In the previous two years Utah has had one of the nation's highest rates of foreclosure filings. Part of this is because 60% of bankruptcies are health related and Utah families tend to be larger. With larger families the chance of a bankruptcy is higher. Not everyone loses their home in a bankruptcy but it sure doesn't help.
Now foreclosures have eased back somewhat and it is now the 15th highest in the nation, with 1 in 721 househoulds having a foreclosure filing in February. Foreclosures dropped by 61 percent from February 2011 to the same month this year.
However, many banks have been putting foreclosures on hold and the pace of foreclosures may accelerate. There will potentially be more foreclosed homes hitting the market this year.
There are still foreclosure deals to be had and you can check right here on UtahForeclosures.us for foreclosured properties in your area.