Utah Foreclosure Activity Speeds Up in July

Statewide foreclosure filings up 9 percent from June

 

Foreclosure activity in Utah increased 9 percent in July to 3,898 properties with foreclosure filings, 5 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Utah foreclosures were up in July,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 21 percent for the month. The state’s home values declined nearly three times the national average during the first quarter. This has likely contributed to the recent rise.”

 

Utah ranked 22nd in the country in total foreclosures reported for the month. With one in every 242 housing units receiving a foreclosure filing, its foreclosure rate ranked seventh among the 50 states.

 

Wasatch County posts top county foreclosure rate in July

Wasatch County posted the highest foreclosure rate, with one in every 85 housing units receiving a foreclosure filing in July. Summit County posted the second highest foreclosure rate, with one in every 118 housing units receiving a foreclosure filing during the month. Coming in third was Iron County, where one in every 134 housing units received a foreclosure filing in July.

 

Salt Lake County dominates state with top foreclosure total for July

Salt Lake County led the state in total foreclosure activity, reporting 1,761 properties with foreclosure filings in July. Second highest Utah County reported 630 properties with foreclosure filings. Washington County came in third highest, tallying 384 properties with foreclosure filings. Fourth highest was Weber County, where 320 properties with foreclosure filings were reported. Summit County was fifth, reporting 196 properties with foreclosure filings for the month.

 

State contributes one percent to nation’s monthly foreclosure total

Utah accounted for one percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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: 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Utah

1,393

0

1,376

0

1,129

3,898

242

1.64

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

24

0

73

0

16

113

85

4.64

2.83

Summit

37

0

105

0

54

196

118

3.35

2.05

Iron

71

0

22

0

46

139

134

2.96

1.81

Washington

105

0

145

0

134

384

147

2.70

1.65

Salt Lake

735

0

612

0

414

1,761

202

1.96

1.20

 

 

Utah Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Utah

1,393

0

1,376

0

1,129

3,898

242

8.61

5.52

 

 

 

 

 

 

 

 

 

 

Salt Lake

735

0

612

0

414

1,761

202

26.15

27.06

Utah

315

0

110

0

205

630

227

-3.67

-10.00

Washington

105

0

145

0

134

384

147

4.35

-29.93

Weber

67

0

114

0

139

320

259

8.47

-18.58

Summit

37

0

105

0

54

196

118

75.00

78.18

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved