Foreclosure Ranking: Utah is The 14th Rank Holder

August 11th, 2008

utah foreclosures

Utah has earned the 14th position in the country in its foreclosures filing rate in the second quarter of 2008. As per a new report, there has been one foreclosure filing per 226 households in the second quarter in the state. It has increased by 113 percent from what it was during the same time a year ago. Utah ranked 18th in the real estate foreclosure filing during the first quarter. Nationally, there has been an increase of 14 percent in foreclosure filings from the last quarter and a terrible increase of 121 percent from the second quarter of 2007. The situation is really worse. A foreclosure filing during the quarter has been noticed in one of every 171 US households.

As per a report of RealtyTrac that is based in Irvine of California, St. George of Utah has seen a leap of 56 percent from the first quarter to the second quarter of 2008 and 446 percent of real estate foreclosure filing year-over-year. The metro area of St. George has also been reported with the highest number of foreclosures with one filing per 87 households. It has been said by David Seiler who is a real-estate broker that the buyers are having a wide range to choose from due to foreclosures that has brought down the prices of homes. Seiler even expects that the value of homes will continue to decline.

The Salt Lake City has ranked 52nd among the 100 largest metro areas of the nation in its real estate foreclosure filing rate. There, one per 217 households has a foreclosed home filing. This means that there has been a 17.16 percent hike in comparison to the previous quarter and also an 89.29 percent increase from the second quarter of 2007. The greater degree of home foreclosures has made everyone worried. The poor and tight loan programs of various banks have led many borrowers think over the matter whether to find out a solution with the bank to prevent foreclosures or just walking away with it.

The decline in the price of home has made Seiler affirm, “If it doesn’t start to pick up in August, then we’re going to start to see people start to lower their prices. They don’t want to go into fall and winter and not sell, if they don’t have to.”

We are left with the option of just waiting and watching what future has in store.