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Lis Pendens Foreclosures in Utah Top National Average

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By : John Cutts    99 or more times read
The number of lis pendens foreclosure filings issued in Utah last month remained higher than the U.S. nationwide average. Foreclosure statistics for January 2011 showed contrasting numbers, with month-over-month figures showing an increase, while yearly comparisons produced a decline.

The number of Salt Lake City foreclosed homes and foreclosure-related filings in other areas of the state increased last month when compared with December 2010 figures. Statewide, figures for last month represented an increase of 8% compared with December. However, they also represented a 12% decline when held against January 2010 totals. The numbers include default notices, properties up for auctions and houses repossessed by lenders.

The total number of foreclosed homes in Utah was high enough to rank the state fifth among 50 U.S. states in terms of highest foreclosure rates. One household out of every 265 household units in the region was in some stage of foreclosure in January. The statewide ratio also remained higher than the one household out of every 500 units recorded at the national level. Only four other states performed worse than Utah last year, with Nevada retaining the top spot, followed by Arizona, California, and Florida.

Housing industry analysts reported that, nationwide, households that received their first lis pendens foreclosure filing, or those entering the foreclosure process for the fist time, dropped by 1% when compared with December of last year. When compared with January 2010, households receiving their first filing dropped by 27%. Data showed that properties up for auction sales also declined to their lowest total in two years.

Despite these seemingly positive figures, housing analysts stated that the number of home foreclosures this year will likely top last year's totals. They stated that a decline in overall filings and foreclosure auctions does not mean that the housing industry is getting better; it only means that lenders are being more thorough in processing foreclosures and have delayed taking actions against delinquent borrowers.

They also stated that the national decline in lis pendens foreclosure filings is only a reflection of the temporary halt on the processing and selling of foreclosed properties imposed during the fourth quarter by several banks. For the rest of 2011, majority of analysts predict an even worse performance for the housing industry than the previous year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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