Foreclosures Drop 30 Percent Since Last April

(KCPW News) Utah continued to have the fourth highest foreclosure rate in the nation in April, according to the latest RealtyTrac report, but the number of foreclosures went down. Dave Anderton with the Salt Lake Board of Realtors believes the report shows Utah’s economy is on the upswing.

“It shows me that foreclosures have crested and we’re finally coming off that peak from 2010 when they were at all time highs in Utah and the nation,” he says. “The economy is getting better and I think people are starting to buy homes again as we see jobs increase in Utah especially.”

The number of foreclosures in Utah fell nearly 14 percent since March of this year, and nearly 31 percent since April of 2010, the report says. And nationwide, foreclosure activity was at a 40-month low. But it’s not all good news.

“We have about 50,000 people in the state that are 30 days or more late on their mortgage and at some stage in the foreclosure process,” says Anderton. “It’s a lot of people, it’s certainly high if you look at our historical foreclosure rate over the past 30 years.”

RealtyTrac says one out of every 322 homes in Utah received a foreclosure filing in April. In Nevada, which tops the list, it’s one out of 97.

Comments
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