UTAH FORECLOSURE ACTIVITY UP 99 PERCENT IN 2008

More than 14,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 14,836 Utah properties in 2008, a increase of 99 percent from 2007 and an increase of 68 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Beehive State reported 1,878 properties with foreclosure filings in December, a 6 decrease from the previous month, but still a 126 percent increase over December 2007.

 

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 doubled in 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales fell more than twice the national average during the year. This, in addition to the decreasing home values and increasing unemployment in Utah, is definitely contributing to the rise of foreclosure activity.”

 

Utah ranked 27th in the country in total foreclosures reported for the year. With one in every 61 housing units receiving a foreclosure filing, its foreclosure rate ranked 13th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Utah counties accounted for 92 percent of all foreclosure activity in the state for 2008. Salt Lake County led all others, reporting 6,007 properties with foreclosure filings for the year. Utah County came in second, reporting 2,898 properties with foreclosure filings. Washington County registered the third highest foreclosure total, reporting 2,142 properties with foreclosure filings. Davis County posted the fourth highest foreclosure total, reporting 1,328 properties with foreclosure filings. Weber County came in fifth, documenting 1,209 properties with foreclosure filings.

 

Washington County posts top foreclosure rate for 2008

Washington County held the highest foreclosure rate for the year, with 4.08 percent of its housing units receiving at least one foreclosure filing during the year. Utah County came in second, with 2.18 percent of its housing units receiving at least one foreclosure filing. Wasatch County posted the third highest foreclosure rate, where 2.17 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Tooele County (1.87) and Salt Lake County (1.74 percent).

 

State contributes 1 percent to nation’s foreclosure total for 2008

Utah accounted 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Utah

14,836

1.65

99.46

 

 

 

 

 

22

Beaver

0

0.00

n/a

11

Box Elder

114

0.71

5.56

14

Cache

18

0.05

-81.44

15

Carbon

4

0.04

300.00

13

Daggett

1

0.08

 

7

Davis

1,328

1.48

55.50

17

Duchesne

2

0.03

-50.00

18

Emery

1

0.02

n/a

22

Garfield

0

0.00

n/a

22

Grand

0

0.00

n/a

9

Iron

169

0.99

576.00

22

Juab

0

0.00

n/a

19

Kane

1

0.02

n/a

20

Millard

1

0.02

n/a

16

Morgan

1

0.04

n/a

22

Piute

0

0.00

n/a

22

Rich

0

0.00

n/a

5

Salt Lake

6,007

1.74

70.07

21

San Juan

1

0.02

n/a

22

Sanpete

0

0.00

-100.00

12

Sevier

46

0.60

253.85

8

Summit

292

1.37

1436.84

4

Tooele

329

1.87

130.07

10

Uintah

84

0.85

2000.00

2

Utah

2,898

2.18

238.55

3

Wasatch

188

2.17

176.47

1

Washington

2,142

4.08

275.13

22

Wayne

0

0.00

n/a

6

Weber

1,209

1.51

5.96

 

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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