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