Utah Continues To Buck Nationwide Foreclosure Trends
As foreclosure filings continue to climb nationwide, one report states that Utah continues to buck the trends by showing one of the country's lowest foreclosure rates.
The last quarter of 2006 saw late mortgage payments climb to over 5.25 percent nationally, up from just over 5 percent from the same time period of the previous year. The fourth quarter of 2006 in Utah however, shows the number of mortgages delinquencies have fallen to a little over 4 percent, which is .36 percent less than the same time period of the previous year. Foreclosure filings fell .35 percent to .61 percent, down from .96 percent a year earlier.
Mortgage loan delinquency rates are calculated the counting the number of loans that are more than 30 days overdue. It is also considered to be a very important indicator of economic conditions since these delinquencies can become foreclosures.
As it the situation stands now Utah ranks thirty-ninth amongst the fifty states in foreclosure rate. States reporting the highest delinquency rates are located in the South and Midwest with Mississippi, Louisiana, Michigan, Georgia and Indiana leading the nation.
It comes as a shock to no one that the cause for all the current foreclosure trouble in Utah, as it is across the nation, are the sub-prime mortgages. Some mortgage companies neglected to verify a borrower's ability to repay a mortgage over the life of the loan. This allowed borrowers with a bad credit score to be approved for mortgage loans they would not be able to repay. Compounding the problem even further were most of them had taken out these loans with adjustable interest rates. Depending on a particular loans reset period, some of these mortgages almost doubled the monthly payments. For some homeowners the ability to make the new monthly mortgage payment became impossible. Some states have passed tough new laws against these predatory lending practices and have put into place stricter regulations.
Although Utah didn't escape the foreclosure crisis the overall economic outlook for the state looks good. Utah also enjoys one of the nation’s lowest delinquency rates. Many homeowners looking to stop foreclosure in Utah have contacted foreclosure prevention services experienced in the foreclosures market. In comparison to other states Utah seems to be weathering the ongoing foreclosure dilemma well, and if current trends continue the state should fare well overall.
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