Utah in Top 10 States for Foreclosures

By Bill Ligety
Sep 18, 2013

Rising real estate prices in Utah are pulling thousands of seriously underwater home mortgages back to the surface, but the number of troubled loans is still high by historical standards. That may help explain why Utah is again among the Top 10 states in its rates of foreclosure filings.

According to an article in the Salt Lake Tribune on Monday, Utah’s rate of foreclosure filings was eighth in the nation at 1 in every 697 housing units in August, compared to No. 1 Nevada’s rate of 1 in every 359 units. In June, Utah was ranked 16th nationally with 1 of 194 housing units seeing a foreclosure filing. Utah had a rate of 1 in every 824 housing in July, the 10th highest in the nation.

Prudential Utah Real Estate's CEO, Steve Roney is quoted in the article; "Our northern Utah market areas are displaying robust growth in rising unit sales and average sales prices. However, Salt Lake and Weber counties are showing a significant increase in default filings by lenders, indicating an increased willingness to foreclose on properties in a rising market."

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