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PROVO, Utah (AP) -- The federal government offered Utah nearly $20 million to buy and restore foreclosed homes for resale.
Utah has 18 months to come up with a plan for the money.
U.S. Department of Housing and Urban Development spokesman Brian Sullivan says the level of funding is determined by the number of home foreclosures, number of subprime mortgages, defaults and delinquencies in a state.
According to RealtyTrac, Utah ranks 10th in the nation for foreclosure filings. In June, foreclosures in the Provo-Orem area jumped 810 percent from the same month a year before.
That ranked Provo-Orem No. 37 among major metro areas nationally.
During the same month, Utah's rate of new foreclosures year-over-year outpaced the national average three times over.
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Information from: The Daily Herald
(Copyright 2008 by The Associated Press. All Rights Reserved.)
