Foreclosure Rate In Utah Slightly Higher But Overall There’s Good News

In the month of March, Utah’s foreclosure rate is slightly higher compared to the rest of the nation. Overall, the rate continues to drop nationwide, which is a good sign for the economy as a whole. 

Utah Higher but Nowhere Near the Highest 

The data shows Utah is number 17 of the 50 states including the District of Colombia. Digging down further there were 245 homes were foreclosed in Utah of the 1,162,654 homes in Utah. That is more than the average for the nation. 

The counties in Utah that are experiencing the most foreclosures include Washington, Juab, Wasatch, Toole, and Emery according to the report. This may at first be concerning, but looking at the foreclosure rates from even last year it shows good news. 

Foreclosure Rates Dropped from Last Month 

March dropped 1% from February across the United States and went down 10% from a year ago. This is from the site:  

The average time to foreclose showed a slight increase from the previous quarter, but continues a downward trend observed since mid-2020. 

Considering where the housing was in 2008 the number of foreclosures has been continuing to move downward in the decades since. The slight rise early this year is nothing compared to the overall trend. 

Read More: Expand Up Or Out To Relieve Record High Housing In The West?

The states with the highest increase in foreclosures were Illinois, Connecticut, and New Jersey with the lowest being the District of Columbia, Vermont, and Montana. These foreclosure rates can give an indication of what is happening around the country.