Utah Foreclosure Activity Down in First Quarter

Foreclosure filings slide 7 percent from Q4 2010, drop 10 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,680 Utah properties during the first quarter of 2011, down 7 percent from the fourth quarter of 2010 and 10 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure filings were reported on 3,429 Utah properties in March, a 2 percent decrease from February and down 19 percent from March 2010. One in every 278 Utah housing units received a foreclosure filing in March, the fourth highest state foreclosure rate in the nation for the month. Utah ranked 16th in the nation in total foreclosures reported for the first quarter of 2011. Its foreclosure rate of one in 98 housing units receiving a foreclosure filing during the quarter, ranked it fourth among the 50 states.

 

Wasatch County takes top foreclosure rate honors in the first quarter

Wasatch County posted the highest foreclosure rate in Utah during the first quarter of 2011, with one in every 58 housing units receiving a foreclosure filing — 3.3 times the national average. Washington County reported the second highest foreclosure rate, with 60 properties with a foreclosure filing — 3.2 times the national average. One in every 60 housing units in Iron County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 3.2 times the national average.

 

Salt Lake County led the state in foreclosure activity for first quarter

Salt Lake County led the way, reporting 4,370 properties with foreclosure filings during the quarter. Utah County was second highest in the state, reporting 1,496 properties with foreclosure filings. Third highest total was tallied in Washington County, where 951 properties with foreclosure filings were reported. Reporting 692 properties with foreclosure filings for the quarter, Weber County registered the fourth highest total in the state. Fifth highest was Davis County, where 579 properties with foreclosure filings were reported for the quarter.

 

State contributes 1 percent to nation’s foreclosure total in the first quarter

Utah accounted for one percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Utah

2,815

0

3,539

0

3,326

9,680

98

1.94

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

27

0

55

0

89

171

58

3.32

1.71

Washington

110

0

411

0

430

951

60

3.18

1.64

Iron

90

0

28

0

196

314

60

3.16

1.63

Summit

89

0

157

0

124

370

63

3.03

1.56

Salt Lake

1,600

0

1,519

0

1,251

4,370

82

2.32

1.20

 

 

Utah Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Utah

2,815

0

3,539

0

3,326

9,680

98

-7.08

-10.00

 

 

 

 

 

 

 

 

 

 

Salt Lake

1,600

0

1,519

0

1,251

4,370

82

1.11

-4.96

Utah

713

0

205

0

578

1,496

96

-18.43

-21.72

Washington

110

0

411

0

430

951

60

-7.49

-18.99

Weber

77

0

342

0

273

692

121

-19.35

-11.62

Davis

5

0

411

0

163

579

164

-18.34

-10.51

 

 

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