Salt Lake among cities with biggest housing price drops
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Scott G. Winterton, Deseret News
Home prices in Salt Lake are expected to fall 0.3 percent by the end of 2012, extending the 3.7 percent drop in 2011, according to the Fiserv Case-Shiller Home Price Index released today. Salt Lake saw a 14.8 percent drop in home prices from 2008 to 2011, according to the report. Rising apartment rent makes buying a cheaper option, which will bring in first-time and trade-up buyers into the market, especially as new households are formed. “Falling home equity has cut into household consumption and has further constrained the economic recovery,” David Stiff, chief economist at Fiserv, said in a statement. “However, very low prices have also started to draw in more buyers. As demand for houses ramps up, construction activity will increase and residential investment will begin to make a substantial contribution to the recovery and GDP overall.”
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