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Utah in Top 10 States for Foreclosures

sltrib.com | December 15, 2013

By Tom Harvey

Utah was among the Top 10 U.S. states for foreclosure activities in November, but statistics show such numbers have fallen drastically from the years immediately after the bursting of the housing bubble that led into the Great Recession.

Utah also showed a spike in foreclosure auction notices in November over the same month of 2011, though that level also was well below what it was two years earlier.

"We’re seeing a much improved and much healthier market," said Steve Roney, CEO of Prudential Utah Real Estate.

Short and distressed sales, a barometer of the market’s health, were somewhere around a third of all sales in 2010 and 2011, he said.

"That number today we think is around 12 percent," Roney said, adding that most of those homes already have offers that banks have been slow to act upon.

Utah had the 10th-highest rate of foreclosure activity among states, affecting one of every 889 housing units, according to RealtyTrac, which tracks real estate data.

Still the number of properties for which a foreclosure filing was made was down 22 percent from the previous month and off 1 percent from November of last year, RealtyTrac said.

Scheduled foreclosure auctions shot up 214 percent in Utah in November over the same month last year. But the 449 scheduled auctions were significantly fewer than the 2,163 of November of 2011, according to RealtyTrac data.

 

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