Foreclosures Continue in Utah

Though the calamity may have become sluggish, lenders say the glut will not ease till 2013. The trend for foreclosure will continue, said the foreclosure listing company, RealtyTrac Inc. Utah is one of the worst hit by home foreclosures and is ranked fifth by the company across the US.

Salt Lake County itself has 8,000 foreclosure cases pending, though till now some 2,360 homes have been scheduled for sale. Some of the areas hit by foreclosure are Uintah, Summit, Wasatch and Washington. About 2 percent properties state wide, amounting to 18,000 properties have taken steps on this path in the first quarter of the year.

On the national level, more than a million households may lose their residence due to foreclosure this year. This is because of a huge accumulation of borrowers who have not paid their loans.