Utah Foreclosure Activity Falls in October

Foreclosure filings down 6 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,647 Utah properties in October, a 6 percent decrease from the previous month, but still up 52 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity fell slightly in Utah in October, though it remained well above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate rose for the month to 7.5 percent. Heightened unemployment, along with bad loans and negative equity are all driving forces that keep Utah among the worst affected parts of the nation in terms of foreclosure activity.”

 

One in every 259 Utah housing units received a foreclosure filing in October, the sixth highest foreclosure rate in the nation.

 

Uintah County posts state’s top foreclosure rate for October

Uintah County posted the highest county foreclosure rate in Utah for the month, with one in every 89 housing units receiving a foreclosure filing during October — 4.3 times the national average. Wasatch County registered the second highest foreclosure rate, with one in every 161 housing units receiving a foreclosure filing during the month — 2.4 times the national average. Washington County was third highest, with one in every 171 housing units receiving a foreclosure filing — 2.3 times the national average.

 

Salt Lake County led the state in foreclosure activity in October

Salt Lake County had the top foreclosure total, reporting 1,580 properties with foreclosure filings for the month. Utah County tallied the second highest foreclosure level in the state, reporting 653 properties with foreclosure filings. Third highest total was in Weber County, where 338 properties with foreclosure filings were reported. Fourth highest was Washington County, where 331 properties with foreclosure filings were reported. Davis County was in fifth, tallying 189 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Utah accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Utah

1,302

0

1,113

0

1,232

3,647

259

1.50

n/a

 

 

 

 

 

 

 

 

 

 

Uintah

1

0

50

0

70

121

89

4.34

2.90

Wasatch

16

0

11

0

33

60

161

2.41

1.61

Washington

41

0

149

0

141

331

171

2.27

1.52

Summit

50

0

33

0

39

122

190

2.04

1.36

Iron

43

0

16

0

35

94

198

1.96

1.31

 

 

Utah Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Utah

1,302

0

1,113

0

1,232

3,647

259

-5.66

51.77

 

 

 

 

 

 

 

 

 

 

Salt Lake

704

0

396

0

480

1,580

225

-3.66

66.49

Utah

283

0

147

0

223

653

219

-9.18

68.30

Weber

104

0

156

0

78

338

245

27.55

193.91

Washington

41

0

149

0

141

331

171

-9.81

-19.85

Davis

2

0

118

0

69

189

498

-18.53

8.62

 

 

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