A Look at Foreclosures
By Bob Springmeyer
Utah, Idaho, Nevada, Arizona and the other Western States have been struggling with foreclosures of residential properties for over a year now. Many have been warning that the "big shoe left to drop" is commercial real estate that needs to be refinanced.
In the Scorecard section this week we looked at Utah Foreclosures, or more accurately "notices of default" and filed with respective county recorders during the past month.
I was not surprised by the rank order among counties, but I was surprised by the relatively low number and amounts of single family residential and the large number of vacant land parcels including agricultural and their valuations.
We have also included forecasts by the Organisation for Economic Co-Operation and Develoopment (OECD) looking at signals for an economic recovery and where the US stands relative to other major nations.
Summary by County Number Loan Amount
Salt Lake 411 $656,998,889
Utah 251 $620,829,723
Washington 104 $475,416,324
Davis 76 $252,898,000
Weber 41 $70,874,000
Uintah 6 $40,000,000
Wasatch 8 $20,725,150
Summit 3 $5,725,000
Iron 5 $1,950,000
Summary by Land Use Number Loan Amount
PUD 342 $793,400,051
Vacant Land 305 $602,760,271
Residential Lots 111 $445,789,586
Agricultural 18 $283,461,500
Commercial Land 30 $161,932,496
Industrial 9 $68,633,000
Single Family Residential 13 $61,844,480
Retail Building 12 $31,265,617
Residential Condominium 21 $27,801,375
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