UTAH FORECLOSURES DECREASE 2 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 29 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – Utah reported 795 foreclosure filings in May, a 2 percent decrease from the previous month, and a 29 percent decrease from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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 foreclosure filings have decreased both in May of this year and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Recent statistics show that the state’s home price appreciation rate was nearly four times the national average. This, in additional to an extremely low unemployment rate, is likely contributing to the overall decline.”

 

Utah ranked 28th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 967 households ranked it 18th among the 50 states.

 

Salt Lake County accounts for largest share of state total

Salt Lake County reported the highest foreclosure total for the month, reporting 414 foreclosure filings. Weber County posted the second highest foreclosure total, with 158 foreclosure filings, followed by Davis County with 110 foreclosure filings. Washington County held the fourth highest foreclosure total with 43 foreclosure filings, followed by Utah County with 35 foreclosure filings.

 

Weber County posts highest foreclosure rate

Weber County posted the highest foreclosure rate in Utah for May, reporting one foreclosure filing for every 446 households — 2.2 times the state average and 1.5 times the national average. Davis County reported the second highest foreclosure rate, with one foreclosure filing for every 674 households — 1.4 times the state average. Salt Lake County posted the third highest foreclosure rate, with one foreclosure filing for every 751 households — 1.3 times the state average. Box Elder County reported the fourth highest foreclosure rate, with one foreclosure for every 836 households — 1.2 times the state average, followed by Washington County with one foreclosure filing for every 848 households.

 

State contributes less than 1 percent to national total

Total foreclosure filings in Utah accounted for less than 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Utah

301

460

0

0

34

795

967

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Box Elder

0

13

0

0

4

17

836

0.79

1.16

Cache

0

8

0

0

1

9

3,226

0.20

0.30

Davis

43

64

0

0

3

110

674

0.97

1.44

Duchesne

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

Morgan

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

139

259

0

0

16

414

751

0.87

1.29

San Juan

0

0

0

0

0

0

n/a

0.00

0.00

Sanpete

0

1

0

0

0

1

7,879

0.08

0.12

Sevier

0

0

0

0

0

0

n/a

0.00

0.00

Summit

0

0

0

0

0

0

n/a

0.00

0.00

Tooele

0

1

0

0

0

1

13,812

0.05

0.07

Uintah

0

1

0

0

0

1

9,040

0.07

0.11

Utah

16

17

0

0

2

35

2,980

0.22

0.32

Wasatch

0

6

0

0

0

6

1,094

0.60

0.88

Washington

12

28

0

0

3

43

848

0.77

1.14

Weber

91

62

0

0

5

158

446

1.47

2.17

 

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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