Rise in Utah bankruptcies outpaces U.S. gain

Bankruptcies soared 27 percent in Utah the first nine months of the year, outpacing the U.S. gain in a sign that thousands of families continue in their struggle to throw off the devastating effects of the recession. So far this year, 13,603 Utahns and dozens of the state’s businesses have declared themselves insolvent in a bid to gain relief from what for many was overwhelming debt and too little income. Salt Lake Tribune

Chronic homelessness down 42 percent, new Utah report says

Utah has experienced a 42 percent downturn in chronic homelessness from the previous year, a new report shows. Researchers and human services providers attribute the decline to a 10-year initiative that places the homeless in housing sooner and connects them to an array of services and case management to deal with issues that contribute to homelessness. Providing transitional housing to the newly homeless frees up beds in shelters. The "rapid rehousing" concept attempts to place homeless individuals in housing within a matter of weeks.

The Comprehensive Report on Homelessness, released at a homeless summit in downtown Salt Lake Wednesday, states the vast majority of Utah's homeless population — 67 percent — are temporarily homeless. They stay in shelters for brief periods and often do not return. Because of this trend, it is important that agencies that serve the homeless have beds available when people request them. Deseret News

Note: You can find a copy of the full report here: http://housingworks.utah.gov/publication_research/documents/UtHomelessReportRev10_11_2010.pdf

Utah ranks 6th in foreclosures

The Beehive State recorded the sixth-highest rate of foreclosure filings nationwide, according to a new report. The RealtyTrac U.S. Foreclosure Market Report for the third quarter of 2010 showed only Nevada, Arizona, Florida, California and Idaho ranked ahead of Utah for the rate of foreclosure-related filings — default notices, scheduled auctions and bank repossessions. One in every 88 Utah housing units received a filing during the three-month period from July to September of this year, the data indicated. Deseret News

Note: In general, Utah was late to the housing boom and late to its decline. The state's current high ranking in RealtyTrac's foreclosure filings may be the result of timing rather than relative distress.