SALT LAKE CITY — Utah's foreclosure rate is the 10th highest in the nation.
Data released Thursday by RealtyTrac Inc. shows that one in 592 Utah housing units saw a foreclosure filing in May.
That's an improvement from April, when Utah had the 7th highest foreclosure rate — with one in 419 homes seeing a foreclosure filing.
Georgia, Arizona, Nevada, California, Illinois and Florida had the highest foreclosure rates in the nation.
Nationally, RealtyTrac reports just under 206,000 properties had a foreclosure filing in May.
That compares with fewer than 189,000 homes in April.
The firm says the foreclosure increases in various states illustrates that the housing market is still on a bumpy ride toward recovery.
Myfoxdc.com posted the following:
Myfoxdc.com posted the following:
“May sees pickup in
homes facing foreclosure risk
Posted:
Jun 13, 2012 10:28 PM MDT
By ALEX VEIGA
AP Real Estate Writer
LOS ANGELES (AP) -
Lenders initiated foreclosure proceedings against more U.S. homeowners in May,
setting the stage for increases in home repossessions and short sales -
scenarios that could further weigh down home values in coming months.
Default or
scheduled-home-auction notices were filed for the first time against 109,051
homes last month. That's an increase of 12 percent from April and up 16 percent
versus May last year, foreclosure listing firm RealtyTrac Inc. said Thursday.
The firm monitors
documents filed on properties with mortgages that have gone unpaid. Once that
process begins, homes can end up foreclosed-upon, sold at auction or via a
short sale. A short sale is when the bank agrees to accept less than what the
borrower owes on their mortgage.
May was the first month
since January 2010 that the number of homes starting on the foreclosure path
rose on an annual basis. But the trend has been visible in the monthly numbers,
with four out of the first five months of this year recording increases over
the preceding month.”
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