SCORECARD
Salt Lake County Residential Defaults July
2007 to July 2008
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84043 | Lehi/Saratoga
Sprngs/Eagle
Mtn | 235 | $65,884,595
| $280,360 |
84003 | American
Fork | 104 | $38,000,400 |
$365,388 |
84062 | Pleasant
Grove | 94 | $30,087,255
| $310,178 |
84057 | Orem | 91 |
$19,830,300 | $217,915 |
84660 | Spanish
Fork | 87 | $14,731,250
| $169,325 |
84604 | Provo | 77 |
$41,859,740 | $543,633 |
84663 | Springville |
71 | $16,727,100 | $235,593
|
84601 | Provo | 67 |
$13,041,300 | $194,646 |
84651 | Payson |
61 | $12,359,700 | $202,618
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84058 | Orem | 60 |
$16,313,624 | $271,894 |
84097 | Orem | 39 |
$12,869,600 | $329,990 |
84606 | Provo | 37 |
$9,072,100 | $245,192 |
84004 | Alpine |
28 | $15,362,900 | $548,675
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84655 | Santiquin |
22 | $3,866,289 | $175,740
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84664 | Mapleton |
19 | $7,550,200 | $397,379
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84042 | Lindon |
18 | $6,350,100 | $352,783
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84653 | Salem |
17 | $4,483,600 | $263,741
|
84005 | Eagle
Mountain | 7 | $1,446,900
| $206,700 |
84020 | Draper | 5 |
$1,989,879 | $397,976 |
84633 | Goshen |
4 | $408,800 | $102,200
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84013 | Cedar
Fort | 3 | $440,700
| $146,900 |
84045 | Saratoga
Springs | 1 | $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
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84004 | Alpine |
28 | $15,362,900 | $548,675
|
84604 | Provo | 77 |
$41,859,740 | $543,633
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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
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84601 | Provo | 67 |
$13,041,300 | $194,646 |
84655 | Santiquin |
22 | $3,866,289
| $175,740 |
84660 | Spanish
Fork | 87 | $14,731,250
| $169,325 |
84013 | Cedar
Fort | 3 | $440,700
| $146,900 |
84633 | Goshen |
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
THIS WEEKS LEADS:
- 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:
www.goldencorral.net.
- 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:
www.jambajuice.com.
- 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:
www.lacoste-usa.com.
- 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: www.bachrach.com
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Greetings!
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
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Bonneville Research Website |
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Check out our Bonneville Research Website!
www.BonnevilleResearch.com
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Bonneville Research |
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UTAH ECONOMIC SNAPSHOT |
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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
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ECONOMIC NOTES: |
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- 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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BONNEVILLE RESEARCH - Working with clients to deliver results that endure! |
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Successful client work requires a
superior team of
outstanding people working fluidly together.
Bonneville Research is the one firm with
the
experience and expertise to help
businesses,
governments and nonprofit organizations
solve their
toughest problems.
We work to help clients achieve enduring
results
and improve the communities in which we
live.
BONNEVILLE RESEARCH
Bonneville Research is a Utah-based
consulting
firm providing economic, financial, market
and policy
research to public and private sector clients
throughout the intermountain west.
Helping Clients Succeed
Our services include:
- Financial Analysis
- Business License Studies
- Impact Fee analysis
- Urban Renewal & Redevelopment
Analysis and Budgets
- Strategy and Policy Analysis
- Economic and Fiscal Impact Analysis
- Statistical and Survey Research
- Public Sector Mission
Effectiveness
Each of our studies is tailored to address
the
unique needs of our clients and their
communities.
If we can help, please call or email us at
- Bob
- 801-364-5300
- BobSpring@BonnevilleResearch.com
- Jon
- 801-746-5706
-
JonSpring@BonnevilleResearch.com
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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.
Thanks,
Bob Springmeyer
The good education, good jobs, good health and
good government candidate for Utah Governor
Election Date: November 4th, 2008
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November 4th, 2008
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