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Monday Report

From Bonneville Research June 1, 2009
Foreclosures - Davis County!
  • Where are they?
  • Who are they?
    • 3 homes in default are valued at $1 million or more
    • 9 homes (1%) in default are those are Condominiums
    • 199 homes (25%) in default had second mortgages 
  • Very interesting map.

Important: We will not be reporting on Weber County until they get their records up to date!  Currently they do not have Notices of Default posted after 02/06/2009

Please look at our updated Bonneville Research Web Site.
All the past Monday Reports are now available!
Bob & Jon
Where are the Foreclosures - Davis County:

Notices of Default/Foreclosures - Davis County  - 11/2008 - 05/08/09

Ranked by Percentage of Households in Default.

10/1/2008 - 4/15/2009

# Notices of Default

Assessed Valuation

Avg Assessed Valuation per Notice

 # Households (2008)

Percentage Households in Default



 $  8,046,500










West Bountiful


 $  3,287,500










South Weber


 $  4,012,250










Fruit Heights


 $  5,487,502










West Point


 $  5,168,214










Woods Cross


 $  7,153,908




North Salt Lake








 $  2,925,689



















  • 3 HH valued at $1 million or more
  • 9 HH (1%) are Condominiums
  • 199 HH (25%) have 2nd mortgage

Important:        We will not be reporting on Weber County until they get their records up to date!  Currently they do not have Notices of Default posted after 02/06/2009

Source:Davis County Recorder, Commerce CRG, Calculations Bonneville Research.

Davis County Foreclosure Map 
 Davis County Notices of Default
Thanks to Commerce CRG's Mapping Group for producing this map.



Improve Rural and Farming Housing!
Section 514 and 516 Housing Revitalization Programs
POSTED: 5/21/2009
ELIGIBILITY: Rural housing authorities and property owners
MAX GRANT SIZE: $3,000,000
DEADLINE: 7/20/09
DESCRIPTION: Grants for projects that will preserve and revitalize existing rural rental housing projects and improve farm-worker-occupied housing


Improve Native American Child Health!
Children and Youth Projects
POSTED: 5/19/2009
FUNDING SOURCE: Indian Health Service
ELIGIBILITY: Indian Tribes, Urban Indian Organizations and Alaskan Native Villages
$ AVAILABLE: $600,000
DEADLINE: 6/25/09
DESCRIPTION: Funding to promote good health practices and address the unmet needs of Native American children and youth through (1) community designed public health approaches; (2) school-linked activities; and/or (3) clinical services.


Improve Schools in Washington D.C.!
Applications for Collaborative for Education Organizing
POSTED: 5/22/2009
FUNDING SOURCE: Community Foundation for the National Capital Region
MAX GRANT SIZE: $100,000
DEADLINE: 6/24/09
DESCRIPTION: Grants to organize and mobilize middle and high school parents of District of Columbia public schools students (including District of Columbia public schools and charter schools) to influence teaching and learning policies that will lead to increased graduation rates.


Grants for After School Programs in New York!
Advantage After School Program
POSTED: 5/18/2009
FUNDING SOURCE: New York State Office of Children and Family Services (OCFS)
ELIGIBILITY: Nonprofits in New York City
$ AVAILABLE: $12,500,000
DEADLINE: 6/19/09
DESCRIPTION: Funding for the creation of quality youth development and enrichment programs in New York City that operate during after school hours.


Improve Tribal Governing!
Tribal Self-Governance Program
POSTED: 5/22/2009
ELIGIBILITY: Indian Tribes
$ AVAILABLE: $600,000
DEADLINE: 6/22/09
DESCRIPTION: Grants to promote self-determination by enabling Tribes to assume control of Indian Health Service (IHS) programs, services, functions, and activities, or portions thereof (PSFAs), through compacts negotiated with the IHS.


Improve Teachers' Foreign Language Skills
Intensive Summer Language Institutes for Teachers Program
POSTED: 5/21/2009
FUNDING SOURCE: Dept. of State
ELIGIBILITY: Nonprofit and public agencies
$ AVAILABLE: $500,000
MAX GRANT SIZE: $500,000
DEADLINE: 7/7/09
DESCRIPTION: Funds to strengthen the instruction of Arabic, Chinese, and Russian at U.S. K-12 schools and community colleges through intensive, substantive overseas language study for teachers, community college instructors, and students in the advanced stages of preparation to become teachers or instructors in these languages.


Improve Tribal Management!
Tribal Management Grant Program
POSTED: 5/21/2009
ELIGIBILITY: Indian Tribes
$ AVAILABLE: $2,529,000
MAX GRANT SIZE: $100,000
DEADLINE: 8/7/09
DESCRIPTION: Grants to improve tribal governance through a wide array of means.


Help Low-Income Taxpayers Understand Taxes!
Low Income Taxpayer Clinic Grant Program
POSTED: 5/21/2009
ELIGIBILITY: Nonprofits, public agencies, and some businesses
MAX GRANT SIZE: $100,000
DEADLINE: 7/7/09
DESCRIPTION: Grants to provide information and resources to low-income taxpayers, with a special focus on regions that currently lack such representation.


Economic Notes:
Global Business Confidence -17.6%
Sentiment among global businesses remains very poor, but it is slowly improving. Confidence has moved measurably higher since mid-March and is now close to where it was last November. Businesses are notably more upbeat about the outlook toward the end of this year but remain dour regarding weak sales and pricing. The global economy remains mired in recession, according to the survey results, but the recession is becoming less intense.
The Conference Board Consumer Confidence           May        54.9
The Conference Board index of consumer confidence surged again in May. The index jumped to 54.9 from April's 40.8 (upwardly revised from 39.2). The expectations component again led the rise, increasing to 72.3 from 51 (previously 49.5). The present situation component rose much more modestly to 28.9 from 25.5 (previously 23.7). Assessments of current labor market conditions improved, but views of future labor market conditions rose more sharply.
Existing-Home Sales +2.9%
Sales increased nearly across the nation, although the increase was particularly strong in the Northeast. Sales have been quite volatile in the Northeast this year, however, and April's gain follows a particularly sharp drop in March. Sales picked up modestly in the West and Midwest but declined in the South. On a year-ago basis, the Northeast, Midwest and South are performing similarly, with sales down by about 10%. Bolstered by foreclosures, sales in the West remain very strong compared with one year ago, up by 19%.
Existing Home Prices - 15.4%
The decline in the median existing-house price took a turn for the worse. The median existing-house price was down by 15.4% y/y in April compared with the previously reported 12.4% y/y decline in March. The NAR revised the March decline down to 15%. January still stands out as the worst month, with a nearly 18% drop in the median price. The median existing-condo price, declining at a nearly 19% pace, fared worse than the median single-family house price (-15%). The median house price is falling most rapidly in the West (-22% y/y). Prices in the South and Midwest are declining by 13% and 12%. The Northeast is holding up the best, with a decline of 10%.
S&P/Case-Shiller® Home Price Indexes      March    -18.7
Existing-house prices fell faster in March than had been expected. The 20-city index declined 18.7% from a year ago during the three months ending in March, unchanged from the rate reported during the three-month period ending in February. The consensus had expected a decline of 18.4%. The 10-city index fell 18.6% over the year, a slightly slower rate of decline than the 18.9% recorded last month.
All 20 metro areas reported year-ago declines in existing-house prices in March. Of these, Phoenix (-36%), Las Vegas (-31.2%) and San Francisco (-30.1%) reported the greatest rates of decline. Denver (-5.5%), Dallas (-5.6%) and Boston (-8%) reported the smallest declines.
Measured from its peak, the 20-city index had fallen 31.4% through March, while the 10-city index was down 32.4%. However, the distribution across metro areas varies widely, ranging from a 53% decline from peak in Phoenix to an 11.1% decline in Dallas.
FHFA Purchase-Only House Price Index      -7.3
The FHFA purchase-only price index decreased by 1.1% from February to March, reversing the gains in January and February, which were also revised downward. The index is now 7.3% below its level in March 2008. The largest price decreases were in the Mountain and New England census divisions, with no divisions reporting price gains in March. The March data support the belief that the January and February numbers may have been statistical anomalies caused by more repeat sales in higher-priced markets.
MBA Mortgage Delinquency Survey +27%
The National Delinquency Survey released Thursday by the Mortgage Bankers Association (MBA), reported the largest quarter-over-quarter increase in foreclosure starts since it began keeping records in 1972. Lenders initiated foreclosures on 1.37% of all first mortgages during the quarter, a 27% increase from the 1.08% rate during the last three months of 2008 and a 36% rise from the first quarter of 2008. All told, more than 616,000 mortgages were hit with foreclosure actions.
MBA Mortgage Applications Survey +1.0%
Refinancing continues to subside, though it is still much higher than in the previous year. The purchase index remains at a very low level.
Chain Store Sales +0.8%
Chain store sales rose 0.8% in the week ending May 23, reversing a large part of the prior week's decline. Sales were 0.5% above their year-ago level, matching the result of two weeks prior, which was the best growth since late November. Customer traffic reported improvement across most segments benefiting from favorable weather and Memorial Day purchases.
Bonneville Research is a regional consulting firm focused on consulting services to state and local governments including economic analysis for real estate development, public-policy analysis, tourism and economic development. Since its founding in 1976, Bonneville Research has completed assignments throughout the intermountain west yielding unmatched experience in high quality public policy analysis and economic analysis.

In broad terms, Bonneville Research assists state and local governments find workable solutions and to establish quality and sustainable public policy.  We often work with private developers and public agencies in assessing the future economics and outcomes of real estate projects, economic development plans and opportunities for public/private partnerships. Bonneville Research offers a diverse array of economic analysis and tools to answer complex problems.
  • Market and Financial Feasibility Analysis
  • Concept and Development Programming
  • Operational Analysis and Budgeting
  • Service Delivery and Cost Effectiveness Analysis
  • Business Organization and Marketing Strategies
  • Services Repositioning and Disposition
  • Economic Development Plans
  • Demand Assessment for Public and Cultural Facilities
  • Public-Private Partnerships
  • Economic and Fiscal Impact
  • Grant-writing/Fundraising

Fusing talents of a multi-disciplined staff, the firm's experience has concentrated in four interrelated fields:

  • Economic development and community planning
  • Law enforcement, fire and public safety
  • Recreation, tourism and leisure time
  • Management, benchmarking and best practice services
Bonneville Research
170 South Main Street, Suite # 775
Salt Lake City, Utah 84101

In This Issue
Foreclosures - Where are they?
Recent Bonneville Research Projects:
Utah Economic Snapshot - First Ten Months FY2009 YTD
Utah State Government
  • Sales and Use Taxes (Gen Gov't, Higher Education) -11.1% (-$166.11 M)
  • Individual Income Taxes (Public Education) -11.8% (-$272.45 M)
  • Individual Income Tax Withholding (Public Education) -19.4% (-$92.76 M)
  • Corporate Franchise Taxes (Gen Gov't) -35.2% ($117.80 M)
  • Motor Fuel Taxes (Transportation) -8.6% (-$17.96 M)
  • Severance Taxes (Gen Gov't) +54.0% (+35.35 M)
  • Education/General Total -12.1% (-$523.53 M)

Source: Utah State Tax Commission, TC-23 5/20/09
Local Government

  • Sales and Use Taxes (includes food) -8.4% (-$33.56 M)
  • Public Transit -10.5% (-$17.89 M)
  • County Option Sales & Use Tax -7.4% (-$7.31 M)
  • County Option Fixed Guideway Tax -23.1% (-$3.86 M)
  • Transient Room Tax -15.8% (-$3.76 M)
  • County Option Zoo, Arts & Parks Tax -13.9% (-$3.74 M)
  • Tourism, Recreation, Cultural, Convention -6.4% (-$2.60 M)
  • Municipal Telecommunications License -5.3% (-$1.99 M)
  • Emergency Services Phone Charge -5.6%  (-$1.28 M)

Source: Utah State Tax Commission, TC-23 5/20/09

Taubman CEO:
We are a luxury brand and will remain so
Taubman Centers is proud of its identity as a luxury-mall owner, even if luxury spending is down during the recession, says Robert Taubman, chairman and CEO. "We believe for thousands of years people have been trying to differentiate themselves either through fashion or through higher-quality goods," he said. Reuters (5/19)
Note: Taubman is the developer of the City Creek Project in downtown Salt Lake City.
This Weeks Leads:
Elephant Bar Restaurant
Elephant Bar Restaurant operates 45 locations throughout AZ, CA, CO, FL and NV.  The casual dining restaurants, featuring a full-service bar, occupy spaces of 7,200 sq.ft. to 9,300 sq.ft. in freestanding locations, endcaps, malls, inline spaces and entertainment, lifestyle, outlet, power, specialty, strip, tourist and value centers, in addition to urban/downtown areas.  Growth opportunities are sought throughout CA during the coming 18 months. 
For more information, contact:
  • Mark Seferian
  • Elephant Bar Restaurant
  • 14241 Firestone Boulevard, Suite 315,
  • La Mirada, CA 90638
Mor Furniture For Less
Mor Furniture For Less, Inc. trades as Mor Furniture For Less at 15 locations throughout AZ, CA, ID, NM, NV, OR and WA.  The home furnishings stores occupy spaces of 40,000 sq.ft. to 60,000 sq.ft. in freestanding locations and power and value centers.  Plans call for two openings throughout CA, OR and SD during the coming 18 months.  Typical leases run 10 years.  A vanilla shell is required.  Preferred cotenants include Home Depot, Ross Dress For Less, Target and Wal*Mart.  Preferred demographics include a population of 400,000 within 25 miles earning $50,000 as the average household income. 
For more information, contact:
  • Rick Haux, Sr.
  • Mor Furniture For Less, Inc.,
  • 8996 Miramar Road, Suite 310,
  • San Diego, CA 92126

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Recent Bonneville Research Projects:
Millrock Commercial Center - Holladay City, Utah
Millrock Park is a 22 acre; 490,000 sq ft master planned commercial office campus located in Holladay Utah.  This Economic Development Project (EDA) used tax increment financing (TIF) to pay for required infrastructure and insured that a difficult site could be developed as a Class A+ office park.  The EDA Benefit Analysis and Project Budget were unanimously approved by the Taxing Entity Committee.  The project is currently ahead of schedule and likely will be "closed-out" five (5) years early.
Contact: Randy Fitts, City Manager, (801) 272-9450
Public Policy Initiatives
AR - Beebe Works Towards Energy Efficiency.
Gov. Mike Beebe is ordering all state agencies under his control to submit plans to reduce energy costs and says they can tap into a $15 million fund to pay for those improvements. Beebe announced he had signed the executive order calling for strategic energy plans to be submitted by all executive branch agencies by the end of October.
MO - Nixon Launches Program to Boost Health Care Graduates.
Gov. Jay Nixon's new program, "Caring For Missourians," aims to prepare Missouri students to enter high-demand jobs in the field of health care. The state will pay 40 million dollars next year to help public schools grow their health care training programs. Nixon explained that the new initiative will result in more jobs and a stronger economy saying, "These jobs exist. If we can up our training, and this gives us the opportunity to do that, these are jobs in Missouri that people can fill right now."
KY - Beshear Announces New Homelessness Prevention and Housing Program.
Gov. Steve Beshear announced that Kentucky has applied for more than $18.5 million for a new program to provide rental assistance and services to prevent people from becoming homeless and to help those who are experiencing homelessness. "Outside of Kentucky's major metropolitan areas, almost 7,000 people do not have secure housing and are only one small event away from being homeless," Gov. Beshear said.
OR - Kulongoski Publicizes Potential of Stimulus Weatherization Funding.
Gov. Ted Kulongoski highlighted the economic impact and job creation potential of $38.5 million from the American Recovery and Reinvestment Act for weatherizing low-income homes throughout the state. "These dollars will deliver an immediate and long-term benefit for communities across the state," Kulongoski said. "Not only will jobs be created for the short-term, but energy costs for Oregonians will be reduced in the long-term in addition to strengthening Oregon's green building infrastructure."
IA - Culver Signs Legislation to Benefit Veterans.
Gov. Chet Culver visited the Sullivan Brothers Iowa Veterans Museum to sign four bills into law to benefit veterans and service members. The legislation includes enabling veterans to pay in-state college tuition in Iowa and strengthening foreclosure protections for families of Iowans on active duty. Gov. Culver remarked, "I'm here today to send a clear message to Iowa's veterans, and our men and women in uniform: We thank you for your service and will support you when you come home."
VA - Kaine Announces Funds to Improve School Safety.
Gov. Tim Kaine announced that grants worth more than $1.3 million have been awarded to support programs to improve school safety throughout the Commonwealth. Twenty one localities were chosen to receive a total of 28 grants to fund school resource officers. "These grants demonstrate Virginia's commitment to providing safe schools where students can learn and teachers can teach," Gov. Kaine said. "When students succeed, the entire community succeeds." http://vareview-news.bl13-million-in.html
KY - Beshear Announces Recovery Funds for Energy Programs.
Gov. Steve Beshear announced a $52 million blueprint to create nearly 600 jobs by increasing efficiency and renewable energy efforts in schools, farms, homes, government buildings and private sector initiatives throughout the Commonwealth. The funding for the plan is part of the federal recovery plan or the American Recovery and Reinvestment Act. "The programs that will receive the funding will have a wide-ranging and positive impact on the Commonwealth both immediately and for years to come," Gov. Beshear said in announcing the energy blueprint. "These programs are designed to support Kentucky's seven-point strategy for energy independence that will position Kentucky as a national leader in production, conservation and efficiency efforts. http://www..allamericanpatriots.comulus-fur-ken