Utah remains in top 10 states for foreclosures
September 16th, 2010 @ 8:00am
SALT LAKE CITY -- The number of homes lost to foreclosure nationwide jumped nearly 4 percent in August. Utah is still in the top 10 for foreclosures, and the experts say the situation is likely to get worse before it gets better.
Related:
US homes lost to foreclosure up 25 pct on year Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
The numbers from RealtyTrac, Inc. show there were more repossessed homes in August than in any other month since the mortgage crisis began three years ago. The report shows 95,364 homes were foreclosed -- that's up 25 percent from August 2009.
There is some good news. The number of properties entering foreclosure actually slowed for the seventh month in a row. Experts say that is due to lenders allowing borrowers who miss their payments to stay in their homes longer. Highest foreclosure rates
- Nevada
- Florida
- Arizona
- California
- Idaho
- Utah
- Georgia
- Michigan
- Illinois
- Hawaii
Rick Sharga, RealtyTrac senior vice president, says the number of foreclosures may continue to increase before the economy stabilizes. He predicts at best we'll see another record-level year of foreclosures in 2011 before the numbers begin to improve.
In Utah, one in every 230 housing units received a foreclosure filing in August. That's slightly worse than the one in 242 homes foreclosed the previous month. More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year.
Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice.
