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In last year’s first quarter, Utah was only 18th in RealtyTrac’s chart of states with the biggest number of foreclosed homes in relation to total households. In the same ranking for this year’s first three months, Utah entered the top ten list, with 1 unit in every 151 housing units given a foreclosure filing. Its foreclosure rate represented a 12.47 percent increase from the last quarter of 2008 and a staggering 86.77 percent increase from last year’s first quarter.

Utah foreclosures in this year’s first quarter pushed the state to the 9th place in the top ten list, replacing Ohio. In last year’s first three months, Utah had 1 unit in every 274 housing units hit with a foreclosure filing.

Nationwide, the number of foreclosure filings increased by 17 percent compared to February filings and increased by 46 percent compared to March 2008. According to RealtyTrac, the total number of foreclosed homes in this year’s first quarter was the highest quarterly figure it has recorded since it started tracking and reporting foreclosures in January 2005. Similarly, the March 2009 figure was also its highest monthly number recorded. There were almost 191,000 foreclosed homes and repossessed properties in the first quarter.

RealtyTrac is a California-based enterprise that tracks foreclosed homes and bank owned repossessed properties nationwide from about 2,500 counties.

The highest foreclosure rate in the first quarter still belongs to Nevada, which has 1 unit in every 27 households given a foreclosure filing, more than 5 times the foreclosure rate nationwide. Nevada foreclosures in the quarter increased its rate nearly 111 percent over last year’s first three months.

The second and third states with the biggest foreclosure rates are Arizona and California, with Arizona having 1 unit in every 54 housing units given a foreclosure filing, and California, with 1 in every 58 households hit with a foreclosure filing.

Compared to RealtyTrac’s chart of foreclosed homes in 2008 published in January 2009, three states entered the top ten list, namely Utah, Idaho, and Oregon, replacing Colorado, Ohio and New Jersey.
Housing analysts attributed the increase in number of foreclosed homes nationwide in the first quarter to at least four factors: increase in job layoffs, end of foreclosure moratoriums and the adjustment of Alt-A mortgages that increased monthly payments.

According to a recently released report, Salt Lake City came in at the seventh position when it came to cities with the most number of filings for foreclosures in the country. Other cities in Utah which were part of the top 100 are the Provo/Orem area which came in at number 39, and the Ogden/Clearfield area came in at number 100.

Salt Lake City foreclosure homes are seeing an unprecedented time. In July, 2008, Salt Lake City, for every 491 homes, had 1 in foreclosure, an increase of 35 from June, 2008 and an increase of 146 from July, 2008.

In the Provo/Orem area, for every 360 homes, 1 is in foreclosure and in the Ogden/Clearfield area, 1 out of every 660 homes is involved in foreclosure. Utah, generally, saw an increase of 27.32 where 1 out of every 472 homes was involved in foreclosure, when compared with June, ’08. Compared with July, ‘07, there was a 294.02 increase. From being the State with the tenth highest rate of foreclosure in June, ’08; in July, ‘08, Utah has the ninth highest foreclosure rate across the country. Local housing sector experts are of the opinion that with the rising number of foreclosures in the area, prices of property are also being adversely affected.

Four hours away from Salt Lake City, in Cedar City, the Utah Foreclosure Prevention Task Force in association with non-profit and commercial partners, conducted a training session for home owners facing foreclosures on 08/19/2008.

The event took place at the Crystal Inn and was aimed at members from the housing sector, school counselors and local clergy.

The Utah Housing Coalition, the JPMorgan Chase Bank and the Federal Reserve Bank of San Francisco, together, sponsored the event. The team comprised of professionals from a number of non-profit organizations, the lending and banking sector and state universities, besides representatives of the Department of Housing and Urban Development. Announcements for more sessions like these around the State are to be made soon. Homeowners involved with Salt Lake City foreclosure homes will certainly hope so.

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