UTAH FORECLOSURES DECREASE 9 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Drops 29 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – Utah reported 840 foreclosure filings in February, a 9 percent decrease from the previous month and a 29 percent decrease from February 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 850,000 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.

 

“Delinquencies among prime and subprime borrowers in Utah have improved and foreclosure activity is down,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, some counties in Utah are still seeing a number of foreclosures and Weber County appears to be the area most affected.”

 

Utah ranked 25th in the country in total foreclosures reported for February. The state’s foreclosure rate of one foreclosure filing for every 915 households ranked 15th among the 50 states.

 

Weber County leads state in foreclosure activity

Weber County reported the highest county total, with 281 foreclosure filings for the month. Salt Lake County came in second, reporting 261 foreclosure filings. The third highest total was in Utah County, reporting 121 foreclosure filings.

 

Weber County reports highest foreclosure rate in state

Weber County tallied the highest foreclosure rate in Utah for February, with one foreclosure filing for every 251 households — 3.6 times the state average and 3.5 times the national average. Washington County had the second highest foreclosure rate for February, with one foreclosure filing for every 618 households — 1.5 times the state average and 1.4 times the national average. Davis County reported the third highest rate, with one foreclosure filing for every 727 households — 1.3 times the state average and 1.2 times the national average.

 

State makes minimal contribution to national total

The total number of foreclosure filings in Utah accounted for less than 1 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Utah

184

566

0

0

90

840

915

0.97

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

1

7

0

0

0

8

3,629

0.24

0.25

Carbon

0

1

0

0

0

1

8,741

0.10

0.10

Davis

23

76

0

0

3

102

727

1.21

1.25

Duchesne

0

0

0

0

0

0

n/a

0.00

0.00

Iron

0

0

0

0

1

1

13,618

0.06

0.06

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

Rich

0

0

0

0

0

0

n/a

0.00

0.00

Salt Lake

55

187

0

0

19

261

1,192

0.74

0.76

Sanpete

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

6

0

0

0

6

2,302

0.38

0.39

Utah

18

93

0

0

10

121

862

1.02

1.06

Wasatch

0

0

0

0

0

0

n/a

0.00

0.00

Washington

20

38

0

0

1

59

618

1.43

1.48

Weber

67

158

0

0

56

281

251

3.52

3.64

 

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 construction properties, 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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