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Show The Enterprise Review , July 21, 1976 Page 10b Displacement Among Lenders Heightens Competition for Loans Tax Boost Inevitable financial institutions joined the list of Salt Lake Countys top ten lenders in June, while Tracy Mortgage plummeted from third to tenth place according to figures reported by Security Title loans in June, with a combined value of $9,941,416. Junes second place lender w'as First Security Bank, placing 70 loans at a combined value of $7,175,980. Company. several institutions experienced sharp increases in lending activity this year to date compared to the same period last year. Zions Mortgage more than quadrupled its 1975 loan volume, while the credit unions nearly tripled theirs. United Bank increased its loan value by 2.6 times and Commercial Security in Increased taxes for businesses and residents in unincorporated areas of the county seem inevitable, if present county plans are executed. Two Security Title figures showed United Savings and Loan, and Commercial Security Bank joined the top ten in June, while Deseret Federal and Walker Bank & Trust lost the status they achieved in May. Prudential Federal Savings remains high above the others in first place. Prudential placed 120 creased its loan value by 2.5 times. Meanwhile, five companies showed sharp decreases in activity. Bank of Holladay, Beneficial Life, Lomas & Nettleton and Redwood National each experienced a more than 50 percent decline in value of loan activity. A total number of 2,843 loans were serviced in the county in June, reaching a total value of $93,665,744. The average loan amount was Since the Utah Supreme Court declared double taxation between city and county illegal. Salt Lake County has been preparing for public hearings to consider new g techniques. fund-raisin- $32,233. (See chart.) Presently the County Commission is considering creating new service areas. would have a higher assessed valuation than one excluding the company. Prior to the Supreme Court ruling, moneys acquired through county property tax assessed on property in incorporated cities was being used to fund those municipal services in unincorporated areas, Witt said. Now those moneys can be used only to fund services used by all county residents, such as paying for Salt Palace bonds, building overhead, jail services, flood control, recreation and health services. city-coun- ty Within the boundaries of the unincorporated parts of the county, additional property taxes would be assesed to fund garbage pick-ufire If the county is to mainfighting, street lighting, water tain the same level of governdistribution and other munici- mental activity in these county-wid- e pal services. services, it makes sense they could reduce taxes A public hearing on the assessed on city property, Witt said. But it is still county proposal is set for unclear whether they intend to August 2, 10:00 a.m. in the do that. building. p, city-coun- ty According to Alan Witt of Utah Foundation, the valuation of a particular area will depend on the boundaries set by the county. For instance, an area including Kennecott Copper Corporation property Local Home Building Tops National Rate The only alternatives to creating service areas, according to Witt, is for the county to simply discontinue services to unincorporated areas, or to assess separate fees for each service. MORTGAGE RATES With national projections for 1976 home construction expected to show a 10 percent increase in 1976, the Home Builders of Greater Salt Lake are reporting a construction increase of 18 percent. This is even more significant when related to the decline of 35 percent suffered nationally compared to less than 15 percent in our area reported Keith Romney, Association President. The increase in construction activities is primarily in single family dwellings according to Steve Featherstone, Executive Vice President. Using a computer construction activities summary prepared by the Home Builders Association, Featherstone reported the following statistics: . JANUARY 1, 1976 thru MAY 31, 1976 Total Single Family Dwellings: Total Duplexs: 2,344 units 142 x 2 Apartment Buildings: Condominiums: 62 16 284 units 522 units 83 units TOTAL: 3,233 Units 1976 TOTAL (same period) 2,591 Units 1975 The approximate valuation of these new residences is $103.9 million. In addition, over $370,000 has been paid to the local municipality departments for construction permits, Romney said. Home builders in the greater Salt Lake area have enjoyed an economic serge but plan to proceed with g for our market he added. caution to prevent Featherstone also indicated that the major construction effort remains in the moderate to small sized homes stating that 1,510 units are in the 1300 sq. ft. or smaller category. over-buildin- . These rates were obtained by telephone conversation with the above institutions. 'The rates are correct to the best of our knowledge but their accuracy cannot be guaranteed. |