Utah Foreclosure Activity Rises in November

Statewide filings up 11 percent from October; up 33 percent from previous year

 

Utah foreclosure activity rose in November to 2,670 properties with foreclosure filings, up 11 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 33 percent ahead of the level reported in November 2008.

 

“Utah foreclosures climbed in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 28 percent for the month. While the state’s unemployment remains low, home sales have not picked up this year as they have in most other states. This may be contributing to the recent rise.”

 

Utah ranked 25th in the country in total foreclosures reported for the month. With one in every 347 housing units receiving a foreclosure filing, its foreclosure rate ranked 8th among the 50 states.

 

Wasatch County posts state’s highest foreclosure rate in November

Wasatch County posted the highest county foreclosure rate in the state for November, with one in every 130 housing units receiving a foreclosure filing — 2.6 times the state average. Washington County had the second highest rate, with one in every 160 housing units receiving a foreclosure filing — 2.2 times the state average. Summit County came in third highest, with one in every 175 housing units receiving a foreclosure filing — twice the state average.

 

Salt Lake County led state in total foreclosure filings for November

Salt Lake County led all counties, totaling 981 properties with foreclosure filings for the month. Utah County was second highest, documenting 439 properties with foreclosure filings. Reporting 342 properties with foreclosure filings for the month, Washington County had the third highest total in the state, while Daggett County was fourth highest, reporting 228 properties with foreclosure filings for the month.

 

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

Utah accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Utah

1,079

0

614

0

977

2,670

347

1.20

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

31

0

18

0

22

71

130

3.20

2.60

Washington

40

0

148

0

154

342

160

2.61

2.17

Summit

80

0

0

0

46

126

175

2.38

1.98

Iron

34

0

0

0

67

101

178

2.34

1.95

Uintah

5

0

25

0

12

42

245

1.70

1.41

 

 

 

Utah Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Utah

1,079

0

614

0

977

2,670

347

11.11

33.30

 

 

 

 

 

 

 

 

 

 

Salt Lake

551

0

94

0

336

981

359

1.16

0.97

Utah

262

0

3

0

174

439

315

1.32

1.10

Washington

40

0

148

0

154

342

160

2.61

2.17

Daggett

0

0

0

0

0

228

405

1.03

0.86

Weber

1

0

119

0

64

184

444

0.94

0.78

 

 

 

 

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