Utah has been witnessing an increase in the number of foreclosure filings in November when the average number nationally declined since June. Utah also is the ninth position holder in its number of foreclosure filings. One out of every 450 households in this state was sent a notice of foreclosure in the month of November. The total number of properties that were foreclosed in November was 2,003. This indicates an increase of 10.5 percent from what it was in the previous month and also a 104 percent from the figure of November, 2007. The highest rate of foreclosure in November has been arrested in Washington County. Here, one out of every 150 homes in the real estate has been sent a foreclosure notice.

The 350 foreclosure filings indicate an increase of 25 percent from the earlier month and also a 361 percent jump from what it was in November, 2007. The second highest annual increase has been seen in Davis County. A total of 243 households have been foreclosed here in the month of November. This is a 247 percent hike from the figure of November, 2007 and also a jump of 49 percent from the figure of October. The foreclosure filings in Weber County rose by 366 percent between October and November. This county witnessed the highest monthly increase. A total of 233 foreclosure notices were filed in November, which is up by 60 percent from 2007 during the same month.

A 71 percent increase has been seen in Utah County between November 2007 and November 2008. However, there has been a decline of 15 percent from what it was in October. The foreclosure filings also came down by 15 percent in Salt Lake from October to November. However, compared to the figure of November last year, there has been a 51 percent increase. According to real estate professional Rick Sharga, We’re going to have a pretty significant spike in January," Over 259,000 houses nationwide has been sent a foreclosure-related notice in November. This shows a 7 percent decline from October but a 28 percent increase from a year back.

The maximum number of foreclosures has been seen in Arizona, Nevada, and Florida. In Arizona, one out of every 198 households was sent a foreclosure notice. In Nevada, one out of every 76 households received a notice last month. This in case of Florida is one out of every 173 households. The other 10 toppers of foreclosure are Utah, California, Colorado, Ohio, Michigan, Idaho, and Georgia.

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According to the Conference Board, consumer confidence is at its lowest in the last 16 years. Since 1982, consumers have not faced such a bleak future in terms of jobs and inflation. With housing prices at low ebb, gasoline costing more and inflation affecting food and medical bills, consumers are indeed hard hit.

This is reflected in the fact that fewer people are spending on high expenditure items like cars and homes. Consumers appear confronted with the walk away prices for all sorts of goods.

With rising gas prices, 2007 saw fewer people using their own vehicles and resorting to public transport instead. Statistics from the American Public Transportation Association support this, showing a two percent increase in the usage of public transportation last year. In fact, the Department of Transportation recorded that Americans drove 4.3 percent fewer miles in March 2008 than a year ago. This amounts to 11 billion miles less in the overall count. The Energy Information Administration too anticipates a 0.4 percent fall in gas consumption as compared to last year.

As with gas consumption, a pullback has also been observed in the housing market. With fewer people investing in homes the prices have fallen steeply. The Office of Federal Housing Enterprise Oversight (OFHEO) reported that housing prices went down by over 3 percent in the first quarter of 2008. In 43 states the purchase index reflected a fall in prices with California and Florida showing the highest decline. Wyoming, Utah, Montana, Texas and Alabama however showed an appreciation in home prices.

The purchase index bears testimony to the all encompassing credit crunch as well as the fear holding the housing market in its grip, even in areas which are economically strong.

The trends reflected by the purchase index are significant. The calculation of the price declines are based on homes that have been purchased with conventional loans from the government sponsored Fannie Mae and Freddie Mac. These secondary market providers are overseen by OFHEO. This makes the report all the more significant as these calculations exclude volatile jumbo and sub-prime loans unlike other purchase indices.

The Commerce Department offers a ray of hope in this situation. According to it, April 2008 saw new home sales going up by over 3 percent. Although this figure is still 42 percent less than what it was at the same time last year, it is an optimistic sign. And maybe, home buyers are not at the walk away price yet.

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