Monday Report |
Davis County Residential Defaults |
August 28th, 2008 |
SCORECARD
Davis County Residential Defaults July 2007
to July 2008
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84015 | Clearfield | 264
| $38,730,410 | $146,706
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84041 | Layton |
175 | $31,024,829
| $177,285
|
84010 | Bountiful |
100 | $38,880,771
| $388,808
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84075 | Syracuse |
89 | $21,172,564 | $237,894
|
84037 | Kaysville |
81 | $23,785,250 | $293,645
|
84040 | Layton |
69 | $17,228,487 | $249,688
|
84054 | North Salt
Lake | 53 | $16,629,338
| $313,761 |
84025 | Farmington |
42 | $13,619,392 | $324,271
|
84087 | Woods
Cross | 42 | $7,872,440
| $187,439 |
Not
Listed | | 37 | $7,633,565
| $206,313 |
84014 | Centerville |
29 | $7,063,076 | $243,554
|
84405 | South
Weber | 14 | $2,968,313
| $212,022 |
84315 | Hooper |
1 | $106,750 | $106,750
|
Source: NewReach Builders Decision, August
2008
3 areas representing 195 homes or 20% of
the total average over $300,000 Davis
County Residential Defaults July 2007 to July
2008
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84010 | Bountiful |
100 | $38,880,771
| $388,808
|
84025 | Farmington |
42 | $13,619,392 | $324,271
|
84054 | North Salt
Lake | 53 | $16,629,338
| $313,761 |
Source: NewReach Builders Decision,
August 2008
4 areas representing 482 homes or 48% of
the total average under $200,000! Davis
County Residential Defaults July 2007 to July
2008
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84087 | Woods
Cross | 42 | $7,872,440
| $187,439 |
84041 | Layton |
175 | $31,024,829
| $177,285
|
84015 | Clearfield |
264 | $38,730,410
| $146,706
|
84315 | Hooper |
1 | $106,750 | $106,750
|
Source: NewReach Builders Decision,
August 2008
Three homes valued at over $1 million in
default are in 84010 - Bountiful and one is in 84025 -
Farmington
996 homes with a total value of $219.6
Million
Correction: The header on last weeks chart
obviously should have said Utah County and not Salt
Lake County.
Bob
THIS WEEKS LEADS:
- The Men's Wearhouse,
- The Men's Wearhouse, Inc. trades as K & G Men's
Center at 110 locations nationwide.
- The stores,
offering men's apparel and accessories, occupy
spaces of 20,000 sq.ft. to 25,000 sq.ft. in freestanding
locations and second generation strip
centers.
- Growth opportunities are sought
nationwide during the coming 18
months.
- Preferred demographics include a major
metro market population of 225,000 within five miles
earning $55,000 as the average household income.
- For more information, contact
- Tom
Jennings,
- The Men's Wearhouse, Inc.,
- 40650
Encyclopedia Circle,
- Fremont, CA 94538;
- Web
site: www.menswearhouse.com.
- The Men's Wearhouse - Tux
- The Men's Wearhouse, Inc. trades as MW Tux at
500 locations nationwide.
- The men's formal wear
stores occupy spaces of 1,200 sq.ft. in regional malls
and lifestyle centers.
- Growth opportunities are
sought nationwide during the coming 18 months.
- For more information, contact
- Tom
Jennings,
- The Men's Wearhouse, Inc.,
- 40650
Encyclopedia Circle,
- Fremont, CA 94538;
- Web
site: www.menswearhouse.com.
- Mark Shale
- Al Baskin Co. trades as Mark Shale at eight
locations throughout GA, IL, MO and TX.
- The
stores, offering men and women's apparel, occupy
spaces of 12,000 sq.ft. to 20,000 sq.ft. in freestanding
locations, regional malls and urban/downtown
areas.
- Growth opportunities are sought nationwide
during the coming 18 months.
- The company
prefers to locate in upscale markets.
- For more information, contact
- Scott
Baskin,
- Al Baskin Co.,
- 10441 Beaudin
Boulevard, Suite 100,
- Woodridge, IL
60517;
- Web site: www.markshale.com.
|
Greetings!
Davis County Residential
Defaults - Where are
they?
- How many?
- Just the rich?
- 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
- The global economy is just barely skirting
recession according to the global business
confidence survey. Sentiment remains weak and
fragile and consistent with recession in the U.S.,
Europe and Japan. The survey results suggest that
the Asian economy continues to post growth that is
near its potential. Global sentiment isn't as negative
as it was in the spring, but businesses are notably
worried about sales and their broad assessments of
present conditions and the outlook into 2009 remain
firmly negative. Pricing pressures remain very
elevated.
- Risk of Recession
- The Moody's Economy.com probability of
recession fell modestly to 35% in July, compared to
June's 40%. The economy's problems are clearest in
the job market. Although recent data suggest that the
downturn is not worsening, it is too early to sound the
all-clear as the global economy is weakening and
financial markets are not operating properly. The
boost from the stimulus checks is fading, which
darkens the outlook for the second half. Although
inflation is elevated a fragile economy will keep the
Federal Reserve from increasing interest rates until
2009.
- The Conference Board Leading
Indicators
- The Conference Board index of leading indicators
plunged 0.7% in July, the second decline in the past
three months. The index was pulled down by a steep
drop in residential building permits, payback for a
change in building codes that pulled new multifamily
construction forward into June. If not for this drag, the
leading index would have fallen 0.2% last month. A
weakening path for the leading index reinforces the
view that a second slowdown is taking hold of the
economy.
- Treasury International Capital Flows
- Net long-term TIC flows in June declined further to
$53.4 billion from $83.2 billion in May, reflecting
financial market angst in June. Net foreign purchases
of U.S. financial assets fell a little short of the June
U.S. trade deficit, which narrowed to $56.8 billion.
However, the current environment is more favorable
for the U.S. dollar so the June numbers should not be
read as a negative for the U.S. dollar outlook.
- Industrial Production
- Industrial production rose a better than expected
0.2% in July. Manufacturing and mining output
improved during the month, while utilities production
declined sharply. Capacity utilization inched up to
79.9%, but the trend is consistent with rising resource
slack. Overall, the report was similar to the industrial
production reports seen so far this year: A soft
reading, though not of the magnitude normally seen in
recessions.
- Mass Layoffs
- The incidence of layoffs involving at least 50
workers from a single establishment in July was
1,512, compared with 1,643 in June. They involved
151,171 workers, compared with 165,697 in June. All
numbers are seasonally adjusted. This was the
second straight month that the number of workers
involved in mass layoffs had fallen.
- Internet Sales (E-Commerce Sales)
- Retail e-commerce sales picked up in the second
quarter and advanced 2.9% q/q, compared to 0.3%
(revised) in the first quarter. Online spending by
consumers is growing again despite a number of
adverse macroeconomic factors, the most notable
being the deepening housing correction and
moderation in consumer spending.
- PPI
- Producer prices for finished goods rose by a rapid
1.2% in July, following a 1.8% increase in June.
Inflation was led once again by large price increases
among energy products. However, even when energy
products are excluded, core inflation for finished
goods in July was stronger than in any other month
over the past year. Price increases accelerated at
earlier stages of processing as well. Core prices for
intermediate products rose by 2%, while core prices
for crude materials rose by 3.4%.
- Jobless Claims
- Initial claims for unemployment insurance benefits
decreased 13,000 to 432,000 for the week ending
August 9. This decline is greater than what had been
expected. Although initial claims remain high, this
week's decline may be a sign that the effect of the
extension of UI benefits on claims is beginning to
wear off.
- New Residential Construction (C20)
- Residential construction remains weak, with the
Census Bureau reporting 965,000 housing starts for
July. Starts were down by 11% from June and by 36%
from July 2007. Permits were also back down near a
cyclical low, after the June surge.
- NAHB Housing Market Index
- The overall NAHB housing market index remained
unchanged from July to August. The present single-
family sales index increased slightly, as did expected
six-month sales. Traffic of prospective buyers
remained unchanged. Given the record low numbers
that the NAHB index finds itself in at the moment, the
August index numbers could possibly indicate that
housing demand has reached bottom.
- MBA Mortgage Applications Survey
- Mortgage demand took another tumble in the
week ending August 15 as the market composites fell,
though most of the fall was from refinancing contracts.
The composite market index fell by 1.5%, reflecting
mostly a 3.7% decrease in the refinance index. The
purchase index fell slightly by 0.4%. Mortgage demand
remains low as home prices fall and major lenders
such as Fannie and Freddie accumulate asset
losses.
- Chain Store Sales
- Chain store sales inched up 0.1% in the week
ending August 16, reversing little of the prior week's
1.1% decline, according to the ICSC. Year-over-year
growth slipped to 2.4% the weakest in five weeks. In
light of falling gasoline prices and favorable weather,
the ICSC blamed the distraction of the Olympics for
the weakness, although reduced support from tax
rebates are playing a role as well.
- Oil and Gas Inventories
- Crude oil inventories rose massively by 9.4 million
barrels for the week ending August 15, according to
the Energy Information Administration, crushing
expectations of an 0.8 million barrel build. Gasoline
inventories sank sharply by 6.2 million barrels, far
surpassing estimates of a 2.7 million barrel decline.
Distillate supplies rose by 0.5 million barrels, in line
with expectations. Refinery operating capacity fell to
85.7%. Total domestic petroleum demand fell. This
report is bearish.
- Natural Gas Storage Report
- Working gas in underground storage rose by 88
billion cubic feet during the week ending August 15,
above consensus expectations of an 82 bcf build.
Thursday's report will not send prices much lower as
risks remain weighted heavily to the upside.
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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 retired SBA official and long-time
community volunteer
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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