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Wasatch Front home sales plummet
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This is just another liberal lie from the liberal media.
In order for housing prices to reset at levels that make sense for pay levels in the major northern Utah markets, home values need to fall another 20-30%. This bubble is not popping with a big bang but the air will come out. I remember well the 8-10 year stretch in the 80's and early 90's where real estate values on the Wasatch Front went nowhere for years. This time around, it probably won't be that pleasant.
Go ahead, hang in there, but you'll be met with disappointment if you're expecting me to pay two or three times as much as I could in any other region of the country. There's a difference between optimistic and delusional, and I think you have crossed the line here.
I think this bubble will see a 50% drop from its peak in 2005-2006 to its bottom sometime in the 2009-2011 period. This means we are about half way there. Some distressed homes have already sold for 50 cents on the dollar, but many more will join that club as people realize they can't hold on any longer to their overpriced houses (many of them are speculative investments).
I will buy when prices drop another 25%. Then, maybe I won't be stuck with a home that will depreciate in value.
Home prices are too high. That is why there is a huge surplus of houses. This is basic economics. You lower the price the demand will go up.
I for one will buy a house as soon as the prices come down.
What is so gosh-darn wonderful about living in Utah? This place isn't southern California (yes, I know prices are much higher there), ya know!! This is coming from a Utah native who is an active member of the LDS Church, too. I still don't see what justifies a price of $250,000 to $300,000 for a very, very average house.
The only people with real money today are buying homes in Lake Como or Zurich.
Next, soCal doesn't offer changing seasons like Utah does and air quality is 4 times as bad in Orange County compared to SLC.
Lastly, I have noticed that many kids in CA are "computer kids" (skilled at computers and video games). That's not always a bad thing, but I would prefer my kids spend their free time outside getting exercise and playing sports.
I love it here in CA, but am almost to the point of moving my business to Utah for those reasons.
Try it. It's a fabulous way to live.
Housing prices in Utah moved way ahead of incomes and are now falling steadily. They will be back to fair value in 3-5 years. Pop goes stocks, pop goes commodities and deleveraging will pop this housing bubble too. Markets are magic!
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