Monday Report |
Utah Residential Default Summary |
September 15, 2008 |
SCORECARD
Utah Residential Defaults July 2007 to July
2008
ZIP | City | # of
Defaults | Total Value of
Defaults | Average Default Value |
84118 | Kearns |
354 | $63,010,490 | $177,996
|
84790 | St
George | 297 | $110,494,192 |
$372,034 |
84128 | West Valley
City | 270 | $26,342,570 |
$97,565 |
84015 | Clearfield | 264
|
$38,730,410 | $146,706 |
84065 | Herriman | 247
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$80,207,690 | $324,727 |
84043 | Lehi | 235 |
$65,884,595 | $280,360 |
84120 | West
Valley | 223 | $44,576,770 |
$199,896 |
84770 | St
George | 210 | $69,794,324 |
$332,354 |
84084 | West
Jordan | 209 | $46,784,370 |
$223,849 |
84119 | West
Valley | 180 | $32,780,470 |
$182,114 |
84041 | Layton |
175 |
$31,024,829 | $177,285 |
84088 | West
Jordan | 165 | $42,886,990 |
$259,921 |
84020 | Draper |
161 |
$82,351,040 | $511,497 |
84044 | Magna |
161 |
$27,743,790 | $172,322 |
84404 | Farr
West | 131 | $16,366,407 |
$124,934 |
84116 | NW Salt
Lake | 128 | $22,467,590 |
$175,528 |
84095 | South
Jordan | 117 | $37,100,460 |
$317,098 |
84737 | Hurricane | 109
|
$30,856,423 | $283,086 |
84121 | Cottonwood
Heights | 107 | $53,023,370 |
$495,546 |
84003 | American
Fork | 104 | $38,000,400 |
$365,388 |
84092 | Sandy |
104 | $46,802,390 | $450,023 |
Not Listed | Salt Lake
County | 104 | $37,597,100 |
$361,511 |
84104 | West
Glendale | 104 | $14,591,200 |
$140,300 |
84010 | Bountiful |
100 |
$38,880,771 | $388,808 |
84094 | Sandy |
98 |
$23,321,000 | $237,969 |
84106 | Millcreek |
98 |
$21,774,300 | $222,187 |
84062 | Pleasant
Grove | 94 | $30,087,255 |
$310,178 |
84067 | Roy | 93 |
$13,494,001 | $145,097 |
84057 | Orem | 91 |
$19,830,300 | $217,915 |
84075 | Syracuse |
89 |
$21,172,564 | $237,894 |
84660 | Spanish
Fork | 87 | $14,731,250 |
$169,325 |
84115 | South Salt
Lake | 82 | $13,114,800 |
$159,937 |
84037 | Kaysville |
81 |
$23,785,250 | $293,645 |
84604 | Provo | 77 |
$41,859,740 | $543,633 |
84401 | Ogden |
77 |
$8,604,019 | $111,741 |
84093 | Sandy |
76 |
$24,830,680 | $326,719 |
84403 | Ogden |
76 |
$10,183,782 | $133,997 |
84781 | Pine
Valley | 73 | $21,179,692 |
$290,133 |
84663 | Springville |
71 |
$16,727,100 | $235,593 |
84105 | Liberty
Park | 71 | $21,965,200 |
$309,369 |
84040 | Layton |
69 |
$17,228,487 | $249,688 |
84601 | Provo | 67 |
$13,041,300 | $194,646 |
84651 | Payson |
61 |
$12,359,700 | $202,618 |
84070 | Sandy |
61 |
$12,954,100 | $212,362 |
84058 | Orem | 60 |
$16,313,624 | $271,894 |
84107 | Murray |
59 |
$12,900,200 | $218,647 |
84054 | North Salt
Lake | 53 | $16,629,338 |
$313,761 |
84047 | Midvale |
58 |
$11,840,800 | $204,152 |
84109 | East
Millcreek | 53 | $17,305,000 |
$326,509 |
84103 | Avenues |
52 |
$25,658,800 | $493,438 |
84117 | Holladay |
48 |
$26,427,140 | $550,565 |
84123 | Taylorsville |
48 |
$11,809,300 | $246,027 |
84025 | Farmington |
42 |
$13,619,392 | $324,271 |
84087 | Woods
Cross | 42 | $7,872,440 |
$187,439 |
84108 | Foothill/St
Mary's | 40 | $17,511,680 |
$437,792 |
84738 | Ivins | 40 |
$10,665,158 | $266,629 |
84097 | Orem | 39 |
$12,869,600 | $329,990 |
84405 | Ogden |
39 |
$22,088,706 | $566,377 |
84102 | University |
38 |
$9,792,390 | $257,694 |
84765 | Santa
Clara | 38 | $14,371,729 |
$378,203 |
84606 | Provo | 37 |
$9,072,100 | $245,192 |
Not Listed | Davis
County | 37 | $7,633,565 |
$206,313 |
84124 | East
Millcreek | 36 | $16,802,500 |
$466,736 |
84745 | La
Verkin | 34 | $7,263,020 |
$213,618 |
84014 | Centerville | 29
| $7,063,076 | $243,554 |
84004 | Alpine |
28 | $15,362,900 |
$548,675 |
84111 | Central
City | 23 | $3,717,000 |
$161,609 |
84655 | Santiquin |
22 |
$3,866,289 | $175,740 |
84414 | North
Ogden | 21 | $4,509,273 |
$214,727 |
84783 | Dammeron
Valley | 20 | $5,673,090 |
$283,655 |
84664 | Mapleton |
19 |
$7,550,200 | $397,379 |
84042 | Lindon |
18 |
$6,350,100 | $352,783 |
84653 | Salem |
17 |
$4,483,600 | $263,741 |
84405 | South
Weber | 4 | $2,968,313 |
$212,022 |
84315 |
Hooper | 12 |
$2,391,364 | $199,280 |
84310 | Eden | 11 |
$4,228,807 | $384,437 |
Not Listed | Washington
County | 10 | $6,421,907 |
$642,191 |
84317 | Huntsville |
9 |
$4,284,683 |
$476,076 |
84722 | Central |
8 |
$1,422,706 | $177,838 |
84005 | Eagle
Mountain | 7 | $1,446,900 |
$206,700 |
84020 | Draper | 5 |
$1,989,879 | $397,976 |
84633 | Goshen |
4 |
$408,800 | $102,200 |
84101 | Downtown |
4 |
$581,800 | $145,450 |
84013 | Cedar
Fort | 3 | $440,700 |
$146,900 |
84006 | West
Jordan | 3 | $901,000 |
$300,333 |
84045 | Saratoga
Springs | 1 | $388,900 |
$388,900 |
84126 | Central
City | 1 | $383,690 |
$383,690 |
84045 | South
Jordan | 1 | $273,800 |
$273,800 |
Totals | 86 |
7,024 |
$1,856,098,420 |
$282,821 |
Source: NewReach Builders Decision, August
2008
Notes: Residential Defaults July 2007 to
July 2008
- Washington County listings without a ZIP
code represent the highest average value of home at
$642,191
- 84405-Ogden, 84117-Holladay, 84004-Alpine,
84604-Provo and 84020-Draper all have average
default home values over $500,000
- 84128 - West Valley is the only area with an
average default home values under $100,000
-
84790-St George, 84020-Draper, 84065-Herriman,
84770-St George, 84043-Lehi, 84118-Kearns, 84121-
Cottonwood Heights, 84092-Sandy, 84084-West
Jordan, 84120-West Valley, 84088-West Jordan,
84604-Provo, 84010-Bountiful, 84015-Clearfield,
84003-American Fork, Not Listed-Salt Lake County
and 84095-South Jordan represent 50.5% of the total
value of home defaults, but only 20% of the total
number
Source: NewReach Builders Decision, August
2008
Brownfield Grants:
------------------------------------------------------
- Assess Brownfields!
- Brownfields Assessment Grants
- POSTED: 8/26/2008
FUNDING SOURCE: EPA
ELIGIBILITY: Nonprofit and public agencies
$ AVAILABLE: $37,500,000
GRANTS AVAILABLE: 183
MAX GRANT SIZE: N.A.
DEADLINE: 11/14/08
CONTACT INFORMATION:
http://www.epa.gov/oswer/docs/grants/epa-oswer-oblr-
08-07.pdf
DESCRIPTION: Funds for developing inventories of
brownfields, prioritizing sites, conducting community
involvement activities, and conducting site
assessments and cleanup planning related to
brownfields sites.
- Assess and Clean Brownfields Sites!
- Brownfields Revolving Loan Fund (RLF) Grants
- POSTED: 8/27/2008
- FUNDING SOURCE: EPA
- ELIGIBILITY: Public agencies, including local
governments and legislature-created entities, and
Indian Tribes
- $ AVAILABLE: $16,800,000
- GRANTS AVAILABLE: 11
- MAX GRANT SIZE: N.A.
- DEADLINE: 11/14/08
- CONTACT INFORMATION:
http://www.epa.gov/oswer/docs/grants/epa-oswer-oblr-
08-09.pdf
- DESCRIPTION: Grants to assess and cleanup
brownfields sites.
------------------------------------------------------
- Grants to Clean Brownfields!
- Brownfields Cleanup Grants
- POSTED: 8/27/2008
- FUNDING SOURCE: EPA
- ELIGIBILITY: Nonprofit and public agencies
- $ AVAILABLE: $27,000,000
- GRANTS AVAILABLE: 135
- MAX GRANT SIZE: N.A.
- DEADLINE: 11/14/08
- CONTACT INFORMATION:
http://www.epa.gov/oswer/docs/grants/epa-oswer-oblr-
08-08.pdf
- DESCRIPTION: Grants to empower states,
communities, tribes, and nonprofits to prevent,
inventory, assess, clean up, and reuse brownfields
sites.
------------------------------------------------------
- Job Training Grants to Cleanup Brownfields!
- Brownfields Job Training Grants
- POSTED: 8/29/2008
- FUNDING SOURCE: EPA
- ELIGIBILITY: Authorized nonprofit and public
agencies
- $ AVAILABLE: $2,500,000
- GRANTS AVAILABLE: 13
- MAX GRANT SIZE: $200,000
- DEADLINE: 10/15/08
- CONTACT INFORMATION:
http://www.epa.gov/oswer/docs/grants/epa-oswer-oblr-
08-10.pdf
- DESCRIPTION: Grants to provide environmental
job training projects to train low-income workers for
environmental improvement careers to facilitate the
assessment, remediation, or preparation of
brownfields sites.
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Greetings!
Utah Residential Default
Summary - Where are
they?
- Who is getting hit the worst?
- Just the most
expensive?
- Just on the Wasatch Front?
- Just in
Dixie?
- Just the new, high growth starter home
areas?
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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ECONOMIC NOTES: |
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- World Business Confidence
- There has been no appreciable change in the
dour mood of global businesses in the more than a
year since the subprime financial shock struck.
Confidence remains consistent with a global
economy that is on the edge of recession.
Businesses remain most pessimistic in the U.S.,
Europe and Japan, and most upbeat in the rest of
Asia. The best recent news from the survey is the
moderation in pricing pressures, which, while they
remain high, are well off where they were just a few
weeks ago. The worst news is that sales strength
remains firmly negative, meaning that more
businesses think sales are weakening than
increasing.
- University of Michigan Consumer
Sentiment
- The University of Michigan Consumer Sentiment
Index rose in September to its highest level since
January, jumping 10.1 points from its August average.
This was the biggest monthly increase since January
2004. It was led by a 13-point surge in expectations,
the biggest increase since 1991 in that component of
the index. Inflation expectations fell sharply because of
declining energy prices.
- International Trade (FT900)
- The U.S. trade deficit widened to $62.2 billion in
July. The consensus had expected a smaller
widening, to $58 billion.
- Global Employment Outlook
- The global net employment outlook remains
positive for the fourth quarter, but firms have scaled
back hiring plans compared to a year ago, according
to the Manpower Employment Outlook Survey of firms
in 32 countries around the world. In the U.S.,
respondents expressed positive hiring intentions, but
their responses were much weaker than in the
previous four surveys. The net employment outlook in
the fourth quarter appears to be the weakest in
Europe, while demand for labour in the America's,
Middle East and Asia remains strong, albeit weaker
than a year ago.
- Import and Export Prices
- Import prices declined a larger than expected
3.7% in August. Declines in petroleum and industrial
metals were the main catalysts behind this sharp
drop. Import prices are expected to moderate over the
next few months, allowing the Federal Reserve to
leave interest rates lower for longer.
- Treasury Budget
- The unified budget deficit for August was $112
billion, smaller than the CBO's estimate of $115
billion. The federal government has run a deficit of
$483 billion through the first 11 months of fiscal 2008;
this is 76% 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.
- Quarterly Services Survey
- the second quarter of 2008, hospital and nursing
care industry revenues increased by 7.2% from one
year ago. The professional, scientific and technical
services industry expanded revenues by 6.1%,
administrative and support services industry revenues
grew 3.0%, and information industry revenues
increased by 2.4%.
- Job Openings and Labor Turnover
Survey
- More evidence of labor market deterioration
comes from the JOLTS report. In July, 4.1 million
workers were hired, while 4.3 million workers left their
jobs. The hire rate fell to 3% from 3.2%, but the
separations rate fell also, from 3.2% to 3.1%. The
number of job openings declined to 3.4 million from
3.5 million in June. Although separations remain low,
employers are becoming increasingly wary about
taking on new workers.
- Wholesale Trade (MWTR)
- Wholesale inventories gained by 1.4% in July,
surpassing consensus expectations, following a
downwardly revised 0.9% gain in June. Sales
unexpectedly declined by 0.3% in July compared with
an upwardly revised 3.0% rise in June. The inventory-
to-sales ratio rose by one-hundredth of a point from
an unrevised 1.06 to 1.07 in July.
- Business Inventories (MTIS)
- Total business inventories increased 1.1% in July,
exceeding expectations for a milder gain. Retail
inventories were the only new data in this report,
increasing 1.5%, led by a large gain at retail auto
dealers. The aggregate I/S ratio increased slightly but
still hold the gradual downward trend of the past year
and a half as businesses try to pare back inventories
amid weak economic conditions.
- Producer Price Index
- Producer prices for finished goods finally gave up
a bit of ground in August, falling by 0.9% following a
1.2% increase in July. The decline in top-line producer
prices was largely the result of less expensive energy
products. Prices for finished energy products fell by
4.6% on the month. When food and energy prices are
excluded, core inflation was a trend-like 0.2%. Core
inflation among intermediate producer products
remained rapid at 1.7%.
- Consumer Credit (G19)
- Consumer credit outstanding reached a total of
$2.587 trillion, after increasing by $4.6 billion in July.
This was the smallest monthly gain so far this year.
Demand for nonrevolving credit eased significantly,
although growth among revolving lines of credit was
also weaker.
- Jobless Claims
- Initial claims for unemployment insurance fell
6,000 to 445,000 for the week ending September 6.
This was close to expectations. Part of the reason
claims are elevated relative to several months ago is
because of temporary factors including the Labor Day
holiday and perhaps some impact from Hurricane
Gustav. Although the message is clouded by these
factors, it is clear that the labor market remains very
fragile.
- Pending Home Sales
- Pending home sales declined 3.2% in July to 86.5.
This decrease only slightly exceeded our expectations
for a more mild decline. With rising mortgage rates in
July, and thus declining affordability, conditions for
homebuyers have deteriorated somewhat in recent
months.
- MBA Mortgage Applications Survey
- The mortgage market continued last week's rally
as contract rates fell substantially. The market
composite increased by 9.5% from last week's total
for the week ending September 5. Most of this came
from a 15.4% surge in the refinance index as contract
rates fell, but the purchase index also increased by a
healthy 6.4%. The large successive increases in the
market indices imply that borrowers are starting to act
on the perception that house prices have bottomed
out.
- Retail Sales (MARTS)
- Total retail sales unexpectedly fell 0.3% in August,
following a revised 0.5% decline in July (originally
0.1%) as a growth in sales at auto dealers failed to
offset declines at gasoline stations and several other
segments. Sales excluding autos fell 0.7% after
gaining 0.3% in July (originally 0.4%). Grocery store
sales also grew strongly, while large declines were
posted by gas stations, building supply stores,
nonstore retailers, electronics stores, and department
stores. Core sales fell 0.4%.
- Chain Store Sales
- Chain store sales slipped 0.1% in the week
ending September 6, the first decline in four weeks,
according to the ICSC. Year-over-year growth slipped
to 1.9%, the weakest in three months. The fading lift
from tax rebates is offsetting the support from small
declines in gasoline prices.
- Oil and Gas Inventories
- Crude oil inventories declined by 5.9 million
barrels for the week ending September 5, according to
the Energy Information Administration, in contrast with
expectations of a 4.4 million barrel decline. Gasoline
inventories fell by 6.5 million barrels, more than
estimates of a 4.2 million barrel decline. Distillate
supplies fell by 1.2 million barrels, smaller than the
expected 2.7 million barrel decline. Refinery operating
capacity plummeted to 78.3%. Total domestic
petroleum demand fell sharply. This mixed report is
bearish on balance.
- Natural Gas Storage Report
- Working gas in underground storage increased by
58 billion cubic feet during the week ending
September 5, slightly above consensus expectations
of a 54 bcf build.
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BONNEVILLE RESEARCH - Working with clients to make things happen! |
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Yes, I am running for Utah Governor!
Yes, Bonneville Research is very much still in
business, and helping clients make a difference
with: - a massive and multi-year industrial
manufacturing expansion in West Valley City
supported by an EDA Project.
- a large data center development in West Jordan
supported by an EDA Project.
- working with Murray City to redevelop a corridor of
land along the light rail and commuter rail corridors
through the city.
- developing the economic development strategy as
part of the consulting team lead by EDAW to prepare a
special area plan for the largely undeveloped
Northwest Quadrant of Salt Lake City.
- an industrial/commercial center on land that had
sat vacant for 25 years in West Valley City supported
by an EDA Project.
- a large mixed-use development in South Salt
Lake supported by an Urban Renewal Project.
- rebudgeting a mixed-use development in Holladay
supported
by an Urban Renewal Project.
- rebuilding of the Cottonwood Mall as a mixed-use
development in Holladay supported by an Urban
Renewal Project.
- A feasibility analysis of a
possible mixed-use
development in Taylorsville on a large publicly
owned parcel to be supported by an
Urban Renewal Project.
- a detailed market analysis of a recreational
development in southeastern Idaho.
- a feasibility analysis of Cottonwood Heights
establishing their own Police Department.
- an evaluation of the feasibility of merging two not-
for-profits providing services to needy youth.
- an analysis of a residential development in South
Salt Lake to be supported by an Community
Development Project.
- a market analysis of a proposed cycle oriented
condominium development in Moab.
- a facilities analysis for a successful children
charity in Salt Lake City.
- A market analysis of a proposed extended care
facility development in Salt Lake City.
Yes, we are very much still in business and
actively serving our clients and helping "make things
happen".
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.
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.
If we can help, please call or email us at
- Bob
- 801-364-5300
- BobSpring@BonnevilleResearch.com
- Jon
- 801-746-5706
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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 have always considered myself a "pro-business"
moderate in the great tradition of Governors Rampton
and Matheson.
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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