Utah Foreclosures Drop in October

Statewide filings down 35 percent from September

 

Utah reported 2,403 properties with foreclosure filings in October, down 35 percent from the previous month, but still 33 percent above the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 385 Utah housing units received a foreclosure filing in October, the tenth highest foreclosure rate in the nation.

 

“Foreclosure activity slowed significantly in Utah in October, though the number of filings remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state, while still well below the national rate at 6.2 percent for October, continues to rise, leaving many homeowners uneasy.”

 

Uintah County posts state’s top foreclosure rate in October

Uintah County posted the highest county foreclosure rate in the state for October, with one in every 120 housing units receiving a foreclosure filing — 3.2 times the national average. Washington County ranked second, reporting one in every 132 housing units receiving a foreclosure filing — 2.9 times the national average. Wasatch County had the third highest rate, with one in every 175 housing units receiving a foreclosure filing — 2.2 times the national average. Tooele County posted the fourth highest foreclosure rate, where one in every 207 housing units received a foreclosure filing during the month — 1.9 times the national average.

 

Salt Lake County tops state in foreclosure totals during October

Salt Lake County led all counties, totaling 949 properties with foreclosure filings for the month. Washington County was second highest, documenting 413 properties with foreclosure filings. Utah County posted the third highest foreclosure total in Utah, reporting 388 properties with foreclosure filings for the month. Davis County came in fourth, reporting 174 properties with foreclosure filings, while the fifth highest total was in Weber County, where 115 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Utah accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Utah

1,027

0

615

0

761

2,403

385

1.00

n/a

 

 

 

 

 

 

 

 

 

 

Uintah

7

0

66

0

13

86

120

3.21

3.21

Washington

90

0

180

0

143

413

132

2.91

2.91

Wasatch

0

0

34

0

19

53

175

2.20

2.20

Tooele

0

0

63

0

25

88

207

1.86

1.86

Summit

0

0

54

0

24

78

283

1.36

1.36

 

 

Utah Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Utah

1,027

0

615

0

761

2,403

385

-34.74

32.62

 

 

 

 

 

 

 

 

 

 

Salt Lake

622

0

9

0

318

949

371

-35.84

10.86

Washington

90

0

180

0

143

413

132

34.09

47.50

Utah

285

0

2

0

101

388

356

-58.59

19.38

Davis

1

0

126

0

47

174

531

-23.35

6.75

Weber

0

0

76

0

39

115

711

-51.06

130.00

 

 

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