UTAH FORECLOSURE ACTIVITY UP 33 PERCENT IN FEBRUARY ACCORDING

Yearly Foreclosure Activity Up 52 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Utah reported 1,288 properties with foreclosure filings for February 2008, a 33 percent increase from the previous month, and a 52 percent increase from February 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 million properties from nearly 2,500 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 are up both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state held one of the ten highest declines in home sales last year. This is undoubtedly contributing to the overall decline.”

 

Utah ranked 28th in the country in total foreclosures reported for the month. One in every 678 households received a foreclosure filing in February. Utah’s foreclosure rate was 15th among the 50 states.

 

Salt Lake County accounts for bulk of state activity

Salt Lake County reported 421 properties with foreclosure filings, the most of any county for the month. Utah County was second, reporting 373 properties with foreclosure filings for the month, followed by Washington County with 178 properties with foreclosure filings. Davis County was fourth, reporting 157 properties with foreclosure filings, and Weber County was fifth, reporting 103 properties with foreclosure filings.

 

Washington County posts highest foreclosure rate

Washington County reported the highest foreclosure rate in the state for February, one in every 274 households receiving a foreclosure filing — twice the national average and 2.5 times the state average. Utah County posted the second highest foreclosure rate, one in every 341 households receiving a foreclosure filing — 1.6 times the national average and twice the state average. Davis County reported the third highest foreclosure rate, one in every 551 households receiving a foreclosure filing. Wasatch County was fourth, reporting 682 households receiving a foreclosure filing, followed by Box Elder County, reporting 748 households receiving foreclosure filing.

 

State contributes 1 percent to nation’s monthly total

Total foreclosure filings in Utah accounted for 1 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Utah Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Utah

200

955

0

0

113

1,288

678

0.82

n/a

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

 n/a

0.00

0.00

Box Elder

0

20

0

0

1

21

748

0.74

0.91

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

142

0

0

15

157

551

1.01

1.23

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

0

0

 n/a

0.00

0.00

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

108

276

0

0

37

421

802

0.69

0.85

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

1

1

7,492

0.07

0.09

Summit

0

0

0

0

0

0

 n/a

0.00

0.00

Tooele

0

21

0

0

0

21

808

0.69

0.84

Uintah

0

0

0

0

1

1

9,636

0.06

0.07

Utah

3

335

0

0

35

373

341

1.63

1.99

Wasatch

0

8

0

0

4

12

682

0.82

0.99

Washington

88

66

0

0

24

178

274

2.03

2.47

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Weber

1

87

0

0

15

103

760

0.73

0.89

 

 

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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