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Show r The National Enterprise, July 13, 1977 r I Page three r r t 4 : J i L Utah Weekly Unemployment Rate May 77-Ju- Total Loan Volume Salt Lake City Banks Jan 1974 June 1977 Percent of June was $44,709 versus $42,357 in May, up 5.55 percent! By comparison, in June of last year the average price of a residence was $38,057, making the increase from year to year 17.48 per- Total Loan Volume Salt Lake City Banks Monthly Quarterly 77 ne r b Jan 77 June 77 I $ Millions 1,300 $ Millions 714 21 28411 18 25 Source: Job Service cent. In the business property area, sales declined sharply from $1,295 million to $137,000. Both weeks involved two 1,200 2 1,100 sales. 1,000 f Average Weekly Home Price May July 77 900 $000 J F M A J M 47 -. - A 77 Jfo 1 234 234 1 1 2 34 1 2 51320 273101724 18 Week Ending Source: Board SL Fed Reserve Source: Bank J realtors Source: Federal Reserve Bank - San Fran. J 9 Retail Sales SL County bv quarter Citys Share of County Retail Sales by quarter I March March 75 March 77 -- 75 March 77 Jti yW Percent $ Countys sales versus 'J-- & I 1 4 3 2 2 1 4 3 Source: Utah State Tax Commission 1 Utah State Tax Commission Source: SuburbsMM K Salt Lake real estate activity 3? i'. T:. ::i i f Retail sales in Salt Lake County for the first quarter of 1977 fell from the last quarter of 1976, according to figures from the Utah State Tax Commission. In the three months ending March 31, total retail sales were $711.8 million vs. $783.8 million for the four months ending Dec. 31. 1976 (See graph G). The latest figure is the lowest since the first quarter of 1976 when total sales were $647.5 million. The citys share of Salt Lake Countys total retail sales increased in the first quarter, (see graph) as it has in the first quarter for the past four Salt Lake City acyears. counted for 47.9 percent of the i t; continued the decline from the record volume of two weeks ago. This week total sales were $7.1 million, down from last weeks $9 million. This weeks figure is the lowest since early May, when sales The were $7.05 million. record for the year was posted two weeks ago with sales volume of $10.86 million. The largest increase this week, however, involved sales of multiple units, with fourteen units changing hands for a total of $1.35 million, com- pared to nine units $552,450 of last week. weeks at This figure is the highest since last April. The decline in sales this week came primarily from the residential and business property Residential sales sectors. City J were $5.26 million, down from the previous weeks total of $6.95 million. Only 117 units changed hands, versus 164 in the last week. The average price of a home, however, rose to $44,960 in the week ending July 8, compared to last weeks $42,369. (See graph F.) The average home price in Salt Lake for the entire month 47.1 percent in the fourth quarter of 1976. Herbert Hopes of the State Tax Commission speculated that increased spending from ski visitors was the most plausible explanation. Last year, the first quarter increase was from 48.3 percent from 49.9 percent. This years smaller increase probably results from the drought conditions prevailing this past winter. Bank statistics this week show a small but significant divergence between deposits and loans outstanding. According to the Salt Lake Clearing House, deposits in Salt Lake County Banks rose to $1,958 million in June, up 1 .7 percent from May's $1,924 million. This proportional gain is second only to the gain posted in the month of March when total deposits went from $1,869 million to $1,915 for a The 2.5 percent increase. in total year to year gains deposits are also impressive, up 15.18 percent over the June deposits of 1976. While deposits were growing dramatically, the total loan volume for Salt Lake City banks declined. Although it is not uncommon to see loan volume increase when deposits decrease, the opposite case has not occurred this year until June. According to the Federal Reserve Bank of San Francisco, total loans made by Salt Lake Gty banks fell to $1,227 million from the May-en- d total of $1,264, or 2.93 percent. The June total, although a decline from May, still represents a sizable gain over the year earlier total of $1,059 million, or 15.86 percent (See graph J.) Real estate loans increased at the Salt Lake City banks for the month of June from $401 million to $411 million, main- taining a secular increase that began six months ago. Consumer loans also showed the largest increase of the year, from $186 million to $194 million, up 4.3 percent. Commercial loans moved up to $427 million from $410 million in Mav. Quarterly totals of loan volume for Salt Lake City banks show a dramatic increase for the first six months of 1977 (See graph 1). The end of the current quarter, with $1,227 million, is $350 million above the second quarter total four years ago, representing a gain of 39.9 percent. Regarding mortgage loans, Utah lenders should be pleased to sec their delinquency rate down considerably in the first quarter of 1977 (see graph K, next The rate for Utah page). Continued on nig e Jour ANNOUNCING N0RTHRIDGE HEIGHTS CONDOMINIUMS PRESTIGE AT AFFORDABLE PRICES HIGH-RIS- E O OUTSTANDING VALLEY VIEW QUALITY CONSTRUCTION ONE AND TWO BEDROOM STARTING AT Five Twenty-on- e Phone UNITS Commercial Charter Clubs Instruction Helicopters Balloons SprayingDusting Homebuilt Group A & H FBO $2Q QQQ East Fifth Avenue 521-369- Aircraft insurance Specialists 2 4ir Insurance 2166 South 900 East, Salt Lake City, Utah 487-881- Monday thru Friday, 9:00 of Utah a.m.-6:0- 0 p.m. 1 Division of A.T.P. Insurance |