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Hope for housing in Utah

The Cheif Economists for the National Association of Realtors denied the housing struggles in New England until it was so obvious that they should have all been fired. After that, they kept saying this is just a slow down that was only going to last until next month. A year later we still have falling prices.

I wouldn't trust any thing these guys say. His "not falling, just declining" comment put it over the top for me.

The housing problem in Utah may not be that bad after all, but I just wouldn't believe anything Yun says based on the track record of NAR Optimists... er I mean Economists. Why would the Association of Realtors report anything but optimism?

Anytime an article begins by calling Yun a national Real Estate Analyst, we know we're in for some nonsense. Yun works for the NAR and hypes the market to anyone who will listen. When are we going to quit interviewing real estate workers for these articles? Yun insults the intelligence of those present at the conference when he says "it's not so bad here." Leaving it at that. He knows that it WILL hurt here.

And since when is 23% of mortgages being subprime in Utah considered "a small percentage?" I guess it's just how you look at it.

building and real estate is much worse in Utah than any national person can discribe..just ask some one that is in the building industry...I agree..we always asked the real estate people..why

Anyone who has followed the housing boom and bust, as well as developments within the housing industry knows that Lawrence Yun is without question one of the most discredited, clueless and dishonest eCONomists in the country. The next is probably David Lereah, the previous chief eCONomist at NAR. As the president of NAR, Yun is essentially paid to lie and spin. These two give other economists a bad name.

This is the same Lawrence Yun that predicted that housing prices would rebound in 2007 and that no one could have expected what we are seeing in housing right now. The list of his ridiculous predictions and botched forecasts are lengthy. His quotes and predictions provide stand-up comedians with continual material.

Just go to the LawrenceYunWatch for some really good laughs!

Rediculous

I don't like seeing "Hope" that it will get fixed. I like seeing housing IS getting better. It IS on the rise.

Enough talk, start showing us results, REAL ROCK SOLID RESULTS.

The % of total mortgages that are subprime is irrelevant. What is relevant, is the % of total mortgage loans EXTENDED over the past 5 or so years that were subprime. That number was in the 40-50% range. The housing industry was ramped up to deliver inventory to meet that demand. What happens when 40% of the demand is taken out of the market--OVERSUPPLY. The entire country, Utah included, will need a few years to absorp that kind of existing oversupply. I agree with all the readers who dissed NAR's economist--they are paid to NOT be objective in times like these. Yun would be looking for another job if he was anything but optomistic. I prefer realism myself.....we can't solve the issues until we confront them.

Look up "Lawrence Yun idiot" on Google and 42,800 hits come up. This guy is ranked among the most ethically compromised "economists" in the USA. Just look around your neighborhoods and anyone will conclude, we have a very serious foreclosure problem.

You must be kidding! Go look at "Lawrence Yun Watch".
This guy is a used house salesman, nothing more.

If someone told me that my wages were not falling but declining I would be just as upset.

N Utah is one of less than 20 metro areas in the nation that is not negative in appreciation. Yes it is a paltry 2-3%, but none the less not negative. I for one am happy that at least where I own homes (with large down payments and fixed 5.5% interest rate)we are not falling or declining. Many will say that we are just dehind the curve. Housing supply has been piling up in the east coast and areas like AZ and LV since 2005. I am hoping and believing that we are goiong to have a soft landing in Utah because of the solid job growth. I know you don't want to hear this, but negative veiws in aggregate do not help the economy. As strong a Republican as I am, I wonder if Barack O's positive and articulate attitude is what the US needs. I can't believe I just wrote that.

Everywhere I go I hear People talking about not being able to sell houses, builders going bankrupt. Just keep clinging to those rear view mirror stats on the Utah economy if it makes you feel better.

all of you are right...the housing market in Utah is about as stable as the wages. Lower and lower as the sub sinks.

To "I'm just saying..."
2-3% appreciation is negative growth when you are facing 3-4% inflation.

Welcome to Republican Utah! Don't ya just love it?

"prices may be declining.." duh

Prices are down, and following CA and NV leads will continue down for several years.

My buddy is a builder in N. Utah and really cut back in 2007 on building. He was lucky enough to sell the three spec homes he started building in August 2007, but he barely made any money on the last one (about $5,000). He's been smart enough to finance the building with a line of credit from the bank, but he tells me that the builders who take out construction loans on their homes are dying financially. There are some builders who have construction loans on 10 spec homes and they have to make monthly interest payments of about $1,500/home. So they are paying $15,000/month in loan payments and not selling any homes. Suffice it to say they are toast. Send back the SUV, send back the four wheelers, send back the jet skis, send back the big screen.

My opinion is that this housing correction will clean out the sloppy builders and leave the good ones (like my bro) who have a little financial stability and are able to weather the storm.

The banks have already begun to take the houses back and you're starting to see a lot of 50% finished properties for sale.

I don't trust him or any of his kind! They're always up grabbing for money... doesn't care about us homebuyers!

and I'll be living down by the river under the bridge!