Monday Report
Utah County Residential Defaults August 18th, 2008

Bonneville Research Website





Salt Lake County Residential Defaults July 2007 to July 2008

ZIPCity# of DefaultsTotal Value of DefaultsAverage Default Value
84043Lehi/Saratoga Sprngs/Eagle Mtn235$65,884,595 $280,360
84003American Fork104$38,000,400 $365,388
84062Pleasant Grove94$30,087,255 $310,178
84057Orem91 $19,830,300 $217,915
84660Spanish Fork87$14,731,250 $169,325
84604Provo77 $41,859,740 $543,633
84663Springville 71$16,727,100 $235,593
84601Provo67 $13,041,300 $194,646
84651Payson 61$12,359,700 $202,618
84058Orem60 $16,313,624 $271,894
84097Orem39 $12,869,600 $329,990
84606Provo37 $9,072,100 $245,192
84004Alpine 28$15,362,900 $548,675
84655Santiquin 22$3,866,289 $175,740
84664Mapleton 19$7,550,200 $397,379
84042Lindon 18$6,350,100 $352,783
84653Salem 17$4,483,600 $263,741
84005Eagle Mountain7$1,446,900 $206,700
84020Draper5 $1,989,879 $397,976
84633Goshen 4$408,800 $102,200
84013Cedar Fort3$440,700 $146,900
84045Saratoga Springs1$388,900 $388,900

Source: NewReach Builders Decision, August 2008

2 areas representing 105 homes or 9% of the total average over $400,000

Utah County Residential Defaults July 2007 to July 2008

ZIPCity# of DefaultsTotal Value of DefaultsAverage Default Value
84004Alpine 28$15,362,900 $548,675
84604Provo77 $41,859,740 $543,633

Source: NewReach Builders Decision, August 2008

5 areas representing 244 homes or 21% of the total average under $200,000!

Utah County Residential Defaults July 2007 to July 2008

ZIPCity# of DefaultsTotal Value of DefaultsAverage Default Value
84601Provo67 $13,041,300 $194,646
84655Santiquin 22$3,866,289 $175,740
84660Spanish Fork87$14,731,250 $169,325
84013Cedar Fort3$440,700 $146,900
84633Goshen 4$408,800 $102,200

Source: NewReach Builders Decision, August 2008

Correction - Salt Lake County Residential Defaults August 11th - 84128 should have been shown as West Valley City and not Magna


  • Golden Corral
  • Golden Corral Corp. trades as Golden Corral at 478 locations nationwide in 40 states.
  • The buffet family-style restaurants occupy spaces of 9,000 sq.ft. to 14,000 sq.ft. in freestanding locations.
  • Growth opportunities are sought nationwide during the coming 18 months.
  • Preferred cotenants include big box retailers.
  • For more information, contact
    • Gordon Poulsen,
    • Golden Corral Corp.,
    • 5151 Glenwood Avenue,
    • Raleigh, NC 27612;
    • Web site:
  • Jamba Juice
  • Jamba Juice Co. trades as Jamba Juice at 570 locations nationwide.
  • The shops, offering healthy juices and blends, occupy spaces of 1,100 sq.ft. to 1,300 sq.ft. in airports, endcaps, malls and lifestyle, power and strip centers.
  • Plans call for 200 openings throughout AZ, CA, CO, metro CT, FL, HI, IL, NJ, NV, NY, OR, TX, UT and WA during the coming 18 months.
  • Preferred cotenants include grocery stores, bookstores, gyms, movie theaters and coffee shops.
  • For more information, contact
    • Department of Real Estate,
    • Jamba Juice Co.,
    • 6475 Christie Avenue, Suite 150,
    • Emeryville, CA 94608;
    • 877- 735-2622;
    • Web site:
  • Quicksilver, Roxy and DC Shoe
  • Quicksilver, Roxy and DC Shoe operate at 120 locations nationwide.
  • The stores offer men and women's surfing and skateboarding apparel, footwear and accessories.
  • Quicksilver occupies spaces of 3,500 sq.ft. to 4,500 sq.ft.
  • Roxy occupies spaces of 2,000 sq.ft. and DC Shoe occupies spaces of 2,500 sq.ft. in malls, tourist centers and urban/downtown areas.
  • Growth opportunities are sought nationwide during the coming 18 months, with representation by Urban Retail Real Estate Group, LLC.
  • For more information, contact
    • Michael Hirschfeld,
    • Urban Retail Real Estate Group, LLC,
    • 606 Post Road East, Suite 595,
    • Westport, CT 06880
  • Lacoste
  • Lacoste operates 60 locations nationwide.
  • The stores, offering apparel, accessories, footwear and fragrances, occupy spaces of 1,300 sq.ft. to 1,800 sq.ft. in malls and urban/downtown areas.
  • Plans call for eight openings nationwide during the coming 18 months, with representation by The Greenberg Group.
  • Typical leases run 10 years.
  • Preferred cotenants include high-end department stores, Coach, Apple, Polo and J. Crew.
  • For more information, contact
    • Steven Greenberg,
    • The Greenberg Group,
    • 1200 West Broadway,
    • Hewlett, NY 11557;
    • Web site:
  • Bachrach
  • Bachrach Clothing, Inc. trades as Bachrach at 51 locations throughout major metro markets nationwide.
  • The upscale men's apparel stores occupy spaces of 3,500 sq.ft. to 4,500 sq.ft. in malls.
  • Plans call for five to 10 openings nationwide during the coming 18 months.
  • Typical leases run 10 years.
  • For more information, contact
    • Adam Cummings,
    • Bachrach Clothing, Inc.,
    • 4 Causeway Road,
    • Vineyard Haven, MA 02568;
    • Web site:


Utah County Residential Defaults

  • Where are they?
  • How many?
  • High end or low end?
  • Just in the north?
  • Just in the south?

Bob Springmeyer

Bonneville Research

  • Bonneville Research Website
  • Check out our Bonneville Research Website!

    Bonneville Research
  • Utah Labor Market Indicators - July 2008 (June/May/Apr/Mar/Feb/Jan 08)

    • Employment Growth: 0.6% (0.9%/1.3% (r)/2.0%/2.1%/2.3%/2.6%)
    • Employment Increase (annualized): 7,300 (11,500/ 17,900 /24,800/26,200/28,100/31,600)
    • Unemployment Rate: 3.5% (3.3%(r) 3.2% 3.1% 3.3%/3.0%)

    Source: Utah Dept of Workforce Services, 8/13/08

    Who is gaining jobs? - Jan - Jul 2008

    • Duchesne 955 +13.0%
    • Summit 1,309 +6.4%
    • Uintah 552 +3.9%
    • Rich 32 +7.2%
    • Wayne 38 +3.2%
    • Salt Lake 5,007+0.8%

    Who are losing jobs? - Jan - Jul 2008

    • Utah -2,308 -1.3%
    • Washington -677 -1.3%
    • Davis -180 -0.2%
    • Juab -149 -4.1%
    • Iron -109 -0.7%
    • Wasatch -103 -1.5%

    What jobs are we losing? - July 2008 - Higher Wage Jobs

    • Construction -10,900
    • Financial Activities -700
    • Information -200

    What jobs are we gaining? - July 2008 - Lower Wage Jobs

    • Education & Health +6,500
    • Trade, Trans, Utilities +3,900
    • Government +3,800
    • Leisure & Hospitality +3,200
    • Prof & Business +2,400

    Source: Utah Dept of Workforce Services, 8/13/08

    • Global Business Confidence
    • Global businesses are very nervous. They are more upbeat than they were in the spring, but confidence is low and fragile. The survey results suggest that the global economy is just barely skirting recession. The U.S., European and Japanese economies are contracting according to the survey results, but the Asian economy continues to post growth that is near its potential. Businesses are notably worried about sales, and their broad assessments of present conditions and the outlook into 2009 remain firmly negative. Pricing pressures continue to be very elevated, but have moderated a bit with the recent decline in energy and other commodity prices.
    • Treasury Budget
    • The unified budget deficit for July was $103 billion, slightly larger than the CBO's estimate. The federal government has run a deficit of $371 billion through the first 10 months of fiscal 2008; this is 136% larger than the deficit at the same point in fiscal 2007. After a few years of improvement, the federal budget deficit is again widening because of the poor economy, strong spending growth, and the economic stimulus package.
    • International Trade (FT900)
    • The U.S. trade deficit narrowed to $56.8 billion in June. The consensus had expected a widening to $61.5 billion.
    • Import and Export Prices
    • Import prices moderated in July but remain uncomfortably high. The import price index rose a larger than expected 1.7% in July compared with June's upwardly revised 2.9% growth (previously 2.6%). Export prices increased 1.4% following a 1% gain the previous month. Import prices are expected to moderate over the next few months but will keep the Federal Reserve on the sidelines through year's end.
    • Business Inventories (MTIS)
    • Total business inventories increased by 0.7% in June, above expectations. Retail inventories are the only new data in this report, and they fell modestly, led by declines at retail auto dealers. Meanwhile, the retail I/S ratio declined for the second consecutive month, evidence that retailers are trying to pare back inventories in the face of weak domestic demand.
    • Fed Senior Loan Officer Opinion Survey
    • The July Senior Loan Officer Opinion Survey from the Federal Reserve indicated further tightening in lending standards over the previous three months. About 60% of large banks indicated tighter standards for commercial and industrial loans from the prior survey. Fully three-quarters of banks reported tightening standards on prime mortgage loans since the spring and the share of banks tightening standards on credit card loans more than doubled since the last survey.
    • CPI
    • The Consumer Price Index decelerated in July. The top-line CPI increased by 0.8% for the month and 5.6% for the year in July compared with 1.1% for the month and 4.9% for the year in June. The core CPI rate of inflation remained level at 0.3% for July, the same as in June, though the core rate of inflation for the year was 2.5% in July compared with 2.4% in June. The main component of the slowdown was energy, which increased 4% for the month in July compared with 6.6% in June. Food prices increased 0.9% for the month compared with 0.8% in June. Top- line inflation is slowing thanks mainly to the fall in oil and gasoline prices since June.
    • Jobless Claims
    • Initial claims for unemployment insurance benefits decreased 10,000 to 450,000 for the week ending August 9. This is generally in line with expectations. This remains on the high end of UI claims for the last several months, though that is not necessarily meaningful considering the known impact on claims from the extension of UI benefits.
    • Job Openings and Labor Turnover Survey
    • The June JOLTS release depicts a weak but stable labor market. The hire rate improved slightly in June, to 3.1% from 3% in May, as did the number of people hired. Further, the separation rate was unchanged, at 3.1%, while the number of people who left their jobs declined. In June, 4.33 million people found new jobs, while 4.25 million left their jobs. The availability of jobs was unchanged as well.
    • NAR Metro Prices
    • While the descent in the national median house price is stabilizing at 8% y/y, substantial weakness persists in key regions, according to second quarter median existing house price data from the National Association of Realtors. The brunt of the decline is occurring in California, Florida, Nevada and Arizona metro areas. The industrial Midwest is also performing poorly. Combined with the sales data, it is clear that foreclosure sales are driving the descent in house prices.
    • MBA Mortgage Applications Survey
    • The market composite indices finished mixed for the week ending August 8. The market index fell by 1.5% from the previous week, based entirely on a 4.2% fall in the refinance index. Purchase activity remained unchanged-the purchase index stayed level over the past week. With contract rates remaining high and continuing to increase slowly, the demand side of the mortgage market remains weak.
    • Retail Sales (MARTS)
    • Total retail sales inched down 0.1% in July, following a revised 0.3% gain in June (originally 0.1%) as a decline in sales at auto dealers offset strong growth elsewhere. Sales excluding autos rose 0.4% after gaining 0.9% in June. Furniture stores and gasoline stations led growth in July. Core sales rose 0.3%.
    • Chain Store Sales
    • Chain store sales fell 1.1% in the week ending August 9 according to the ICSC. This was the first decline in seven weeks. Year-over-year growth slipped to 2.6%.
    • Oil and Gas Inventories
    • Crude oil inventories fell by 0.4 million barrels for the week ending August 8, according to the Energy Information Administration, exceeding expectations of a 0.2 million barrel decline. Gasoline inventories plummeted by 6.4 million barrels, far surpassing estimates of a 2.1 million barrel decline. Distillate supplies unexpectedly fell by 1.7 million barrels, contrasting expectations of a 1.9 million barrel build. Refinery operating capacity fell to 85.9%. Total domestic petroleum demand rose modestly. This report is bullish.
    • Natural Gas Storage Report
    • Working gas in underground storage rose by 50 billion cubic feet during the week ending August 8, slightly below consensus expectations of a 53 bcf build. This report will have little impact on natural gas prices.

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    Note from Bob Springmeyer:

    As some of you may know I am the Democratic Candidate for Utah Governor.

    I chose community activist and retired SBA official Josie Valdez to run as my lieutenant governor.

    We now have a staff, lawn signs, bumper stickers available.

    It is my hope that I can continue to send out the Monday Report weekly without interruption.

    The Monday Report has always reflected my business and economic development values.

    I don't intend for the Monday Report to become a campaign tool, but if you are interested in my campaign and want to be supportive, please click on the link below.


    Bob Springmeyer

    The good education, good jobs, good health and good government candidate for Utah Governor

    Election Date: November 4th, 2008

    November 4th, 2008

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