Utah Foreclosures Up in 2010

Foreclosure filings rise 20 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 32,520 Utah properties for 2010, up 20 percent from a year ago and 119 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 3,331 Utah properties in December 2010, a 22 percent decrease from November and 28 percent below the level reported in December 2009. One in every 284 Utah housing units received a foreclosure filing during the month.

 

“Utah foreclosure activity spiked considerably in 2010 to a level well above what was reported for 2009 and more than twice what was reported for 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s economy continues to be a concern looking into 2011. Even as new jobs were added in December, Utah’s unemployment rate grew to 7.5 percent, leaving more residents worried about paying their mortgages.”

 

One in every 29 Utah housing units received a foreclosure filing in 2010, the fifth highest state foreclosure rate in the nation for the year.

 

Wasatch County posts state’s top foreclosure rate in 2010

Wasatch County posted the highest foreclosure rate in Utah in 2010, with one in every 14 housing units receiving a foreclosure filing — 3.3 times the national average. Washington County came in second, with one in every 17 housing units receiving a foreclosure filing in 2010 — 2.7 times the national average. The third highest was Uintah County, where one in every 18 housing units received a foreclosure filings during the year — 2.5 times the national average.

 

Salt Lake County led the state in foreclosure activity in 2010

Salt Lake County led the state in foreclosure activity, reporting 12,927 properties with foreclosure filings. Utah County had the second highest foreclosure total, with 5,933 properties with foreclosure filings. Washington County was third highest, reporting 3,414 properties with foreclosure filings for the year. Weber County came in fourth, tallying 2,577 properties with foreclosure filings. Fifth highest total for the year was in Davis County, where 2,187 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Utah accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Utah

8,657

9

11,196

0

12,658

32,520

29

1.55

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

78

0

259

0

370

707

14

3.29

2.13

Washington

323

0

1,526

0

1,565

3,414

17

2.71

1.75

Uintah

4

0

281

0

312

597

18

2.48

1.60

Summit

233

0

438

0

503

1,174

20

2.27

1.47

Iron

315

0

101

0

505

921

20

2.22

1.44

 

 

Utah Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Utah

8,657

9

11,196

0

12,658

32,520

29

19.82

119.20

 

 

 

 

 

 

 

 

 

 

Salt Lake

4,578

0

3,961

0

4,388

12,927

28

32.87

115.20

Utah

2,448

0

1,022

0

2,463

5,933

24

2.15

104.73

Washington

323

0

1,526

0

1,565

3,414

17

-2.82

59.38

Weber

326

0

1,236

0

1,015

2,577

32

10.55

113.15

Davis

31

0

1,362

0

794

2,187

43

1.82

64.68

 

 

 

Utah Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Utah

1,294

0

1,090

0

947

3,331

284

1.77

n/a

 

 

 

 

 

 

 

 

 

 

Washington

102

0

133

0

121

356

159

3.15

1.79

Box Elder

31

0

55

0

17

103

167

3.01

1.70

Uintah

0

0

27

0

26

53

204

2.45

1.39

Iron

34

0

16

0

39

89

209

2.39

1.35

Utah

325

0

114

0

171

610

235

2.14

1.21

 

 

Utah Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Utah

1,294

0

1,090

0

947

3,331

284

-22.15

-27.87

 

 

 

 

 

 

 

 

 

 

Salt Lake

675

0

329

0

357

1,361

262

-22.27

-25.34

Utah

325

0

114

0

171

610

235

-10.69

-13.11

Washington

102

0

133

0

121

356

159

-16.24

-21.59

Weber

60

0

147

0

91

298

278

-21.16

-36.86

Davis

2

0

188

0

56

246

383

-15.17

-10.22

 

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