UTAH FORECLOSURES INCREASE 3 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 17 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Oct. 11, 2006 – Utah reported 1,077 properties entering some stage of the foreclosure process, up 3 percent from the 1,047 properties reported in August, and a 17 percent increase from the 920 properties reported for the same month last year, according to the RealtyTrac™ September 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 delinquencies among prime and subprime borrowers in Utah have improved this year, increases in foreclosure activity within the state are now at a rate well above the national average,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Utah ranked 23rd in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 714 households — 1.4 times the national average — ranks it 10th among the 50 states.

 

Salt Lake County tops in foreclosure activity

Salt Lake County had the largest share of foreclosures in September, reporting 585 properties entering some stage of the foreclosure process. Weber County had the second highest total, reporting 177 properties entering some stage of foreclosure. Third highest was Davis County, reporting 168 properties in the foreclosure pipeline.

 

Highest foreclosure rate reported in Weber County

Weber County posted the state’s highest foreclosure rate in September, with one new foreclosure filing for every 398 households — 1.8 times the state average and 2.6 times the national average.  Reporting one new foreclosure filing for every 441 households — 1.6 times the state average and 2.3 times the national average — Davis County had the second highest foreclosure rate in the state.

 

Utah makes small contribution to national total

Utah’s foreclosure activity accounted for 1 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 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 – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

Utah

444

588

0

0

45

1,077

714

1.44

 

 

 

 

 

 

 

 

 

 

Box Elder

0

0

0

0

0

0

0.00

0.00

Cache

0

6

0

0

0

6

4,839

0.21

0.15

Davis

72

88

0

0

8

168

441

2.34

1.62

Duchesne

0

0

0

0

0

0

0.00

0.00

Iron

0

3

0

0

0

3

4,539

0.23

0.16

Juab

0

0

0

0

0

0

0.00

0.00

Kane

0

0

0

0

0

0

0.00

0.00

Rich

0

0

0

0

0

0

0.00

0.00

Salt Lake

186

372

0

0

27

585

532

1.94

1.34

Sanpete

0

0

0

0

0

0

0.00

0.00

Summit

3

1

0

0

0

4

4,372

0.24

0.16

Tooele

2

0

0

0

0

2

6,906

0.15

0.10

Utah

53

60

0

0

5

118

884

1.17

0.81

Wasatch

0

0

0

0

0

0

0.00

0.00

Washington

8

5

0

0

1

14

2,606

0.40

0.27

Weber

120

53

0

0

4

177

398

2.59

1.79

 

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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