Foreclosure Boom: Eagle Mtn Not Far Behind

Between July 2008 and March 2010, 1,967 homes -- roughly 1.5 percent of the county's houses -- were listed as real-estate owned homes, or REOs. These are homes taken over by lenders after failing to sell at foreclosure auctions.

The areas with the most REOs are some of the valley's fastest-growing communities. Lehi is in first place, with 285, followed by Provo, 224; Saratoga Springs 216; Orem, 211; Eagle Mountain, 184; Spanish Fork, 118; Highland, 113; and Pleasant Grove, 109.-Salt Lake Tribune

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Mortgage defaults are king in Eagle Mtn. for 2008

"Nearly 11 percent of all homes with a mortgage in the Provo-Orem area are in negative equity in the fourth quarter of 2008, and that number is likely to grow, according to a report released Wednesday by First American CoreLogic, a Santa Ana, Calif.-based seller of mortgage and economic data. In the third quarter, 7.9 percent were upside down.

Negative equity, also referred to as underwater or upside down, means borrowers owe more on their mortgage than their home is worth.

Of a total of 72,522 Provo-Orem properties with a mortgage in the fourth quarter, 7,713 were underwater. In Salt Lake City, 27,031, or 15.2 percent, of all properties with a mortgage were in negative equity in the fourth quarter.

"Once a homeowner goes into default, nine times out of 10, their homes will have a new owner within 12 to 14 months," he said. Eagle Mountain and Saratoga Springs, located in the former fast-growing north Utah County area, had the highest number of default notices in 2008, he said (Jason Eldredge, vice president of sales with Newreach. The Salt Lake City company tracks pre-foreclosure statistics in Utah)." -Daily Herald

Foreclosure for Eagle Mtn. Ranches Landowner

"A Lindon investment holding company that owns about 50 acres on the southwestern boundary of The Ranches residential development in Eagle Mountain is facing foreclosure after defaulting on its special improvement district assessment.

An attorney for Eagle Mountain filed a notice of default against KEB Enterprises late last week after the company failed to make its annual payment of about $70,000, which came due in September 2008. City officials said the company has about $550,000 in outstanding special improvement district assessments to be paid over the next few years.

Eagle Mountain set up special improvement districts in 1998 and 2000 to fund the construction of roads and installation of electrical lines, water and sewer pipes, parkways and other infrastructure. The city uses funds from the assessments to make payment on bonds issued to finance the infrastructure build-out."-Daily Herald