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Show Page 14b The Enterprise Review , December 22, 1976 Investment Summary Chuck Akerlow Mortgage Foreclosures Second Lowest in U.S. Utah lenders posted the nations second-lowe- st rate of mortgage foreclosures by the end of the third quarter 1976, a rate outperformed only by lenders in Montana. According to figures compiled by the Mortgage Bankers Association of America, four percent of the mortgage loans processed by Utah lenders during the third quarter ended in foreclosure on September 30, while in Montana no loans were being foreclosed by the end of the quarter. While Utahs lenders have always succeeded in keeping a low rate of foreclosure activity, the third quarter was the first period this year in which it placed as low as second in the nation. Utah outperformed all other states in another category: the number of foreclosures started during the quarter. In this category, Utah lenders reported only two percent of the loans they processed were placed in the process of foreclosure during July, August and SeptemUtah's rate in this ber. category was the lowest in the nation. Utahs .02 rate was 85 percent lower than the rate posted for the Mountain Region, .14, and 88 percent lower than the national average of .17. Utah processed .9 percent of the nations loans during the quarter. The state with the highest rate of foreclosures begun during the quarter was Mississippi, which reported 57 percent of the loans Serviced were started in the Ariforeclosure . process. zona, with a 22 percent rate, recorded the highest rate in the Mountain region. While Utah performed foreclosures, it also displayed economic strength in the category of delinquent payments on mortgages. The delinquency rate for the record breaking sales week ending Dec. 10. A total of nine multiple unit dwellings (apartments .and duplexes) sold for $609,500, down 30 percent. Average price for multiple units was $67,722. Three industrial properties sold for $159,000, up 50 percent from the week prior. Eight vacant lots sold for $73,000. Top Ten Lenders in Salt Lake County November 1976 Prudential Federal Savings Walker Bank & Trust Zions First National Bank Valley Bank & Trust Western Mortgage Loan 1. 2. 3. 4. 5. st Average Conventional Mortgage Loan Salt Lake County 1976 $000 40 38 extremely well regarding Real Estate Sales Take 16 Percent Dip After recording its highest volume in 56 years, the Salt Lake Board of Realtors reported a 16 percent drop in total sales for the week ending Dec. 17. The average home price of 184 homes sold during the week was $41,524, down slightly from a week prior. Total residential listing for the week was $7,640,432, down 13.6 percent from the nation was 4.76 for the third quarter. In Utah the rate in was 2.95, the third-lowethe nation. Utahs rate was outperformed only by the states of New Hampshire, Rhode Island and Vermont who reported a combined rate of 2.78 and Wyoming, reporting a 2.70 rate. The state reporting the highest delinquency rate was New York, with a rate of 6.92. 6. First Security Bank 7. First Security State Bank 8. Tracy Mortgage 9. American Savings & Loan 10. Commercial Security Bank Average Conventional Mortgage Loan during November: $39,468 Total Warranty Deeds Recorded Salt Lake County: 2,292 according to figures compiled by Security Title Co. Loan activity during the month of November was very high. The average conventional mortgage loan serviced during the month ($39,468) was the highest of the year, as was the number of warranty deeds recorded (2,292). JFMAMJJASON (Figures compiled by Secur- ity Title.) Mayor Wilson would be well advised to supervise the Parks Department and stay out of downtown development. The thought that the block between State Street and 2nd East and 3rd and 4th South is ready for development is a pipe dream of the Mayors. This is especially so one considers that there are presently two other city blocks downtown which are up for bid at the moment and on which it appears little is happening. when The Redevelopment Agencys seven acres at West Temple and 2nd South have not captivated the commercial market and there are no department stores beating down their door to develop them. Similarly, the progress in developing the block between Main and West Temple and South Temple and 1st South is slow to develop. We have heard of a Sheraton Hotel, which seems And it to be elusive. appears, at the moment anyway, that there is little interest on the part of a major department store to locate there. Mayor Wilsons idea that the Redevelopment Agency should buy the block across from the City and County Building seems to this writer to be a waste of the taxpayers money at a time when the demand for services is great and costly. Without two major department stores and a large office building tenant, it is hard to imagine that much money will be invested in such a project. I think the Mayor should wait to see what happens at 2nd South and at 1st South and West Temple before embarking on a plan to purchase the property across from the City and County Building. A significant event oc- curred in Utah in November which went somewhat unnoticed in the local press. For the first time in years the Utah unemployment rate went below This occured at a time when the national unemployment and the rate was at 8.2 national economy sluggish. The confidence in Utahs economy is shared by many investors and lenders. The Continued on page 16b 2-- 12 6. |