January 11th, 2011
Today, James Wood, the Director of the University of Utah’s Bureau of Economic and Business Research released his 2011 Salt Lake Housing Forecast. Wood discusses each of the negative aspects of our current economy which have pushed us to such a reduced demand for homes in Salt Lake County. He pointed to the declining number of jobs, consolidation of households, reduction of migration, increase in foreclosures, and the negative equity situations of many home owners as the causes of our current market.
After outlining the negative circumstances of our current economy, James Wood directs our attention to the best market indicators for forecasting the future of the market in Utah. Now that prices have come down to the most affordable prices we have seen in some time, improvements in the unemployment rate (including very positive projections by the Dept. of Workforce Services), and “pent-up housing demand,” Wood predicts we will see prices stabilize considerably this year and the number of home sales will continue to increase.
While most of the forecast weighed me down with all the negative circumstances leading to our current market conditions, Wood’s final statements were positive yet realistic for the direction of our community’s future market.
Posted in Economy, Market Conditions
May 25th, 2010
The National Association of Realtors released first quarter home price statistics for 152 metropolitan areas showing that 91 of those areas saw increases in sales prices as compared to the same quarter last year.
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Posted in Economy, Market Conditions, Selling
May 25th, 2010
Many Utahns falling behind on their house payments are being scammed by companies claiming to provide assistance in helping negotiate a loan modification with the mortgage companies. Read the rest of this entry »
Posted in Foreclosure & Short Sales, Home Ownership
March 30th, 2010
Governor Herbert proclaimed an optimistic view of Utah’s economic outlook at the 2010 Governor’s Utah Economic Summit yesterday. He stated that the economic challenges we are facing are not the fault of the government, but from the private sector. He encouraged everyone to focus on fixing the economy stating, “If we get the economy right everything else falls into place.” He then promised that he would work to keep the government from hindering the private sector. Read the rest of this entry »
Posted in Economy
March 29th, 2010
Sorry about the long dry spell on posts. I’ve been in the process of updating my site and transferring things over. I’d appreciate any feedback you have on the new design, content, resources and tools I’ve added.
Posted in Uncategorized
December 2nd, 2009
In Utah, fewer homeowners are underwater when it comes to the value of their homes, according to a new report by American First CoreLogic. At the end of this year’s third quarter, 18 percent of Utah residential properties (40,801) with a mortgage were in negative equity — meaning borrowers owed more on their mortgage than their home was worth. Read the rest of this entry »
Posted in Economy, Market Conditions
November 24th, 2009
According to an Associate Press article, home sales rose 10.1% nationally in one month, from September of this year to October, and up nearly 36% since things hit bottom in January. The article gives the bulk of the credit for such a climb to the approaching expiration of the $8,000 tax credit offered by the federal government. Additional props are given to lower home prices and other federal programs to lower mortgage rates. During the month of October, some areas of the country reported bidding wars on properties. Read the rest of this entry »
Posted in Market Conditions, Selling
November 2nd, 2009
The US Department of Commerce released an advanced estimate of the GDP for the third quarter of 2009 on Friday. This report estimates the Gross Domestic Product (the output of of goods and services produced in the US) to be up 3.5 percent, the first increase in over a year. Read the rest of this entry »
Posted in Economy, Investing, Market Conditions, Selling
October 29th, 2009
MSNBC reported last night that the US Senate has voted to extend the $8,000 First-Time Home Buyer Tax Credit through April. It still needs to pass vote in the House, but the Senate has historically been the difficult vote to win on spending issues, so it is expected that this will go through. Read the rest of this entry »
Posted in Buying, Grants & Tax Credits
October 7th, 2009
Yesterday, Builder Magazine released their Healthiest Housing Markets Research Report and Salt Lake City was ranked #8 in the Nation. Read the rest of this entry »
Posted in Market Conditions