Utah Foreclosure Activity Down in Third Quarter

Filings down 18 percent from Q2 2011, down 39  percent from a year ago
    State’s foreclosure rate 6th highest in the nation

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 6,567 Utah properties during  the third quarter of 2011, down 18 percent from the second quarter of 2011 and  39 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S.  Foreclosure Market Report. The state posted the sixth highest foreclosure rate  in the nation, with one in every 145 Utah  housing units having a foreclosure filing during the quarter.

Foreclosure filings were reported  on 2,338 Utah  properties in September, a 10 percent increase from August, but down 40 percent  from September 2010. One in every 408 Utah  housing units had a foreclosure filing in September, the eighth highest state  foreclosure rate in the nation.

Tooele County posts top  foreclosure rate for the third quarter
  One in every 86 housing units in Tooele County  had a foreclosure filing during the third quarter of 2011 — 2.5 times the  national average and 1.7 times the state average. Iron County  had the second highest rate with one in every 102 housing units reporting a  foreclosure filing — 2.1 times the national average and 1.4 times the state  average. Washington   County had the third  highest rate, reporting one in every 106 housing units with a foreclosure  filing — twice the national average and 1.4 times the state average.

Salt Lake   County leads  the state in foreclosure activity for third quarter
  Salt Lake County had the highest level of foreclosure activity in  the state, reporting 2,753 properties with foreclosure filings during the quarter.  Utah County was second highest in the state,  reporting 1,189 properties with foreclosure filings. Third highest total was  tallied in Weber County, where 561 properties with  foreclosure filings were reported. Reporting 539 properties with foreclosure filings  for the quarter, Washington   County registered the  fourth highest total in the state. Fifth highest was Davis County,  where 509 properties with foreclosure filings were reported for the quarter.

State a minor contributor to  nation’s foreclosure total in the third quarter
  Utah accounted for 1 percent of the 610,337 properties  with foreclosure filings reported nationwide for the third quarter of 2011.  Total U.S.  activity was up slightly from the second quarter of 2011, but was down 34  percent from the level reported for the same quarter in 2010. One in every 213 U.S. housing  units received a foreclosure filing during the quarter.

“U.S.  foreclosure activity has been mired down since October of last year, when  the robo-signing controversy sparked a flurry  of investigations into lender foreclosure procedures and paperwork,” said  James Saccacio, chief executive  officer of RealtyTrac. “While foreclosure  activity in September and the third quarter continued to register well below levels  from a year ago, there is evidence  that this temporary downward trend is about to  change direction, with foreclosure activity slowly beginning to ramp back  up.”
  “Third quarter foreclosure activity increased marginally from the previous quarter, breaking a  trend of three consecutive quarterly  decreases that started in the fourth quarter of 2010,” Saccacio continued. “This marginal increase in overall  foreclosure activity was fueled by  a 14 percent jump in new default notices, indicating that lenders are cautiously throwing more wood into the  foreclosure fireplace after spending months trying  to clear the chimney of sloppily filed foreclosures.”

 

                                Utah Top Foreclosure Rates By County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

n/a

n/a

Utah

2,314

0

1,682

0

2,571

6,567

145

1.47

n/a

 

 

 

 

 

 

 

 

 

 

Tooele

1

0

131

0

87

219

86

2.46

1.68

Iron

89

0

6

0

91

186

102

2.09

1.42

Washington

121

0

184

0

234

539

106

2.01

1.37

Summit

62

0

45

0

98

205

114

1.87

1.27

Utah

484

0

82

0

623

1,189

121

1.76

1.20

 

         Utah Top Foreclosure Totals by County – Q3 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 11

% Chg Q3 10

 

 

 

 

 

 

 

 

 

 

United States

94,849

101,029

163,962

53,967

196,530

610,337

213

0.35

-34.40

Utah

2,314

0

1,682

0

2,571

6,567

145

-18.19

-38.64

 

 

 

 

 

 

 

 

 

 

Salt Lake

1,279

0

565

0

909

2,753

130

-16.30

-38.47

Utah

484

0

82

0

623

1,189

121

10.40

-37.06

Weber

189

0

172

0

200

561

149

-24.19

-26.86

Washington

121

0

184

0

234

539

106

-34.35

-50.78

Davis

1

0

345

0

163

509

186

-19.97

-22.29

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