UTAH FORECLOSURES INCREASE 80 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Down 17 Percent From August 2006

 

IRVINE, Calif. – September 21, 2007 – Utah reported 871 foreclosure filings in August, an 80 percent increase from the previous month, and a 17 percent decrease from August 20, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate — one foreclosure filing for every 1,002 households — was the 19th highest in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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’s employment growth continues to decline, though delinquencies among prime and subprime borrowers have improved slightly,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state has seen a sharp increase in foreclosures compared to one month earlier, but it is important to note that this activity is down compared to this time last year.”

 

Utah documented the 29th highest foreclosure total in the country in August.

 

Salt Lake and Weber counties account for more than half of all foreclosure activity

Salt Lake County led the state with 393 foreclosure filings for the month. Weber County reported the second highest foreclosure total, with 158 foreclosure filings. Davis County came in third highest, with 140 foreclosure filings. Washington County had the fourth highest foreclosure total, with 70 filings entering some part of the foreclosure pipeline.

 

Weber County posts highest foreclosure rate for August

Weber County had the highest foreclosure rates in the state for August, with one foreclosure filing for every 496 households — twice the state average. Davis County posted the second highest foreclosure rate, with one foreclosure filing for every 618 households — 1.6 times the state average. Washington County posted the third highest foreclosure rate in the state, with one foreclosure filing for every 697 households — 1.4 times the state average. Salt Lake County had the fourth highest foreclosure rate, with one foreclosure filing for every 859 households — 1.2 times the state average.

 

State a minor contributor to national total

Utah accounted for less than 1 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 U.S. households for 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 – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

Utah

164

642

0

0

65

871

1,002

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Box Elder

0

12

0

0

0

12

1,308

0.39

0.77

Cache

0

15

0

0

3

18

1,865

0.27

0.54

Davis

48

88

0

0

4

140

618

0.83

1.62

Garfield

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

Millard

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

51

317

0

0

25

393

859

0.59

1.17

San Juan

0

0

0

0

0

0

n/a

0.00

0.00

Sanpete

0

0

0

0

0

0

n/a

0.00

0.00

Sevier

0

1

0

0

0

1

7,492

0.07

0.13

Summit

0

0

0

0

0

0

n/a

0.00

0.00

Tooele

0

8

0

0

1

9

1,886

0.27

0.53

Uintah

0

0

0

0

0

0

n/a

0.00

0.00

Utah

18

47

0

0

2

67

1,901

0.27

0.53

Wasatch

0

3

0

0

0

3

2,728

0.19

0.37

Washington

0

64

0

0

6

70

697

0.73

1.44

Weber

47

87

0

0

24

158

496

1.03

2.02

 

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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