Friday, October 21, 2011

Utah stays near top nationally in foreclosure activity | The Salt Lake Tribune

Utah remains in the top 10 states affected by the nation’s foreclosure crisis, according to a report.

One in every 408 Utah housing units — 2,338 properties — had a foreclosure filing in September, according to foreclosure-tracking firm RealtyTrac Inc.

No. 1 in foreclosures was Nevada (1 in every 118 housing units), followed by California (1 in 259) and Arizona (1 in every 305). Nationwide, 1 in every 605 housing units had a foreclosure filing.

Utah’s rate was better than Florida (1 in 368) and Idaho (1 in 391).

In the third quarter as a whole, more U.S. homes are entering the foreclosure process, but they’re taking ever longer to get sold or repossessed by lenders.

The number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent, compared with the second quarter, RealtyTrac said.

That increase signals banks are moving more aggressively now against borrowers who have fallen behind on their mortgage payments than they have since industrywide foreclosure processing problems emerged last fall. Those problems resulted in a sharp drop in foreclosure activity this year.

The surge in default notices means homeowners who haven’t kept up their mortgage payments could now end up on the foreclosure path sooner. Initial default notices are the first step in the process that eventually can lead to a home being taken back by a lender.

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