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Utah has 12,000 houses in foreclosure

Utah has about 12,000 homes in foreclosure, according to the foreclosure listing firm RealtyTrac Inc.
/ Source: The Associated Press

Utah has about 12,000 homes in foreclosure, according to the foreclosure listing firm RealtyTrac Inc.

But with nearly 1 million housing units in the state, that number represents a relatively small problem.

And even though Utah had the ninth-highest fastest growing foreclosure rate in the first quarter of this year, RealtyTrac says Utah doesn't consistently rank high for troubled mortgages and will probably pull out of the Top 10 in the next ranking.

RealtyTrac offered some other numbers that puts things in context. Utah's foreclosure rate is 1.33 percent of all housing units — that's just a little bit above the historic rate of 1 percent for all U.S. mortgages.

Nevada, by contrast, had a foreclosure rate five times higher, and Arizona's was about three times higher.

RealtyTrac said Utah's foreclosures are mostly concentrated in Washington and Tooele counties, where there was a lot of price appreciation until the recession took hold.