Foreclosure filings for September in Utah up by 114%
Owners of 1,746 properties in Utah received some type of foreclosure-related filing in September, up nearly 114 percent from the same month in 2007, said RealtyTrac, a company that tracks the foreclosure market nationally.
The report covers a wide range of filings, from default notices - in which a homeowners are simply behind on their house payments but not yet in serious danger of losing their property - to notices that the bank is taking possession of the property from the borrower.
In the report, Utah was ranked 13th nationally in foreclosure filings in September, with one in every 516 households receiving such a filing, compared with one in every 475 nationally.
Nationally, 265,968 properties received a foreclosure-related filing in September, up nearly 21 percent from September 2007, RealtyTrac said.
Defaults and foreclosures are on the rise in Utah as the overall economy and housing markets deteriorate. Although unemployment remains low, Utah's economy overall has created few new jobs compared with last year. Home sales are down significantly from last year and prices are off in most areas, making it more difficult for homeowners in financial trouble to sell their homes quickly enough and at a high enough price to cover their mortgage obligations.