UTAH FORECLOSURE ACTIVITY UP 1 PERCENT IN FEBRUARY ACCORDING

Foreclosure Activity Increases 40 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Utah reported 1,805 properties with foreclosure filings in February, a 1 percent increase from the previous month, and 40 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although remaining virtually unchanged during the month of February, Utah foreclosures are still up significantly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales fell nearly 25 percent in 2008. This is likely contributing to the year-over-year increase in foreclosure activity.”

 

Utah ranked 27th in the country in total foreclosures reported for the month. With one in every 513 housing units receiving a foreclosure filing, its foreclosure rate ranked 12th among the 50 states.

 

Five counties account for bulk of state foreclosure activity in February

Five Utah counties accounted for 93 percent of all foreclosure activity in the state during February. Salt Lake County led the way, reporting 645 properties with foreclosure filings for the month. Washington County was second highest, reporting 396 properties with foreclosure filings. Third highest was Utah County, reporting 306 properties with foreclosure filings. Davis County came in fourth place, documenting 211 properties with foreclosure filings. Fifth highest total was tallied in Tooele County, where 112 properties with foreclosure filings were reported.

 

Washington County posts highest foreclosure rate for February

Washington County reported the highest county foreclosure rate in the state for February, with one in every 138 housing units receiving a foreclosure filing — 3.7 times the state average and 3.2 times the national average. Tooele County came in second, with one in every 163 housing units receiving a foreclosure filing — 3.2 times the state average and 2.7 times the national average. Wasatch County posted the third highest foreclosure rate, where one in every 185 housing units received a foreclosure filing during the month — 2.8 times the state average and 2.4 times the national average.

 

State contributes one percent to nation’s foreclosure total in February

Utah accounted for one percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Utah

523

0

674

0

608

1,805

513

0.86

n/a

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

 n/a

0.00

0.00

Box Elder

0

0

38

0

5

43

390

1.13

1.32

Cache

0

0

0

0

0

0

 n/a

0.00

0.00

Carbon

0

0

0

0

0

0

 n/a

0.00

0.00

Daggett

0

0

0

0

0

0

 n/a

0.00

0.00

Davis

0

0

155

0

56

211

438

1.01

1.17

Duchesne

0

0

0

0

0

0

 n/a

0.00

0.00

Emery

0

0

0

0

0

0

 n/a

0.00

0.00

Garfield

0

0

0

0

0

0

 n/a

0.00

0.00

Grand

0

0

0

0

0

0

 n/a

0.00

0.00

Iron

0

0

0

0

6

6

2,996

0.15

0.17

Juab

0

0

0

0

0

0

 n/a

0.00

0.00

Kane

0

0

0

0

0

0

 n/a

0.00

0.00

Millard

0

0

0

0

0

0

 n/a

0.00

0.00

Morgan

0

0

0

0

0

0

 n/a

0.00

0.00

Piute

0

0

0

0

0

0

 n/a

0.00

0.00

Rich

0

0

0

0

0

0

 n/a

0.00

0.00

Salt Lake

199

0

202

0

244

645

546

0.81

0.94

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

Sanpete

0

0

0

0

1

1

8,596

0.05

0.06

Sevier

0

0

2

0

0

2

3,867

0.11

0.13

Summit

0

0

3

0

1

4

5,526

0.08

0.09

Tooele

0

0

92

0

20

112

163

2.70

3.15

Uintah

5

0

5

0

0

10

1,030

0.43

0.50

Utah

139

0

19

0

148

306

452

0.97

1.13

Wasatch

0

0

42

0

8

50

185

2.38

2.77

Washington

180

0

112

0

104

396

138

3.19

3.71

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Weber

0

0

4

0

15

19

4,302

0.10

0.12

 

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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