Utah Foreclosure Activity Falls in August

Statewide  filings down 17 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fell in  Utah, where 2,119 properties were reported in August, a 17 percent decrease  from July and 48 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Utah had the 10th  highest foreclosure rate in the country with one in every 450 housing units with  a foreclosure filing in August.

Tooele County posts top foreclosure rate in the  state for August
  One in every 206 housing  units in Tooele County received a foreclosure filing in August — 2.8 times the  national average and 2.2 times the state average — the highest foreclosure rate  of all Utah counties for the month. Washington County had the second highest  rate of one in every 303 housing units with a foreclosure filing during the  month — 1.9 times the national average and 1.5 times the state average. Summit  County had the third highest rate of one in every 333 housing units with a  foreclosure filing during the month — 1.7 times the national average and 1.4  times the state average.

Salt Lake County has top foreclosure total in  August
  Salt Lake County led the  state in foreclosure activity, reporting 780 properties with foreclosure  filings for the month. Utah County was second highest, reporting 412 properties  with foreclosure filings. Davis County was third, reporting 204 properties with  foreclosure filings. Fourth highest was Washington County, recording 188  properties with foreclosure filings. Weber County was fifth tallying 180  properties with a foreclosure filing.

State a minor contributor to total foreclosure  activity in August
  Utah accounted for 1 percent  of the 228,098 properties with foreclosure filings reported nationwide in August.  Total U.S. activity increased by more than 7 percent from July, but was down nearly  33 percent from the level reported in August 2010. One in every 570 U.S. housing  units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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 – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Utah

752

0

568

0

799

2,119

450

1.27

n/a

 

 

 

 

 

 

 

 

 

 

Tooele

1

0

87

0

4

92

206

2.77

2.18

Washington

46

0

73

0

69

188

303

1.88

1.48

Summit

23

0

17

0

30

70

333

1.71

1.35

Iron

28

0

0

0

27

55

344

1.65

1.31

Utah

185

0

0

0

227

412

349

1.63

1.29

 

 

          Utah Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Utah

752

0

568

0

799

2,119

450

-17.00

-48.28

 

 

 

 

 

 

 

 

 

 

Salt Lake

370

0

129

0

281

780

460

-32.87

-51.85

Utah

185

0

0

0

227

412

349

-20.46

-38.05

Davis

0

0

152

0

52

204

465

40.69

-36.45

Washington

46

0

73

0

69

188

303

-0.53

-59.40

Weber

65

0

56

0

59

180

465

-12.20

-36.84

 

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