Monday Report
Utah Residential Default Summary September 15, 2008

Bonneville Research Website




Utah Residential Defaults July 2007 to July 2008

ZIPCity# of DefaultsTotal Value of DefaultsAverage Default Value
84118Kearns 354$63,010,490$177,996
84790St George297$110,494,192 $372,034
84128West Valley City270$26,342,570 $97,565
84015Clearfield264 $38,730,410$146,706
84065Herriman247 $80,207,690$324,727
84043Lehi235 $65,884,595$280,360
84120West Valley223$44,576,770 $199,896
84770St George210$69,794,324 $332,354
84084West Jordan209$46,784,370 $223,849
84119West Valley180$32,780,470 $182,114
84041Layton 175 $31,024,829$177,285
84088West Jordan165$42,886,990 $259,921
84020Draper 161 $82,351,040$511,497
84044Magna 161 $27,743,790$172,322
84404Farr West131$16,366,407 $124,934
84116NW Salt Lake128$22,467,590 $175,528
84095South Jordan117$37,100,460 $317,098
84737Hurricane109 $30,856,423$283,086
84121Cottonwood Heights107$53,023,370 $495,546
84003American Fork104$38,000,400 $365,388
84092Sandy 104$46,802,390$450,023
Not ListedSalt Lake County104$37,597,100 $361,511
84104West Glendale104$14,591,200 $140,300
84010Bountiful 100 $38,880,771$388,808
84094Sandy 98 $23,321,000$237,969
84106Millcreek 98 $21,774,300$222,187
84062Pleasant Grove94$30,087,255 $310,178
84067Roy93 $13,494,001$145,097
84057Orem91 $19,830,300$217,915
84075Syracuse 89 $21,172,564$237,894
84660Spanish Fork87$14,731,250 $169,325
84115South Salt Lake82$13,114,800 $159,937
84037Kaysville 81 $23,785,250$293,645
84604Provo77 $41,859,740$543,633
84401Ogden 77 $8,604,019$111,741
84093Sandy 76 $24,830,680$326,719
84403Ogden 76 $10,183,782$133,997
84781Pine Valley73$21,179,692 $290,133
84663Springville 71 $16,727,100$235,593
84105Liberty Park71$21,965,200 $309,369
84040Layton 69 $17,228,487$249,688
84601Provo67 $13,041,300$194,646
84651Payson 61 $12,359,700$202,618
84070Sandy 61 $12,954,100$212,362
84058Orem60 $16,313,624$271,894
84107Murray 59 $12,900,200$218,647
84054North Salt Lake53$16,629,338 $313,761
84047Midvale 58 $11,840,800$204,152
84109East Millcreek53$17,305,000 $326,509
84103Avenues 52 $25,658,800$493,438
84117Holladay 48 $26,427,140$550,565
84123Taylorsville 48 $11,809,300$246,027
84025Farmington 42 $13,619,392$324,271
84087Woods Cross42$7,872,440 $187,439
84108Foothill/St Mary's40$17,511,680 $437,792
84738Ivins40 $10,665,158$266,629
84097Orem39 $12,869,600$329,990
84405Ogden 39 $22,088,706$566,377
84102University 38 $9,792,390$257,694
84765Santa Clara38$14,371,729 $378,203
84606Provo37 $9,072,100$245,192
Not ListedDavis County37$7,633,565 $206,313
84124East Millcreek36$16,802,500 $466,736
84745La Verkin34$7,263,020 $213,618
84014Centerville29 $7,063,076$243,554
84004Alpine 28$15,362,900 $548,675
84111Central City23$3,717,000 $161,609
84655Santiquin 22 $3,866,289$175,740
84414North Ogden21$4,509,273 $214,727
84783Dammeron Valley20$5,673,090 $283,655
84664Mapleton 19 $7,550,200$397,379
84042Lindon 18 $6,350,100$352,783
84653Salem 17 $4,483,600$263,741
84405South Weber4$2,968,313 $212,022
84315 Hooper12 $2,391,364$199,280
84310Eden11 $4,228,807$384,437
Not ListedWashington County10$6,421,907 $642,191
84317Huntsville 9 $4,284,683 $476,076
84722Central 8 $1,422,706$177,838
84005Eagle Mountain7$1,446,900 $206,700
84020Draper5 $1,989,879$397,976
84633Goshen 4 $408,800$102,200
84101Downtown 4 $581,800$145,450
84013Cedar Fort3$440,700 $146,900
84006West Jordan3$901,000 $300,333
84045Saratoga Springs1$388,900 $388,900
84126Central City1$383,690 $383,690
84045South Jordan1$273,800 $273,800
Totals86 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: 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
    • ELIGIBILITY: Public agencies, including local governments and legislature-created entities, and Indian Tribes
    • $ AVAILABLE: $16,800,000
    • DEADLINE: 11/14/08
    • CONTACT INFORMATION: 08-09.pdf
    • DESCRIPTION: Grants to assess and cleanup brownfields sites.
  • Grants to Clean Brownfields!
    • Brownfields Cleanup Grants
    • POSTED: 8/27/2008
    • ELIGIBILITY: Nonprofit and public agencies
    • $ AVAILABLE: $27,000,000
    • DEADLINE: 11/14/08
    • CONTACT INFORMATION: 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
    • ELIGIBILITY: Authorized nonprofit and public agencies
    • $ AVAILABLE: $2,500,000
    • MAX GRANT SIZE: $200,000
    • DEADLINE: 10/15/08
    • CONTACT INFORMATION: 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.


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

  • Bonneville Research Website
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    Bonneville Research
    • 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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    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.


    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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