UTAH FORECLOSURE ACTIVITY INCREASES 12 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 87 Percent From Q1 2008

Monthly Activity Up 71 percent in March, Surges 151 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 6,143 Utah properties in the first quarter of 2009, a 12 percent increase from the previous quarter, and 87 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Beehive State reported 3,085 properties with foreclosure filings in March, a 71 percent increase from the previous month and 151 percent above its March 2008 total.

 

Utah foreclosures are up across the board,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales fell more than four times the national average during the past year. This, in addition to the overall decline in the economy, is likely contributing to the rise.”

 

Utah documented the 25th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 151 housing units received a foreclosure filing during the quarter — came in ninth among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Utah counties accounted for 90 percent of the state’s overall foreclosure activity during the first quarter. Salt Lake County came in first place, reporting 2,169 properties with foreclosure filings. Utah County was second, reporting 1,403 properties with foreclosure filings for the quarter. Washington County was behind in third, reporting 1,030 properties with foreclosure filings. Davis County registered the fourth highest total, documenting 554 properties with foreclosure filings. Weber County registered the fifth highest total, where 343 properties with foreclosure filings were reported.

 

Washington County scores highest rates in the state for first quarter

Washington County led the state, with one in every 53 housing units receiving a foreclosure filing — 2.8 times the state average and three times the national average. Tooele County came in second, with one in every 59 housing units receiving a foreclosure filing — 2.6 times the state average and 2.7 times the national average. Wasatch County posted the third highest foreclosure rate, where one in every 92 housing units received a foreclosure filing during the month — 1.6 times the state average and 1.7 times the national average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

Utah accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Utah

2,396

0

1,982

0

1,765

6,143

151

12.47

86.77

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

Box Elder

0

0

46

0

6

52

322

23.81%

116.67%

Cache

0

0

0

0

0

0

-100.00%

-100.00%

Carbon

0

0

0

0

0

0

-100.00%

Daggett

0

0

0

0

0

0

-100.00%

Davis

1

0

418

0

135

554

167

13.06%

68.90%

Duchesne

0

0

0

0

0

0

-100.00%

Emery

0

0

0

0

0

0

-100.00%

Garfield

0

0

0

0

1

1

3,326

Grand

0

0

0

0

0

0

Iron

0

0

0

0

12

12

1,498

-61.29%

500.00%

Juab

0

0

0

0

1

1

3,444

Kane

0

0

0

0

0

0

-100.00%

Millard

0

0

0

0

0

0

Morgan

0

0

0

0

0

0

-100.00%

Piute

0

0

0

0

0

0

Rich

0

0

0

0

0

0

Salt Lake

1,165

0

398

0

606

2,169

162

-1.41%

47.05%

San Juan

0

0

0

0

0

0

-100.00%

Sanpete

0

0

1

0

0

1

8,596

Sevier

0

0

11

0

4

15

516

-40.00%

87.50%

Summit

2

0

52

0

19

73

303

-37.61%

7200.00%

Tooele

0

0

262

0

49

311

59

122.14%

842.42%

Uintah

19

0

17

0

41

77

134

20.31%

600.00%

Utah

705

0

183

0

515

1,403

99

25.49%

136.59%

Wasatch

0

0

78

0

23

101

92

34.67%

152.50%

Washington

504

0

239

0

287

1,030

53

17.05%

165.46%

Wayne

0

0

0

0

0

0

Weber

0

0

277

0

66

343

238

29.92%

-9.50%

                

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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