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Some Utah housing priced beyond means

Much of this started many years ago when the government allowed low rate interest loans on houses. And to make this worst, a lot of owners got loans that they really couldn't afford. Many got homes for nothing down or got them with the ARM's knowing the fine print said the mortage payments will go up in five years. Well, now we've hit the five year mark and booom! Now people are complaining they were tricked. Not a trick at all. Just a something that the government does daily. "We'll take care of you, and then when things go south, you're on your own!". If the govt had stayed out of the manipulation of interest rates and left it to the free market with supply and demand, houses would not be sky-high priced and be much more affordable. The same thing applies with health care. It's sky high because govt is again controlling the costs. The power of the costs in controlling it needs to go back to the people, to satisfy the market demand and supply. Anyone that doesn't understand this, is in a sorry state. Supply and demand without government control is the real secret to prosperity!

NO MATTER WHAT - HOMES WILL APPRECIATE AGAIN...

THERE'S NO WAY THEY'LL DO ANYTHING BUT INCREASE IN VALUE SO REMEMBER YOU SAW IT HERE FIRST.

kkb

Homes are increasing in value that's right, but in the future I am sure they will go down...even if it is past our lifetime. Once Utah becomes a hotspot for living through out the world and everyone wants to live here, but there aren't enough houses prices will go down I'm sure =P

Much has been written and shouted about the Utah housing market. I really brings a smile to my face when I read the news and see just how bad the public perception is getting. Yes, the Utah housing market is in serious trouble. It's going to get much worse before it gets any better. Housing prices will continue to fall for a least two more years. Foreclosures will be more of a drag on the prices as people just "walk away"

I was just checking the numbers and foreclosures are up 400% over last year in my area. (10 to 40) It's only going to get worse.

Don't buy now if you can avoid it. Let the pressure build on those who responsible for this mess.

Well...Finally citizens of SLC and other areas of Utah see and feel the whacky real estate prices. By the emotions in the posts their is a relization that house prices are too high in SLC.

The last three years in increased home prices have and will destroy many a househould both financially and emotionally. The reset interest rates of these easy loans are yet to come. And come they will with a vengence.

When I moved to Utah in '94 I was making $12K. This was a big drop from my IT job in CA where I was paid $45K, but I was young and did not have a college degree. I have managed to increase my income 10% or more every year. Today with much more experience, thousands of hours of technical training, and education I make $95K at my IT job here in Utah.

In my experience, Utah is a land of opportunity.

Pride proceedeth the fall. Comes to mind.

"everyone is upset that house costs 3-400K. If you're really making $60K a year you can easily pay that off..."

Uh, no you can't. Someone who makes $60K yearly really can't take on more than a $1200 payment because you must add insurance and taxes. $200K is the max affordable mortgage. You must be one of those who buys the $300-$400K home and does the tacky do it yourself landscaping that cheapens your neighborhood.

To boot, no one will qualify for $3-$400K on $60K salary, not in this market anyway.

I check Realtor.com everyday. I check KSL.com and Craigslist and local papers. I search broad swaths of the county I'm looking to live in and I am still not finding anything reasonable >160,000 that is not 100 years old or a manufactured home or condo.

I am an econimist with extensive training in real estate markets. I am so tired of hearing realtors say find a good realtor to help you make a good decision. It sickens me. It is such a sellers market, that is, if the seller can sell. The unsubstantiated appreciation that is in the value is very interesting to me. If sellers sell right now they make out like bandits and the buyer plays the fool.

Oh, and to a comment above, 60,000 buys a 300K to 400K home? Are you kidding me? Maybe if you are single, no tithing, and absolutely no savings. Talk about live outside your means.