Utah Foreclosures Rise in November

Foreclosure filings up 17 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,279 Utah properties in November, up 17 percent from the previous month and a 60 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Utah foreclosures were up in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 49 percent for the month. While the state’s unemployment rate remains low, its home values and home sales decreased further than the national average during the past year. This is likely contributing to the recent rise.”

 

Utah ranked 14th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 221 housing units receiving a foreclosure filing during the month, ranked it second among the 50 states.

 

Tooele County achieves top foreclosure rate honors in November

Tooele County posted the top foreclosure rate in Utah for November, with one in every 86 housing units receiving a foreclosure filing — 5.8 times the national average and 2.6 times the state average. Summit County reported the second highest foreclosure rate, with one in every 117 housing units receiving a foreclosure filing for the month — 4.2 times the national average and 1.9 times the state average. Washington County came in third, with one in every 133 housing units receiving a foreclosure filing — 3.7 times the national average and 1.7 times the state average.

 

Salt Lake County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Salt Lake County, which reported 1,751 properties with foreclosure filings for the month. Utah County tallied the second highest foreclosure level, reporting 683 properties with foreclosure filings. Third highest total was in Washington County, where 425 properties with foreclosure filings were reported. Fourth highest was Weber County, where 378 properties with foreclosure filings were reported. Davis County filled out the top five for the month, reporting 290 properties with foreclosure filings.

 

State contributes 2 percent to nation’s foreclosure total

Utah accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Utah

1,575

0

1,663

0

1,041

4,279

221

2.23

n/a

 

 

 

 

 

 

 

 

 

 

Tooele

0

0

151

0

68

219

86

5.75

2.58

Summit

59

0

91

0

49

199

117

4.22

1.89

Washington

64

0

235

0

126

425

133

3.70

1.66

Wasatch

5

0

32

0

17

54

179

2.75

1.23

Uintah

0

0

42

0

16

58

187

2.64

1.18

 

 

Utah Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Utah

1,575

0

1,663

0

1,041

4,279

221

17.33

60.26

 

 

 

 

 

 

 

 

 

 

Salt Lake

924

0

487

0

340

1,751

203

10.82

78.49

Utah

364

0

159

0

160

683

209

4.59

55.58

Washington

64

0

235

0

126

425

133

28.40

24.27

Weber

48

0

259

0

71

378

219

11.83

105.43

Davis

8

0

155

0

127

290

325

53.44

27.19

 

 

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