Utah Foreclosures Up in January

State foreclosure activity increases 8 percent for month

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,601 Utah properties in January, an 8 percent increase from December.

On a year-over-year basis the state’s foreclosure total is 12 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Utah ranked 15th in the nation in total foreclosures reported for January. Its foreclosure rate of one in every 265 housing units receiving a foreclosure filing during the month, ranked it 5th among the 50 states.

Wasatch County posts state’s top foreclosure rate in January

Wasatch County posted the highest foreclosure rate of all Utah counties in January, with one in every 87 housing units receiving a foreclosure filing — 5.7 times the national average. Summit County reported the second highest foreclosure rate, with one in every 124 housing units receiving a foreclosure filing during the month — four times the national average. One in every 164 housing units in Washington County received a foreclosure filing during the month, the third highest foreclosure rate in the state — three times the national average.

 

Salt Lake County dominates state foreclosure activity in January

Salt Lake County started off 2011 reporting 1,597 properties with foreclosure filings in January, the highest total in Utah for the month. Utah County tallied the second highest foreclosure total in the state, reporting 533 properties with foreclosure filings. Third highest was Washington County, where 348 properties with foreclosure filings were reported. Weber County came in fourth, reporting 263 properties with foreclosure filings, followed by Davis County, where 196 properties with foreclosure filings were reported for the month.

 

State contributes 1 percent to the nation’s foreclosure total in January

Utah accounted for 1 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Utah

1,372

0

1,303

0

926

3,601

265

1.88

n/a

 

 

 

 

 

 

 

 

 

 

Wasatch

30

0

20

0

63

113

87

5.71

3.04

Summit

78

0

48

0

62

188

124

4.01

2.13

Washington

50

0

187

0

111

348

164

3.03

1.61

Iron

42

0

11

0

37

90

210

2.36

1.26

Salt Lake

725

0

540

0

332

1,597

225

2.21

1.18

 

 

Utah Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Utah

1,372

0

1,303

0

926

3,601

265

8.11

-11.89

 

 

 

 

 

 

 

 

 

 

Salt Lake

725

0

540

0

332

1,597

225

17.34

-10.48

Utah

306

0

83

0

144

533

270

-12.62

-32.87

Washington

50

0

187

0

111

348

164

-2.25

-17.54

Weber

86

0

99

0

78

263

318

-11.74

-11.74

Davis

3

0

156

0

37

196

484

-20.33

25.64

 

 

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