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Number of Foreclosures in Utah Drops

Number of Foreclosures in Utah Drops

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SALT LAKE CITY (AP) -- The home foreclosure rate in Utah is down.

Of the nearly 351,000 loans serviced in the state for the three months ended June 30, the percent of loans in foreclosure was 1.56 percent, down from 2.03 percent during the same quarter in 2003 and down from 1.80 percent in this year's first quarter.

The figures are from the quarterly national delinquency survey released Wednesday by the Mortgage Bankers Association of America.

Utah's delinquency rate mortgage loans 30 days or more past due fell to 4.65 percent in the second quarter, compared to 5.10 percent last year during the same quarter.

Utah's rate of improvement in the second quarter mirrors a trend from the first quarter, when foreclosures and delinquencies fell by nearly the same amount year-over-year.

"I think that's really good news," said Kelly Matthews, executive vice president and economist at Wells Fargo. "I would take that as a really positive sign that we've now had two consecutive quarters of really significant improvement. I would anticipate that we'll continue this trend of improvement on into the third quarter."

Nationally, the foreclosure rate fell to 1.16 percent, the lowest rate since the end of 2000 and down from 1.35 percent a year earlier, said Douglas Duncan, MBA's chief economist.

Utah's foreclosure rate of 1.56 percent ties with North Carolina as the 10th-highest rate in the nation, down from Utah's eighth-highest ranking in the first quarter.

Utah economic figures on such matters as foreclosures and bankruptcies tend to be worse than the national average at least in part because the state has a much younger population due to its high birth rate.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

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