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Utah fifth in nation for foreclosures

Utah fifth in nation for foreclosures

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SALT LAKE CITY -- Utah came in fifth in the nation in 2009 for foreclosure filings.

Nearly 3 million homeowners nationwide faced foreclosure last year, according to the latest report from RealtyTrac Inc., an organization that tracks foreclosure properties in the United States.

"As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans," said James J. Saccacio, chief executive officer of RealtyTrac. "After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline.

**Top state foreclosure rates in 2009**
1. Nevada 10.17% 2. Arizona 6.12% 3. Florida 5.93% 4. California 4.75% 5. Utah 2.93% 6. Idaho 2.72% 7. Georgia 2.68% 8. Michigan 2.61% 9. Illinois 2.50% 10. Colorado 2.37%


"Despite all the delays, foreclosure activity still hit a record high for our report in 2009, capped off by a substantial increase in December," Saccacio continued. "In the long term a massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog."

More than 10 percent of Nevada housing units received at least one foreclosure filing in 2009, giving it the nation's highest state foreclosure rate for the third consecutive year.

Arizona registered the nation's second highest state foreclosure rate in 2009, with more than 6 percent of its housing units receiving at least one foreclosure filing during the year, and Florida registered the nation's third highest foreclosure rate, with 5.93 percent of its housing units receiving at least one foreclosure filing during the year.

Other states with 2009 foreclosure rates ranking among the nation's 10 highest were California (4.75 percent), Utah (2.93 percent), Idaho (2.72 percent), Georgia (2.68 percent), Michigan (2.61 percent), Illinois (2.50 percent), and Colorado (2.37 percent).

Over 27,000 of these homes were in Utah. That's an average of one in over 34 Utah homeowners facing foreclosure, putting Utah above the national average of one in every 45 homes.

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