Utah Foreclosure Activity Up in Third Quarter

Total foreclosure filings increase 12 percent statewide from the second quarter

Auction notices, defaults and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,703 Utah properties during the third quarter, a 12 percent increase from the previous quarter and up 12 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Utah ranked 21st in the nation with 3,668 properties with foreclosure filings, a 6 percent decrease from the previous month but 5 percent above the level reported for the same month last year. One in every 244 Utah housing units received a foreclosure filing in September, ranking the seventh highest foreclosure rate among the 50 states.

 

Utah foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 24 percent for the quarter. The state’s home values declined nearly three times the national average earlier this year, and home sales were lower than most states. These trends need to turn around before we see foreclosures start to come down here.”

Utah ranked 22nd in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 88 housing units receiving a foreclosure filing during the quarter, ranked it sixth among the 50 states.

Wasatch County led state with top foreclosure rate in third quarter

Wasatch County posted the highest foreclosure rate in Utah during the third quarter of 2010, where one in every 27 housing units received a foreclosure filing — 5.1 times the national average. Washington County posted the second highest foreclosure rate, where one in every 52 housing units received a foreclosure filing during the period — 2.7 times the national average. Summit County documented the third highest foreclosure rate, where one in every 53 housing units received a foreclosure filing — 2.6 times the national average.

 

Salt Lake County posts state’s top foreclosure total for third quarter

Salt Lake County dominated, reporting 4,474 properties with foreclosure filings for the quarter. Utah County was second, reporting 1,889 properties with foreclosure filings. Washington County was third, tallying 1,095 properties with foreclosure filings. Weber County was fourth highest, reporting 767 properties with foreclosure filings. Davis County came in last for the state’s top five, reporting 655 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Utah. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Utah

3,285

0

3,718

0

3,700

10,703

88

2

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

22

0

156

0

180

358

27

5.14

3.27

Washington

112

0

559

0

424

1,095

52

2.69

1.71

Summit

43

0

238

0

154

435

53

2.60

1.65

Iron

144

0

31

0

143

318

59

2.37

1.51

Utah

871

0

261

0

757

1,889

76

1.83

1.17

 

 

Utah Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Utah

3,285

0

3,718

0

3,700

10,703

88

11.91

12.04

 

 

 

 

 

 

 

 

 

 

Salt Lake

1,865

0

1,318

0

1,291

4,474

80

16.03

21.87

Utah

871

0

261

0

757

1,889

76

10.99

-18.44

Washington

112

0

559

0

424

1,095

52

23.87

-5.03

Weber

139

0

353

0

275

767

108

-16.08

3.09

Davis

3

0

446

0

206

655

144

8.99

14.51

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved