UTAH FORECLOSURE RATE NATION’S SECOND HIGHEST IN APRIL

Market Activity Down 1 Percent From Last Month, Up 40 Percent From Last Year

Ogden Area Posts State’s Highest Foreclosure Rate

 

IRVINE, Calif. – May 31, 2006 – Utah reported 1,418 properties entering some stage of foreclosure in April, a foreclosure rate of one foreclosure filing for every 542 households (more than twice the national average) and the second highest in the country, according to RealtyTrac’s April 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Although Utah has a low unemployment rate thanks to strong job growth in recent months, the state’s foreclosure rate has ranked among the nation’s five highest for the last two months,” said James J. Saccacio, chief executive officer of RealtyTrac. “It could be that speculative buying and the prevalence of more risky loan products such as interest-only and negative amortization loans may be contributing to the above-average foreclosure activity in the state.”

 

Foreclosure activity in the state represented a 1 percent decrease in April from the previous month, but a 40 percent increase from the 1,012 foreclosures reported in April 2005.  Overall, the state total accounted for about 2 percent of the nation’s foreclosures, with 16 states reporting more foreclosures for the month.

 

With one foreclosure filing for every 174 households (3.1 times the state average), Weber County‘s foreclosure rate was the highest in the state in April. The county reported 404 properties entering some stage of foreclosure, 29 percent of Utah‘s total foreclosure filings in April.

 

Salt Lake County accounted for nearly 50 percent of the state’s foreclosure filings, with 706 properties entering some stage of foreclosure in April. The county’s foreclosure rate of one foreclosure filing for every 440 households was 1.2 times the state average.

 

Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. This marked the second straight month of decreasing U.S. foreclosure activity. At one foreclosure filing for every 1,268 households, the national foreclosure rate for April was higher than for any month in 2005.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                              Utah Foreclosure Market By County — April 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every #households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

21,244

38,238

2,833

9,071

19,782

91,168

1,268

Utah

528

670

0

0

220

1,418

542

2.34

 

 

 

 

 

 

 

 

 

 

Box Elder

16

0

0

0

1

17

836

1.52

0.65

Cache

0

5

0

0

1

6

4839

0.26

0.11

Davis

8

74

0

0

24

106

699

1.81

0.78

Iron

0

4

0

0

0

4

3405

0.37

0.16

Juab

0

0

0

0

0

0

— 

0.00

0.00

Salt Lake

336

278

0

0

92

706

440

2.88

1.23

Sanpete

0

0

0

0

0

0

 —

0.00

0.00

Sevier

0

0

0

0

1

1

7016

0.18

0.08

Summit

2

2

0

0

2

6

2915

0.44

0.19

Tooele

0

8

0

0

6

14

987

1.29

0.55

Utah

49

78

0

0

11

138

756

1.68

0.72

Wasatch

0

2

0

0

0

2

3282

0.39

0.17

Washington

4

9

0

0

1

14

2606

0.49

0.21

Weber

113

210

0

0

81

404

174

7.27

3.11

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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