Comments about ‘Housing prices fell 6.58% last year in Utah’

It will be interesting to compare this to next year's county property tax assessment, which will inevitably go up. At least the justification put forth by the county will provide some comic relief.

This is bad news because it means we have a lot farther to fall.

This article is like Utah real estate, itself: I don't buy either one. I've been keeping tabs on home prices - particularly in northern Utah county - and they've fallen significantly more than 6.5% in the last year. So, how were these numbers determined? I suspect that the average amount spent on a home might have only fallen a little, but that money is buying a MUCH better house than it did a year ago.

Even with the decrease, housing is still very over-priced in Utah, especially along the Wasatch Front. When it has fallen 40%, then I'll be in the market again. That's about where it should be.

with out of towner. What I sold my house in a Midwestern state for was a shame and wouldn't even give me enough for a down payment of one here!

Didn't some realtor's association recently have a billboard on the 6th South onramp to I-15 Southbound telling us all that Utah was different; that prices weren't falling; and that it was a great time to buy a house?

If prices fall 40% you won't have a job to buy a home. You people waiting for that to happen get real!

Get real, even the places that have already seen 30-40% decreases in prices still have over 90% employment. Not good for those who are unemployed but still a significant majority who are employed. Lower home prices hurt some (mostly those who gambled and lost) and will benefit many others who didn't buy into the Ponzi scheme. Bring on the crash! Its time us savers get rewarded.

I am currently looking for a 3 bed 2 bath condo in Utah County. They are still way over priced ($160,000). They need to drop at least $20,000. I can't find anything that is livable or a place where I would want to spend the next 5 years. They are either really old or really run down and not taken care of.

People...if you want someone to buy your home you need to lower your prices.

Yep, the good old real estate flippers who couldn't care less about the concept of LIVING in a home have priced homes right into orbit. Prices can't go up forever because people get priced out of being able to buy. Now we need to let the brutally efficient concept of supply and demand correct the imbalance that too many greedy people caused, thereby hosing the rest of us. LET THE DECLINE IN PRICES CONTINUE. AND LET THE GOVERNMENT BUTT OUT SO CONSEQUENCES FOR BAD BEHAVIOR CAN TAKE THEIR COURSE.

You must not have listened to Obama last night. He is going to save all of the idiots who bought houses that they couldn't afford. Oh, and did I mention that he's going to use our money to do it?

Thanks for nothing Obama.

Oh too bad. Let's make everything so expensive that one has to take out a hundred year loan to pay for it. Car loans 6 to 8 years. Car insurance loans 6 to 8 years. Car repair 2 year loan. Dental - 3 year loan. Dr. - 5 year loan. Shopping 5 year loan. Then add a 100 year loan for a home. Duh. Of course, keep wages stagnant for decades. This country will continue to practice the greed that got us into this mess in the first place. By the way, gas prices are down - yet food prices continue to soar. Unfriging believable?

It is simple economics. House prices cannot go up faster than incomes. Prices still have to fall down to income levels.

If northern Utah wants to see what is in store, look at So Cal, Las Vegas and St. George for a blueprint. It's just coming up I-15.

Houses in my neighborhood in Orem are still going (one sold this week) for $100,000 more than we paid for them in 2004-2005.

Yes prices have dropped but they would still have to drop a LOT more to get back to that level.

I have some questions for you. Could you afford your home today? Has your income increased by the same percentage as your home's paper value? I'll bet you'll answer both of these questions in the negative.

Also, why would people buy right now if there is a substantial possibility that the home prices here will only fall more in the next two years? A person should only buy a home right now if they feel comfortable being underwater for the next five years.

Some of us knew we were in a bubble a couple years ago but unfortunately some people did have to buy at those inflated prices and are now forced to sell now when the market is down. It was not poor planning; just the reality of economics in this country.

While banks are getting bail outs and they are looking at ways to decrease foreclosures, it would be nice to see them do something for the homeowners who are going to great lengths to keep their mortgages current but struggle due to layoffs, etc. A no-fees refi at current low rates for good home buyers would certainly be warranted, thus indirectly improving the economic conditions as they are helped to continue to be good purchasers. The lower rate and decreased payment could also allow them to spend more elsewhere. Seems fair the bailed out financial institutions could also help some of their good customers who are middle income, not extravagant spenders, trying to make it in today's economy. Like so many other situations, we throw out a lifeline after the person is nearly drowned - how about some preventive medicine here?

I agree with other posters, the prices of houses are still high. I sold a house in Seattle and can't get the equivalent model here for the same price. In terms of cost of living I'm told things are so much cheaper here... but I'm not seeing it... at least not housing prices... And in Seattle I could grow trees, didn't have to water my lawn, and the air was clean...

Yes I could afford my house today.

No my income hasn't increased by that much although it has increased a bit.

You see, we didn't put every dime into our house. We know how to budget and plan ahead. We said going in we would only spend a set amount of money because if things went bad we would still be able to afford our home. We also wanted to be able to travel and enjoy life and not just be tied to the home. The bank tried to loan us $100,000 more than we wanted because our credit was excellent. They actually said, "you can afford a lot more home than you are buying. Think about it".

We did and we decided to stick with what we knew we could afford.

At today's prices we could still buy the same home but we probably wouldn't. It isn't worth giving up everything to have a home.

I wasn't trying to say prices shouldn't drop. They should. I was trying to say they still have a ways to go before they get back to 2004 prices....

Good. If this keeps up I might be able to afford one.