UTAH FORECLOSURE ACTIVITY UP 4 PERCENT IN OCTOBER

Foreclosure Activity Increases 73 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Utah reported 1,812 properties with foreclosure filings in October, a 4 percent increase from the previous month, and 73 percent above of the level reported for October 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.

 

Job growth is grinding to a halt in Utah, weighed down by a prolonged slump in new home construction and uncertainty about the future of the national economy,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s unemployment rate remained steady in October at 3.5 percent, statistics show that home sales throughout the state fell further than the national average during the past year. This — along with rising unemployment — could contribute to rising foreclosure filings.”

 

Utah ranked 28th in the country in total foreclosures reported for the month. With one in every 497 housing units receiving a foreclosure filing, its foreclosure rate ranked 13th among the 50 states.

 

Five counties dominate state’s foreclosure activity for October

Five Utah counties accounted for 93 percent of all foreclosure activity in the state for October. Salt Lake County reported 856 properties with foreclosure filings for the month. Utah County documented the state’s second highest foreclosure total, reporting 325 properties with foreclosure filings. Washington County posted the third highest foreclosure total, reporting 280 properties with foreclosure filings. Davis County came in fourth place, documenting 163 properties with foreclosure filings, followed by Summit County with 53 properties with foreclosure filings.

 

Washington County posts top foreclosure rate for October

Washington County tallied the highest county foreclosure rate in the state in October, with one in every 188 housing units receiving a foreclosure filing for the month — 2.7 times the state average and 2.4 times the national average. Uintah County posted the state’s second highest foreclosure rate, with one in every 224 housing units receiving a foreclosure filing during the month — 2.2 times the state average and twice the national average. Summit County registered the third highest foreclosure rate in the state, where one in every 403 housing units received a foreclosure filing in October.

 

State accounts for 1 percent of nation’s foreclosure total in October

Utah accounted for 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented a increase of more than 5 percent from the previous month and was still almost 25 percent ahead of the total reported for October 2007. One in every 452 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Utah

889

0

277

0

646

1,812

497

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

 n/a

0.00

0.00

Box Elder

0

0

0

0

0

0

 n/a

0.00

0.00

Cache

0

0

4

0

0

4

8,605

0.05

0.06

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

117

0

46

163

549

0.82

0.91

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

1

0

4

5

3,422

0.13

0.15

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

633

0

6

0

217

856

404

1.12

1.23

San Juan

0

0

0

0

1

1

5,703

0.08

0.09

Sanpete

0

0

0

0

0

0

 n/a

0.00

0.00

Sevier

1

0

2

0

0

3

2,535

0.18

0.20

Summit

0

0

48

0

5

53

403

1.12

1.24

Tooele

0

0

9

0

1

10

1,762

0.26

0.28

Uintah

43

0

0

0

1

44

224

2.02

2.22

Utah

101

0

6

0

218

325

410

1.10

1.21

Wasatch

0

0

10

0

8

18

481

0.94

1.03

Washington

110

0

68

0

102

280

188

2.41

2.65

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Weber

1

0

6

0

43

50

1,598

0.28

0.31

 

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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