Utah Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Utah rose 21 percent during the first quarter of 2010, and was up 75 percent from the same period last year. In all, the state reported 10,756 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 4,208 properties with foreclosure filings, a 23 percent increase from the previous month, and 36 percent above the level reported in March 2009. One in every 224 Utah housing units received a foreclosure filing during the month, the fifth highest state foreclosure rate.

 

“Utah foreclosures were up during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 44 percent during the quarter. While the state’s unemployment rate remains low, its home values declined much further than the national average last quarter. This is likely contributing to the rise.”

 

Utah ranked 21st in the country in total foreclosures for the first quarter. With one in every 88 housing units receiving a foreclosure filing, its foreclosure rate ranked 5th among the 50 states.

 

Washington County tops in foreclosure rate for the first quarter

Washington County posted the highest county foreclosure rate in Utah during the first quarter, as one in every 48 housing units received a foreclosure filing — 2.9 times the national average. Uintah County came in second, with one in every 54 housing units receiving a foreclosure filing — 2.6 times the national average. Iron County came in third highest, with one in every 57 housing units receiving a foreclosure filing — 2.4 times the national average.

 

Salt Lake County led state in total foreclosures for the first quarter

Salt Lake County documented 4,598 properties with foreclosure filings for the quarter. Utah County was second, reporting 1,911 properties with foreclosure filings. Reporting 1,174 properties with foreclosure filings for the month, Washington County came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Utah represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: DefaultNotice 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Utah

3,881

0

3,748

0

3,127

10,756

88

0.02

n/a

 

 

 

 

 

 

 

 

 

 

Washington

157

0

582

0

435

1,174

48

2.87

1.82

Uintah

1

0

112

0

88

201

54

2.57

1.63

Iron

122

0

37

0

165

324

57

2.41

1.53

Wasatch

42

0

57

0

60

159

61

2.28

1.45

Summit

88

0

146

0

127

361

64

2.15

1.37

 

 

 

Utah Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Utah

3,881

0

3,748

0

3,127

10,756

88

21.00

75.09

 

 

 

 

 

 

 

 

 

 

Salt Lake

2,114

0

1,455

0

1,029

4,598

77

37.34

111.99

Utah

925

0

357

0

629

1,911

75

31.70

36.21

Washington

157

0

582

0

435

1,174

48

4.26

13.98

Weber

291

0

257

0

235

783

106

8.45

128.28

Davis

10

0

442

0

195

647

146

5.72

16.79

 

 

 

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