Delinquencies and foreclosures
Foreclosure activity (defaults, auctions and REOs) peaked in Utah during
2010, hitting a high of 10,756 actions during the first quarter of that year,
according to information from Attom Data Solutions. Foreclosure activity
didn’t begin declining until the second half of 2011, but by the first quarter
of 2012 foreclosure activity had dropped by more 50 percent, to 4,948
actions. Foreclosure activity halved again in the third quarter of 2012,
where it hovered until dropping to 1,363 actions this past first quarter.
Only 0.3 percent of Utah’s residential mortgages were in foreclosure as
of this past December (the latest date for which data is available), and
the state’s serious delinquency rate was only 1.2 percent at the time,
according to CoreLogic. Both of these numbers were less than half of the
national averages as of this past December.
Utah’s unemployment rate was 2.4 percent in January 2007, more than
2 percentage points below the national rate of 4. 6 percent. Utah was not
immune to the Great Recession’s impact on unemployment, but the state’s
unemployment remained about 2 percentage points below the national
average through the worst years of the downturn, and never rose above
8 percent. In fact, when the national rate hit 10 percent in October 2009,
Utah’s unemployment stood at 7. 9 percent.
The state’s unemployment rate dropped below 5 percent by January
2013, when the national rate still stood at 8 percent, and it dropped below
4 percent in February 2014. As of this past April, Utah had almost completely recovered to its prerecession low, with unemployment standing
at 3.1 percent, compared to the national average of 4. 4 percent.
Sources: Attom Data Solutions, citiesjournal.com, CoreLogic, CNBC, Cushman & Wakefield,
Deseret News, neighborhoodscout.com, netstate.com, ogdencity.com, Realtor.com,
U. S. Bureau of Labor Statistics, U. S. Census Bureau, U. S. News and World Report,
Utah Association of Realtors, Utah Economic Council, Time, visitsaltlake.com, Zillow
Will McDermott is editor of Scotsman Guide Residential Edition.
Reach him at (800) 297-6061 or email@example.com.
Home to Brigham Young University, Provo was named the happiest city
in America in a 2014 Gallup poll about personal wellbeing. In addition
to the city’s beautiful surroundings, Provo residents are well-known
for being friendly and highly religious — an earlier Gallup poll named
Provo the most religious city in the U.S. In fact, the city’s motto is
“Welcome Home.” The median sales price of a home in surrounding
Utah County in 2016 was $255,000, an 8.1 percent increase over 2015.
Known as “Junction City” because it marked the transfer point between
the Union Pacific and Central Pacific railroads, Ogden boasted more
millionaires per capita than any other U.S. city during the heyday of
rail travel. Air travel and the interstate highway system almost doomed
Ogden to ghost-town status, but the 2002 Winter Olympics revitalized the area, and today Ogden is a popular tourist destination. The
median sales price of a home in surrounding Weber County in 2016 was
$185,000, an 8. 8 percent increase over 2015.
SALT LAKE CITY
With 10 ski resorts and more than 60 state and national parks within
easy driving distance, it’s easy to see why Salt Lake City is No. 10 on the
U.S. News and World Report’s 100 Best Places to Live in the USA. Add in
a highly educated populace — 43.1 percent have a bachelor’s degree
or higher — and home prices well below other Western tech centers,
and it is easy to see why this area of Utah is called “Silicon Slopes.” The
median sales price of a home in Salt Lake County in 2016 was $265,000,
a 6. 5 percent increase over 2015.
3 Cities to Watch
Utah Foreclosure Filings
Source: Attom Data Solutions
Defaults Auctions REO