 and 34 percent above the level reported mid-year 2009. In June the state tallied 3,589 properties with foreclosure filings, an increase of 37 percent from the previous month and up 3 percent from June 2009.

 

“Foreclosure activity in Utah fell during the second quarter of this year, though it remained well above the level reported for second quarter 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Utah also reported a spike in foreclosure filings over the first half of 2010 as compared to the previous six month period, even as its unemployment rate fell to 7.2 percent — well below the national average.”

 

Uintah County posts state’s top foreclosure rate for the quarter

Uintah County posted the highest county foreclosure rate in Utah during the second quarter, with one in every 47 housing units receiving a foreclosure filing — three times the national average. Washington County had the second highest foreclosure rate, with one in every 64 housing units receiving a foreclosure filing — 2.3 times the national average. Wasatch County had the third highest foreclosure rate, with one in every 65 housing units receiving a foreclosure filing — 2.2 times the national average.

 

Salt Lake County leads state in total foreclosures for the second quarter

Salt Lake County led the state in total foreclosures, reporting 3,856 properties with foreclosure filings for the quarter. Utah County had the second highest total, reporting 1,702 properties with foreclosure filings. Reporting 914 properties with foreclosure filings for the quarter, Weber County came in third. Washington County was fourth, reporting 884 properties with foreclosure filings. Fifth highest total was Davis County, where 601 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to nation’s quarterly total

Foreclosure activity in Utah represented 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Utah

2,983

22

3,569

0

2,990

9,564

99

1.46

n/a

 

 

 

 

 

 

 

 

 

 

Uintah

2

0

151

0

75

228

47

3.04

2.08

Washington

76

0

455

0

353

884

64

2.25

1.54

Wasatch

34

0

43

0

72

149

65

2.22

1.52

Summit

153

0

67

0

112

332

70

2.06

1.41

Box Elder

21

0

164

0

35

220

78

1.85

1.27

 

 

Utah Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Utah

2,983

22

3,569

0

2,990

9,564

99

-11.08

13.37

 

 

 

 

 

 

 

 

 

 

Salt Lake

1,553

0

1,286

0

1,017

3,856

92

-16.14

31.20

Utah

858

0

257

0

587

1,702

84

-10.94

-18.49

Weber

113

0

495

0

306

914

91

16.73

-0.44

Washington

76

0

455

0

353

884

64

-24.70

-18.68

Davis

9

0

423

0

169

601

157

-7.11

-10.57

 

 

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