Comments about ‘Salt Lake area home prices lag behind national recovery’

I'm no economics expert but maybe since Utah has fared better than the nation during the economic downturn, statistics showing improvement (including the housing sector) will be less dramatic than in other areas.

they didn't go up as high, they didn't fall as far, so they don't have as high to go up again. I think the fact that they are less volatile is a good thing.

So my property taxes will be coming down, right?

We have a MAJOR Problem with the Realtors, Banks and the Appraisers holding our House prices down.
Cheap Houses are an easy sell. ( Comissions )
It does not Pay to make additions to your home, You can not get your Money back.
Selling is a Problem, Migration is also a Problem when People need to move and lose their Value on the Home.

Has any of these economist or government reports stopped to think and consider the depressed incomes and wages in Utah? Just because there are a few low income jobs come in does not mean economic growth. Not when these jobs are replacing higher paid wages.

You can't declare growth with wages declining and most of Utah's economy is welfare based. If it wasn't' for government supplementing low income jobs, we'd all be out on the streets.

No, your property taxes will not go down, in fact look for a tax increase and additional fees to further depress Utah incomes. Government must keep raising welfare aid to keep its illegal workforce.

Houses in Salt Lake City (& Utah) are overpriced. Big shocker.

Two things are a factor here. 1. The economic downturn hasn't had as major of an effect on Utah as most of the country, so the drop was less significant, this means the rise in housing prices will be less significant as well. 2. Housing prices in Utah are overly inflated to begin with, and young people bought them up like they were water drying up, so therefore the used housing market holds lower value than it's actual selling price. Those are the two major factors in this story. The fact is, when you are a teacher buying a $280,000 house and have to do the landscaping on top of that, the math doesn't add up! Hence people in this income bracket struggle to stay in their homes. People like Ivory, Holmes homes, and others took advantage of the market and inflated the real value of what they're new homes were worth, as well as people selling their private homes, and everyone paid the asking price! Greed knows NO BOUNDS! All I can say is prepare for the second "Great Depression" which might not be so bad with Progressives on their way OUT!

My daughter is a real estate agent in SLC and regularly tells me of sellers who are pricing their homes considerably above the current market value.
These homes languish on the market for months, or longer, until the sellers realize that home prices are still at a low point, and have yet to rebound.

Utah was late to the housing speculation bubble and is late to the crash as a result. I'm not sure why people think this state was supposed to be "different" or "immune" from the housing Ponzi bubble that has nearly taken down the US and some international economies. St. George was being pumped well into the national downturn as a "safe" place to buy speculation houses for out of state investors because "it's different here." So the crash everyone else has been having just came a bit later. And we'll be climbing out of it a bit later as well.

Well maybe house prices in Utah had just gotten higher than they had a right to be (partly as a result of real estate people pushing, pushing, pushing against the top of the "sucker" envelope).

You don't Build a Home and sell for less.
Property owners in Utah are Hostages.
Realtors have the IDEA you have to give your home away.
You can be sure the CAR Market is not this way.