UTAH FORECLOSURE ACTIVITY UP 12 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Foreclosure filings were reported on 1,501 Utah properties in June, a 12 percent increase from the previous month, and 141 percent above the level reported for June 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’s job market has slowed down significantly as the state’s construction industry suffers through the housing crisis currently affecting many states,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosure activity within Utah is up, especially compared to this time last year when unemployment was 2.7 percent lower than it is now.”

 

Utah ranked 26th in the country in total properties with foreclosure filings reported for June. One in every 600 Utah households received a foreclosure filing during the month, ranking 10th among the 50 states.

 

Two counties account for most of state’s foreclosure activity for June

Salt Lake County led Utah’s foreclosure activity in June, reporting 546 properties with foreclosure filings. Utah County posted the second highest foreclosure total, reporting 455 properties with foreclosure filings. Washington County registered the third highest total, reporting 214 properties with foreclosure filings. Davis County came in fourth, reporting 108 properties with foreclosure filings, followed by Weber County, which reported 90 properties with foreclosure filings for the month.

 

Washington County posts state’s highest foreclosure rate in June

Washington County posted the highest foreclosure rate in Utah for the month, with one in every 245 households receiving a foreclosure filing in June — 2.5 times the state average and twice the national average. Utah County posted the second highest foreclosure rate, where one in every 293 households received a foreclosure filing — 2.1 times the state average. Tooele County had the third highest foreclosure rate, with one in every 608 households receiving a foreclosure filing. Salt Lake County registered the fourth highest rate, where one in every 633 households received a foreclosure filing during the month. Wasatch County came in fifth place with a rate of one in every 722 households receiving a foreclosure filing in June.

 

State a minor contributor to nation’s foreclosure total in June

Utah accounted for less than 1 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 U.S. households 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Utah

243

0

1,030

0

228

1,501

600

0.83

n/a

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

n/a

0.00

0.00

Box Elder

0

0

19

0

2

21

769

0.65

0.78

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

86

0

22

108

829

0.60

0.72

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

16

0

0

16

1,069

0.47

0.56

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

85

0

403

0

58

546

633

0.79

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

0

0

0

0

n/a

0.00

0.00

Summit

0

0

6

0

0

6

3,558

0.14

0.17

Tooele

0

0

23

0

6

29

608

0.82

0.99

Uintah

0

0

1

0

3

4

2,465

0.20

0.24

Utah

116

0

246

0

93

455

293

1.71

2.05

Wasatch

0

0

10

0

2

12

722

0.69

0.83

Washington

42

0

147

0

25

214

245

2.04

2.45

Wayne

0

0

0

0

0

0

n/a

0.00

0.00

Weber

0

0

73

0

17

90

888

0.56

0.68

 

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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