Thursday, April 26, 2012

Foreclosure rates drop in Utah's large metros

The number of properties falling into foreclosure is dropping dramatically, a new report indicates.

The RealtyTrac Q1 2012 Metropolitan Foreclosure Market Report showed the rate of first quarter foreclosure activity in the state's most populous metropolitan statistical areas declined at least 22 percent from the last quarter of 2011, and at least 42 percent from the same period last year.

The Salt Lake City metro area reported a rate of foreclosure filings — default notices, scheduled auctions and bank repossessions — of 1 in every 163 households, putting the state capital at No. 47 nationally. The rate decreased 22 percent from fourth quarter 2011, and nearly 49 percent from first quarter 2011.

The Provo-Orem area ranked No. 52, with 1 in every 174 households reporting a filing — down more than 25 percent from last quarter and 42 percent year over year.

The Clearfield-Ogden area, which ranks No. 117, reported a filing in one of every 330 households — down more than 26 percent from the previous three-month period and a decrease of almost 56 percent year over year.

The nationwide average was 1 in every 230 households — a decline of 2.25 percent from fourth quarter 2011 and down just under 16 percent from the same period last year. Deseret News