Foreclosed and Bank Owned Repo Home Listings Up in Utah Metro Areas- By: John Cutts
The number of properties lost to foreclosed and bank owned repo home listings in 2010 escalated in several metro areas of Utah. For other U.S. metropolitan regions, last year was a time when formerly insulated areas joined the foreclosure wagon and recorded higher distressed property numbers.
Foreclosure filings and repo homes in Salt Lake City jumped by nearly 30% last year compared with 2009 levels. One household per 27 housing units was in some form of foreclosure in 2010 in Salt Lake, giving the metro area a ranking of 34 among the 206 metro regions in the U.S. in terms of rate of foreclosure. However, the Provo-Orem region beat Salt Lake in terms of the Utah metro area with the highest national foreclosure ranking.
Utah repo homes and foreclosure filings rose highest in Provo-Orem in 2010, with the region having a foreclosure rate of one household for very 25 residential property units. The metro area was ranked 30th nationwide last year. However, the increase in the number of foreclosure filings at Provo-Orem from 2009 was only 2%. The third highest national ranking for a metro area in Utah last year was taken by Ogden-Clearfield.
Bank owned repo home listings and foreclosure-related filings total increased by around 7% in Ogden-Clearfield in 2010 compared with year-ago levels. One household out of every 38 residential units received a foreclosure filing in Ogden, ranking the metropolitan area 50th nationwide in terms of rate of foreclosure.
Nationwide, there were more foreclosed and repo property to buy last year than in 2009 as 149 of the 206 metropolitan areas in the U.S. posted increased foreclosure activities last year compared with one year ago. Figures included households that have received a filing for the first time, homes scheduled for a foreclosure auction, and residences repossessed by lenders. Housing market analysts have attributed the rise in foreclosure activities to unemployment and income reduction in majority of American households.
According to them, more homeowners lost their properties to foreclosures and bank owned repo home listings not because they took out bad loans, but because they lost their jobs and were unable to raise money to pay their monthly loan obligations.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.