Report: Utah's foreclosure rate lower than nation's, but rising

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SALT LAKE CITY (AP) -- A new report says Utah's foreclosure rate is on the rise, but still well below the national average.

The Mortgage Bankers Association reports that home foreclosures in Utah rose from 0.61 percent to 0.8 percent since 2006. Foreclosure rates were actually lower in Utah for most of 2007, but jumped about 7 percent in November and 15 percent in December over 2006.

Nationally, just more than 2 percent of mortgages were foreclosed last year.

Wells Fargo Executive Vice President Kelly Matthews says Utah's strong economy, fueled by job growth and low layoffs, has helped state homeowners. He says most are able to either sell their homes or refinance.

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Information from: Standard-Examiner