The news may be bleak on the national front mortgage-wise. But new statistics from the Utah Housing Corporation suggest some Utah residents are beating the odds.
The figures out this week show about one in every 600 homes in Utah foreclosed last year.
But homeowners who bought their houses through Utah's first-time buyer assistance program saw a drop in the foreclosure rate of around 52 percent, with one default for every 4,800 or so homes.
Utah housing customers get a break in the interest rate. That's one reason they're doing better than other homebuyers in the state.
Nationwide, the number of households facing the foreclosure process more than doubled in the second quarter compared to a year ago, according to data released Friday.
Nationwide, 739,714 homes received at least one foreclosure-related notice during the quarter, or one in every 171 U.S. households, Irvine, Calif.-based RealtyTrac Inc. said.
(The Associated Press contributed to this report. Copyright 2008 by The Associated Press. All Rights Reserved.)