UTAH FORECLOSURES DROP 10 PERCENT IN AUGUST

State’s Activity 16 Percent Higher Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Utah reported 1,047 properties entering some stage of the foreclosure process in August, a 10 percent decrease in activity from the 1,165 properties reported in July, but still 16 percent above the 900 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Though still up from a year ago, Utah seems to be seeing a month-to-month decline in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Rapid job growth has continued to reduce Utah‘s unemployment rate to the lowest reported in the state since 2000, which may be a factor in the recent decline in foreclosures.”

 

Utah ranked 21st in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 734 households — 1.4 times the national average —  ranks it 10th among the 50 states.

 

Top four counties account for largest share of state total

Four counties accounted for 95 percent of all foreclosures in Utah for August. Leading the state in foreclosures for the month was Salt Lake County, reporting 449 properties entering some stage of the foreclosure process. Weber County had the second highest total, reporting 251 properties entering some stage of the foreclosure process, followed by Utah County where 158 properties entered some stage of the foreclosure process. Davis County came in fourth, reporting 138 properties in some stage of the foreclosure process.

 

Highest foreclosure rate reported in Weber County

Weber County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 281 households — 2.6 times the state average and 3.6 times the national average.  Reporting one new foreclosure filing for every 537 households — 1.4 times the state average and 1.9 times the national average — Davis County had the second highest foreclosure rate in the state.

 

State accounts for 1 percent of national total

Utah‘s foreclosure activity accounted for 1 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 households during the month.

 

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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Utah

614

395

0

0

38

1,047

734

1.37

 

 

 

 

 

 

 

 

 

 

Beaver

0

0

0

0

0

0

0.00

0.00

Box Elder

0

0

0

0

0

0

0.00

0.00

Cache

0

8

0

0

0

8

3,629

0.28

0.20

Davis

114

22

0

0

2

138

537

1.87

1.37

Duchesne

0

0

0

0

1

1

6,988

0.14

0.11

Iron

0

5

0

0

0

5

2,724

0.37

0.27

Juab

1

0

0

0

0

1

2,810

0.36

0.26

Kane

0

0

0

0

0

0

0.00

0.00

Millard

0

0

0

0

0

0

0.00

0.00

Salt Lake

308

135

0

0

6

449

693

1.45

1.06

Sanpete

0

0

0

0

0

0

0.00

0.00

Summit

1

5

0

0

1

7

2,498

0.40

0.29

Tooele

0

6

0

0

1

7

1,973

0.51

0.37

Utah

56

90

0

0

12

158

660

1.52

1.11

Wasatch

3

1

0

0

0

4

1,641

0.61

0.45

Washington

18

0

0

0

0

18

2,027

0.49

0.36

Weber

113

123

0

0

15

251

281

3.57

2.62

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, 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 MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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