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Concern Over Foreclosures and Pre Foreclosure Listings Remain in Utah

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By : John Cutts    99 or more times read
Rates of foreclosure continue to rise in Utah along with pre foreclosure listings, resulting in analysts' claim that the state's housing market is still very far from its desired recovery. Some areas of the state are in worse situations than other cities, with three of its metropolitan areas considered as among the nation's top cities with the highest foreclosure filing rates.

The number of Salt Lake City bank owned homes is among the highest in the nation. Along with Ogden-Clearfield and Provo-Orem, Salt Lake City is also among the metro cities with the highest number of foreclosure filings. Within the Utah state, Salt Lake also recorded the highest percentage of year-over-year increase in foreclosure rate, with the area recording over 100% of foreclosure rate increase during the first quarter of 2010 when compared with year-ago levels.

In terms of nationwide foreclosure rates and pre foreclosure listings for the first quarter of the current year, Provo-Orem is ranked 34th, Salt Lake City is 35th and Ogden-Clearfield is at the 53rd position. All over the U.S., one household for every 138 has reportedly received one foreclosure filing. This includes notice for auction sales, notices of default and bank repossession notice.

When it comes to percentage increases in the number of foreclosure filings for the first quarter, Ogden-Clearfield is in a slightly better position than Salt Lake City, with the former recording a 60% jump in filings when year-to-year numbers are considered. Meanwhile, Provo-Orem recorded an increase of almost 37% for the same period when compared with 2009 figures. The number of foreclosure filings, repossessed residences and bank owned homes in Utah are expected to continue to increase in the coming months.

Although the list of foreclosure properties in these three cities is considered high, there are still metro areas in other states that recorded far higher numbers, with Las Vegas coming in first and Modesto in California coming in at second place.

High foreclosure rates and expanding pre foreclosure listings remain major problems for Utah's housing market. Analysts are predicting that it would take over a year for the state to achieve some form of respite and exhibit signs of recovery.

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