Comments about ‘Utah's outlook is called 'recessionary'’

"pressured to inflate values"

What you mean to say is TO LIE.

Give me a break. Greed Greed Greed and this is where it gets you. Hard to spin and cheerlead when reality smacks you in the face, huh?

Well, years ago it was said that housing will lead you into a recession and will lead you out; also, about 30 years ago there was a famous book by M. Friedman titled: "Free to Choose" which became the conservative
bible. Well, they got what they wanted which was deregulation and look what it has got this country?

the word "recessionary" when we're NOT in a recession. Ya might wanna look up the definition.

it's greed from the masses.

Construction jobs are mostly held by people that shouldn't have been here in the first place.

When my neighborhood was being built it was impossible to communicate with any of the construction workers.

If those jobs are lost it will also mean less students to teach in our schools so the classroom numbers will actually drop back a bit.

Utah and the nation NEEDED this slowdown to get ourselves back to reality.

In the long run it will be a good thing.

Business and government better get tuned to the times. An economy in float (unsecured debt) will not survive and is always going to have recessions. When income and spending by consumers and business exceeds the ability to repay then everything tumbles. Business and government are whining about losses but the poor consumer isn't given a second thought. Because the consumers can't float their accustomed and regular spending habits everybody is becoming whiners. Consumers are being blungened with advertisements to keep spending beyond their means. The financial market has created their own downfall now its up to them to cut their profiteering and fraudlent lending. Reality is a real eye opener that any one with inteligence could forsee. But business and financial instutions have been deceiving consumers with corrupt and deceptive lending, and its not favorable to business or government spending. The world economy is based on the ameican consumer, other growing countries also rely on the american spending. The time has come for save then spend, not spend to save a fictious savings. Corporate america and government fear the day when the working people demand higher wages to live within a reasonable level. It's the only way out for consumers.

Senator John McCain tells us:
"I don't believe we are in a recession."
LOL!
Why doesn't he tell that to the record-breaking amount of people of Utah who lost their homes recently?
And while he's at it, why not tell that to the people of Utah who had to file for bankruptcy?

As usual, to the neocons - All if fine and dandy in Pleasantville.

I'm glad "they" have figured out the appraisers are inflating values. I'm also glad it is just a recent thing because of the economy. I'm sure they didn't want to keep the business before but now they do. Good for them.

The housing collapse has many to blame, not just appraisers. I was a mortgage broker for several years working for a crooked Piece of Garbage named Phil O. Cochrane. His favorite loan was a liar's loan called a pay-option ARM. He knew that 90% of the deals he originated were BAD loans. And when I say bad loans, these were loans that he was able to fudge the numbers to the point where the buyer could afford practically any house they chose. These were liars loans because the buyer didn't have to prove an ounce of income, tax return, or anything. All Mr. Cochrane had to do was pick the appraiser that he had an agreement with: inflate the value to match the loan, (with a little kick-back to the appraiser, of course), and wait for the check to come in. Every level of that office was in on the shtick: From the underwriters, to the loan officers.
I was considered a sub-performer because my borrowers always seemed to end up in 30-year conventional loans. For that reason I left the company, and I have NEVER, not for one second, regretted getting away from that den of thieves.

Inflation from the falling dollar and gas prices are my bigger concern. Fuel prices and the resulting inflation in food and other products will continue to delay a housing market recovery. It is also going to delay a stock market recovery. If gas prices go down and stay down. The housing market will be fine.

Wow, here we go again, blaming conservatives. As we all know it is the senate who passes all these laws and makes the economy this way. When we had a Republican senate a few years ago, everything was fine economically. Liberals love to get us in messes, and then start screaming, blaming and name calling. What a party. No wonder they keep getting us in trouble. No one of any intelligence could belong to it.

Pleasantville, do you know what a recession is? It's defined as two consecutive quarters of contraction of the GDP.

We haven't even had one quarter of contraction yet - the last two quarters have been slightly positive.

So when McCain says we're not in a recession, guess what? He's right!

Sorry to rain on your emo liberal cutter parade.

The extra money, not earned, but taken out of the inflated value of homes in SLC is also soon to bite back hard.

There is 184 homes for sale over $400,000 in Zip code 84102, 84103, and 84105. That is the area around the U of U.

One needs $100,000 a month income to purchase a $300,000 house and a down payment to buy these over-priced homes.

You again?

While it is true unscrupulous lenders, appraisers and others contributed to the problem, let's get real about who is really to blame: the Federal Reserve system with its fiat money. They determined at what interest rate to lend to the banks, Greenspan encouraged everyone to get more creative with their products, and their policies created the bubble. Go see IOUSA ***tonight only*** at several SL theatres and learn what is really going on. It is a blockbuster documentary that will open your eyes. Warren Buffett and others will be in on a satellite town meeting along with billionaire Pete Peterson. Let's take back our power!

We have 4% unemployment! The economy here is still just FINE!

$100,000 a MONTH income to afford a $300,000 home? Really? People in this valley must have some mighty well paying jobs to afford all these homes, by your criteria.

For nearly 20 years the housing and construction segment of our economy has been in a boom. It has been growing faster than the larger economy, and some of those years way, way faster. I could ask my eight year old what she would expect to eventually happen given that recent history, and she would get it right. Bang! The cupcake stroll is over and reality says that what goes up really fast in the economy will have to come back to meet the broader economy at some point. Notice how everyone and their dog was getting into anything related to construction: mortgage lending, real estate developing and real estate agents, etc. etc. It was only a question of when not if. The amazing thing is that it lasted so long. Don't talk about all the greed but rather just normal people mostly trying to get in on the ride before it ended. Well it has ended and the economy in housing will retract for a time in order to even out the previous imbalance. Economics 101, shouldn't be too tough for even Deseret News journalists to follow.

The 15,000 jobs lost in construction don't show up in the Utah jobless rate which is determined by the numbers looking for work and applying through Workforce Services. So the Utah jobless rate is still near full employment levels at 3.5% in July.

The reason that the we don't see a serious rise in the unemployment rate due to the 15,000 jobs lost is because most of those who have lost jobs are not eligible to apply at Workforce Services because they are in the country illegally. There is still significant employment in commercial building and some who have lost jobs in residential have gone there, and others have gone back to school or other lines of work.

The residential building and mortgage industries have been needing a house cleaning for sometime now. Most of those in this industry have never seen a correction, and failed to prepare for it. It has been in an up cycle for 20 years. This correction is not necessarily a bad thing, unless you work in these industries.

There are some appraisers who can share blame in the down turn but why is Mr. Lifferth throwing his very own profession under the bus? He makes a sizable living off the appraiser's in the state of Utah and his organization. Stop "kissing up to the state", Rick. The home loan or purchase transaction begins with the realtor not the appraiser. The realtors are paid 6% commission for a purchase or sale of a house. The loan officer is also paid on commission depending on the viability of the loan and credit of the borrower. Commission for two of the three "legged stool" in the whole transaction? Are you seeing a pattern here? The only one paid on a predetermined set fee is the appraiser. And the most regulated and governed of the three. Now I'm not naive and think there are no bad appraisers, there are and they need to be delt with, but in the whole process, who benifits more from dishonesty? A better system to avoid "commissions" on all parties would be better for everyone. The current system "breeds greed". Blame where and how the house transaction starts and not the appraisal profession as a whole.