Utah Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 1 percent from April

 

Utah foreclosure activity was down in May to 2,927 properties with foreclosure filings, a 1 percent decline from the previous month, but still 115 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

“Although Utah foreclosures decreased slightly in May, the numbers more than doubled since this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate remains well below the national average, it did lose more than 40,000 jobs during the past year. Its home sales also declined further than most states during 2008. These factors have likely contributed to the year-over spike.”

 

Utah ranked 24th in the country in total foreclosures reported for the month. With one in every 316 housing units receiving a foreclosure filing, its foreclosure rate ranked 5th among the 50 states.

 

Five counties accounted for 92 percent of state’s foreclosure activity for May

Salt Lake County led all counties, reporting 1,093 properties with foreclosure filings for the month. Utah County posted the second highest total, where 815 properties with foreclosure filings were reported. Washington County had the third highest total, reporting 328 properties with foreclosure filings, followed by Davis County, where 263 properties with foreclosure filings were tallied. Weber County held the fifth highest total, where 186 properties with foreclosure filings were reported for the month.

 

Washington County posts state’s highest foreclosure rate for May

Washington County posted the highest county foreclosure rate in Utah, with one in every 167 housing units receiving a foreclosure filing during the month. Utah County had the second highest rate, with one in every 170 housing units receiving a foreclosure filing. Tooele County registered the third highest rate was found in, where one in every 205 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in Utah represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Utah

1,117

0

1,014

0

796

2,927

316

-1.41

115.06

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

 n/a

 n/a

n/a 

Box Elder

0

0

4

0

0

4

4,189

-50.00

300.00

Cache

0

0

1

0

0

1

34,621

 n/a

0.00

Carbon

0

0

0

0

0

0

 n/a

 n/a

 n/a

Daggett

0

0

0

0

0

0

 n/a

 n/a

 n/a

Davis

0

0

122

0

141

263

351

21.20

132.74

Duchesne

2

0

0

0

0

2

3,969

 n/a

 n/a

Emery

0

0

0

0

0

0

 n/a

 n/a

 n/a

Garfield

0

0

0

0

0

0

 n/a

 n/a

 n/a

Grand

0

0

0

0

0

0

 n/a

 n/a

 n/a

Iron

0

0

1

0

16

17

1,057

30.77

-68.52

Juab

0

0

0

0

0

0

 n/a

 n/a

 n/a

Kane

0

0

0

0

1

1

4,854

0.00

 n/a

Millard

0

0

0

0

0

0

 n/a

 n/a

 n/a

Morgan

0

0

0

0

0

0

 n/a

 n/a

 n/a

Piute

0

0

0

0

0

0

 n/a

 n/a

 n/a

Rich

0

0

0

0

0

0

 n/a

 n/a

 n/a

Salt Lake

674

0

200

0

219

1,093

322

2.73

108.19

San Juan

0

0

0

0

0

0

 n/a

 n/a

 n/a

Sanpete

0

0

0

0

0

0

 n/a

 n/a

 n/a

Sevier

0

0

0

0

0

0

 n/a

-100.00

-100.00

Summit

1

0

38

0

37

76

291

33.33

171.43

Tooele

0

0

60

0

29

89

205

81.63

 n/a

Uintah

6

0

3

0

2

11

936

-73.81

450.00

Utah

419

0

163

0

233

815

170

-2.16

174.41

Wasatch

0

0

25

0

16

41

226

78.26

272.73

Washington

15

0

251

0

62

328

167

-26.13

86.36

Wayne

0

0

0

0

0

0

 n/a

 n/a

 n/a

Weber

0

0

146

0

40

186

439

-11.00

22.37

 

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