Comments about ‘Salt Lake County housing market improving’

That a big stretch of imagination for a still struggling job market. The only thing improving is the quick sale of property by banks to sub developers, those who buy the foreclosed homes to repair them and roll them over for a few dollars of profit. The state sees these as new economic growth because these home go back on the property tax rolls, but at a mush less valuable property.

Realtors have been getting state funding to buy, semi repair, and roll over these property to low income workers with poverty jobs. Market improvement is costing tax payers billions of dollars yearly in funding and it may take 10 or 15 years to recover government spending in rollover home selling.

The new and imporved sub prime no down lending creeping back in to the local market. But this time government is taking the loans directly without bundling them in to sales packages. Sub-prime is back and the risks are even greater.