Total foreclosure filings up 13 percent from Q2, and up 96 percent from Q3 2008.

Utah reported 9,553 properties with foreclosure filings in the third quarter of 2009, an increase of 13 percent from the previous quarter and 96 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Utah foreclosures were up during the third quarter and nearly doubled from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 120 percent for the year. Although on the rise, the state’s 6.2 percent unemployment rate still remains well below the 9.8 percent national average, and home sales have picked up this year. If these trends continue, we may see foreclosures here begin to decline in the near future.”

Utah ranked 24^th in the country in total foreclosures reported for the third quarter. With one in every 97 housing units receiving a foreclosure filing, its foreclosure rate ranked sixth among the 50 states.

Foreclosure activity in the Beehive State was up 12 percent in September from the previous month to 3,682 properties with foreclosure filings, and elevated on a yearly basis, up 111 percent from September 2008. The state’s foreclosure rate was 6^th highest in the nation for the month — with one in every 251 housing units receiving a foreclosure filing.

Washington County posts state’s top foreclosure rate in the third quarter

Washington County posted the highest county foreclosure rate in the state for the third quarter, with one in every 47 housing units receiving a foreclosure filing — 2.9 times the national average and two times state average. Utah County was second, with one in every 60 housing units receiving a foreclosure filing during the quarter — 2.3 times the national average and 1.6 times the state average. Wasatch County posted the third highest foreclosure rate, where one in every 63 housing units received a foreclosure filing — 2.2 times the national average and 1.5 times the state average.

Five counties accounted for 89 percent of foreclosure activity in the third quarter

Salt Lake County led the way, tallying 3,671 properties with foreclosure filings for the quarter. Utah County documented the second highest foreclosure activity, reporting 2,316 properties with foreclosure filings. Washington County came in third, tallying 1,153 properties with foreclosure filings. Weber County posted the fourth highest foreclosure activity for the quarter, reporting 744 properties with foreclosure filings. Davis County documented 572 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Utah accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – Q3 2009

Utah Top Foreclosure Totals by County – Q3 2009

Utah Top Foreclosure Rates by County – Sept 2009

Utah Top Foreclosure Totals by County – Sept 2009