Utah Reports Decreased Foreclosure Activity in April

Foreclosure activity down 14 percent for month; down 31 percent from April 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,961 Utah properties in April, down 14 percent from March and 31 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s economy has grown steadily for nearly one year and its unemployment rate remains below the national average at 7.7 percent. Still, one in every 322 Utah housing units received a foreclosure filing in April, the nation’s 4th highest foreclosure rate.

 

Washington County top in foreclosure rate for April

Washington County posted the highest foreclosure rate among all Utah counties, with one in every 148 housing units receiving a foreclosure filing in April — four times the national average. Summit County posted the second highest foreclosure rate, where one in every 149 housing units received a foreclosure filing during the month — four times the national average. Iron County came in third, with one in every 218 housing units receiving a foreclosure filing during the month — 2.7 times the national average.

 

Salt Lake County led the state in foreclosure activity in April

Salt Lake County led all counties, reporting 1,229 properties with foreclosure filings for the month. Washington County was second highest, reporting 385 properties with foreclosure filings. Third highest in the state was Weber County, where 342 properties with foreclosure filings were reported. Utah County was fourth highest, tallying 244 properties with foreclosure filings. Davis County came in fifth, reporting 217 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure crisis in April

Utah accounted for 1 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Utah

552

0

1,344

0

1,065

2,961

322

1.84

n/a

 

 

 

 

 

 

 

 

 

 

Washington

49

0

201

0

135

385

148

4.00

2.17

Summit

31

0

84

0

42

157

149

3.99

2.17

Iron

35

0

10

0

42

87

218

2.72

1.48

Weber

34

0

210

0

98

342

245

2.42

1.32

Wasatch

14

0

8

0

16

38

259

2.29

1.24

 

 

Utah Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Utah

552

0

1,344

0

1,065

2,961

322

-13.65

-30.59

 

 

 

 

 

 

 

 

 

 

Salt Lake

297

0

506

0

426

1,229

292

-24.74

-34.80

Washington

49

0

201

0

135

385

148

16.31

-4.70

Weber

34

0

210

0

98

342

245

38.46

-28.90

Utah

78

0

25

0

141

244

590

-57.12

-65.04

Davis

0

0

126

0

91

217

437

49.66

21.23

 

 

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