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2010 May Prove to be the Hardest Year Yet for Foreclosures

Lenders are repossessing over half a million homes across the nation, yet Utah remains relatively stable despite the calcuated predictions.

In August of 2008, the University of Utah Bureau of Economic and Business Research released a report projecting Utah foreclosures would likely set a record high in 2009.

The Bureau's report projected that "falling home prices will leave some home owners with little or no equity, increasing the risk of default and foreclosure." During July of 2009, one out of every 69 households had a foreclosure filing, according to the Deseret News.

In 2010, a total of 20,741 homes have been foreclosed in Utah, according to

In June, one out of every 263 homes in Utah received some form of a foreclosure notice, which has changed substantially since 2009. Nationally, one in every 78 homes received a foreclosure warning last month.

RealtyTrac reports a trend of falling foreclosure activity for the state of Utah over the past six months. During the month of June, Utah sustained relatively promising numbers of less than 5,000 foreclosures, while the nearby states of Nevada and Arizona were pushing the 15,000 mark.

On a national level, lenders have repossessed 528,000 homes within the first six months of 2010. The Associated Press reports that repossessions will top one million by the end of the year if the trend continues.