Utah Foreclosure Activity Rises in August

Filings increase 5 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,097 Utah properties in August, a 5 percent increase from the previous month and a 25 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“The number of Utah foreclosure filings ticked up in August, bringing activity to well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Closely associated with this increase is the state’s climbing unemployment rate, which rose to 7.4 percent in August, the highest reported rate since 1984.”

 

The state reported the sixth highest state foreclosure rate, as one in every 230 Utah housing units received a foreclosure filing during the month.

 

Wasatch County leads the state in foreclosure rate for August

Wasatch County, where one in every 55 housing units received a foreclosure filing during the month, posted the top foreclosure rate in Utah. One in every 122 housing units received a foreclosure filing in Washington County, for the second highest rate in the state. Coming in third was Box Elder County, where one in every 160 housing units received a foreclosure filing in August. Fourth highest was Summit County, where one in every 162 housing units received a foreclosure filing. Iron County came in fifth, with one in every 176 housing units receiving a foreclosure filing during the month.

 

Salt Lake County posts top foreclosure total for August

Salt Lake County led Utah in total foreclosure activity for August, reporting 1,620 properties with foreclosure filings. Utah County documented the second highest foreclosure activity, where 665 properties with foreclosure filings were reported. Washington County came in third, tallying 463 properties with foreclosure filings. Fourth highest was Davis County, where 321 properties with foreclosure filings were reported. Weber County came in fifth, reporting 285 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Utah accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Utah

1,174

0

1,527

0

1,396

4,097

230

1.65

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

15

0

132

0

29

176

55

6.94

4.20

Washington

29

0

243

0

191

463

122

3.12

1.89

Box Elder

7

0

78

0

22

107

160

2.38

1.44

Summit

38

0

44

0

61

143

162

2.35

1.42

Iron

46

0

8

0

52

106

176

2.17

1.31

 

 

Utah Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Utah

1,174

0

1,527

0

1,396

4,097

230

5.11

25.02

 

 

 

 

 

 

 

 

 

 

Salt Lake

687

0

492

0

441

1,620

220

-8.01

20.27

Utah

293

0

63

0

309

665

215

5.56

-29.85

Washington

29

0

243

0

191

463

122

20.57

21.52

Davis

2

0

210

0

109

321

293

165.29

109.80

Weber

45

0

160

0

80

285

291

-10.94

55.74

 

 

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