UTAH FORECLOSURE ACTIVITY UP 11 PERCENT IN NOVEMBER

Foreclosure Activity Increases 104 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – Utah reported 2,003 properties with foreclosure filings in November, an 11 percent increase from the previous month and 104 percent ahead of the level reported for November 2007, 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.

 

Utah foreclosures were up both on a monthly and annual basis in November,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Statistics show that the state’s home sales continued to decline during the third quarter — even though home prices have dropped significantly. This is definitely contributing to the overall rise.”

 

Utah ranked 26th in the country in total properties with foreclosure filings for the month, and with one in every 450 housing units receiving a foreclosure filing, its foreclosure rate ranked ninth highest among the 50 states.

 

Five counties dominate state’s foreclosure activity for November

Five Utah counties accounted for 91 percent of all foreclosure activity in the state for November. Salt Lake County reported 730 properties with foreclosure filings for the month. Washington County documented the state’s second highest total, reporting 350 properties with foreclosure filings. Third highest was Utah County, reporting 275 properties with foreclosure filings. Davis County came in fourth place, documenting 243 properties with foreclosure filings, followed by Weber County with 233 properties with foreclosures filings.

 

Washington County posts top foreclosure rate for November

Washington County tallied the highest county foreclosure rate in the state in November, with one in every 150 housing units receiving a foreclosure filing for the month — three times the state average and 3.3 times the national average. Tooele County posted the state’s second highest rate, with one in every 275 housing units receiving a foreclosure filing during the month – 1.6 times the state average and 1.8 times the national average. The third highest rate in the state was reported in Weber County, where one in every 343 housing units received a foreclosure filing in November — 1.3 times the state average and 1.4 times the national average.

 

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

Utah accounted for 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Utah

798

0

624

0

581

2,003

450

1.08

n/a

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

 n/a

0.00

0.00

Box Elder

0

0

32

0

8

40

404

1.21

1.11

Cache

0

0

0

0

1

1

34,421

0.01

0.01

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

196

0

47

243

369

1.32

1.22

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

4

4

4,278

0.11

0.11

Juab

0

0

0

0

0

0

 n/a

0.00

0.00

Kane

1

0

0

0

0

1

4,648

0.10

0.10

Millard

0

0

0

0

0

0

 n/a

0.00

0.00

Morgan

0

0

1

0

0

1

2,707

0.18

0.17

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

541

0

6

0

183

730

473

1.03

0.95

San Juan

0

0

0

0

0

0

 n/a

0.00

0.00

Sanpete

0

0

0

0

0

0

 n/a

0.00

0.00

Sevier

0

0

14

0

1

15

507

0.96

0.89

Summit

0

0

16

0

7

23

928

0.53

0.48

Tooele

0

0

50

0

14

64

275

1.77

1.63

Uintah

2

0

0

0

2

4

2,465

0.20

0.18

Utah

108

0

4

0

163

275

484

1.01

0.93

Wasatch

0

0

12

0

7

19

456

1.07

0.99

Washington

144

0

124

0

82

350

150

3.25

3.00

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Weber

2

0

169

0

62

233

343

1.42

1.31

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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