Utah Foreclosure Activity Up 83 Percent in 2009

Activity up 265 percent from 2007 and 73 percent from November

 

Utah ended 2009 tallying 27,140 properties with foreclosure filings, an 83 percent increase from the total reported for 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total is 265 percent higher than the level reported for all of 2007. With one in every 34 housing units receiving a foreclosure filing, Utah’s foreclosure rate ranked fifth highest in the nation for the year.

 

Utah reported 4,618 properties with foreclosure filings, a 73 percent increase over the previous month, and up 146 percent from December 2008. The state’s foreclosure rate — one in every 200 housing units received a foreclosure filing — was sixth highest in the nation for the month.

 

“Foreclosure activity continued to climb in December in Utah, leaving the state with nearly double the number of foreclosure filings in 2009 than it reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though it has managed to keep its unemployment rate much lower than the national average for some time now, the state’s number of foreclosures for 2009 was more than triple what was accounted for in 2007, further demonstrating the gradual progression toward where much of the nation already lies.”

 

With one in every 34 housing units receiving a foreclosure filing, Utah’s foreclosure rate ranked fifth highest in the nation for the year.

 

Washington County posts state’s highest foreclosure rate for 2009

Washington County posted the highest county foreclosure rate in Utah for the year, with one in every 16 housing units receiving a foreclosure filing in 2009. Wasatch County followed in second, reporting one in every 20 housing units receiving a foreclosure filing. Tooele County came in third highest, reporting one in every 22 housing units receiving a foreclosure filing. Utah County was fourth highest with one in every 24 housing units receiving a foreclosure filing. Summit County had the fifth highest rate, where one in every 26 housing units receiving a foreclosure filing.

 

Salt Lake County leads state in foreclosure activity in 2009

Leading the way was Salt Lake County, which reported a total 9,729 properties with foreclosure filings for the year. Utah County came in second, documenting 5,808 properties with foreclosure filings. Washington County had the third highest total in the state, reporting 3,513 properties with foreclosure filings for the year. Weber County was fourth highest, reporting 2,331 properties with foreclosure filings, followed by Davis County in fifth place, tallying 2,148 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Utah accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Utah

27,140

2.93

34

82.93

264.88

 

 

 

 

 

 

Washington

3,513

6.42

16

64.01

515.24

Wasatch

461

4.98

20

145.21

577.94

Tooele

828

4.54

22

151.67

479.02

Utah

5,808

4.20

24

100.41

578.50

Summit

856

3.87

26

193.15

4,405.26

 

 

Utah Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Utah

27,140

2.93

34

82.93

264.88

 

 

 

 

 

 

Salt Lake

9,729

2.76

36

61.96

175.45

Utah

5,808

4.20

24

100.41

578.50

Washington

3,513

6.42

16

64.01

515.24

Weber

2,331

2.85

35

92.80

104.29

Davis

2,148

2.32

43

61.75

151.52

 

 

Utah Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl.

Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Utah

1,712

0

1,639

0

1,267

4,618

200

1.83

n/a

 

 

 

 

 

 

 

 

 

 

Summit

69

0

119

0

96

284

78

4.70

2.57

Washington

80

0

191

0

183

454

120

3.04

1.66

Wasatch

30

0

24

0

18

72

129

2.85

1.56

Uintah

0

0

52

0

27

79

130

2.81

1.53

Iron

51

0

15

0

71

137

131

2.79

1.52

 

 

Utah Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Utah

1,712

0

1,639

0

1,267

4,618

200

72.96

145.90

 

 

 

 

 

 

 

 

 

 

Salt Lake

976

0

474

0

373

1,823

2

85.83

156.76

Utah

389

0

86

0

227

702

24

59.91

35.78

Weber

57

0

300

0

115

472

73

156.52

47,100.00

Washington

80

0

191

0

183

454

20

32.75

27.53

Summit

69

0

119

0

96

284

4

125.40

576.19

 

 

 

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