ACCORDING TO THE STATE OF UTAH, SALT LAKE BOARD OF REALTORS, THE UTAH ASSOCIATION OF REALTORS AND THE COMMERCIAL GUYS (NAIOP AND CCIM) WE MAY BE ON THE WAY TO A REAL ESTATE RECOVERY. For example Jim Wood Director of the Bureau of Economics and Business Research at the University of Utah when reporting to the Salt Lake Board of Realtors said among other things: A. we had a 6% increase in the median sales price of a home; $199,000 in 2011 to $211, 000 in 2012. B. A decline in bank REO sales but an increase in short sales. C. Job growth now 3.3 % exceeds historic average of 3.1 % D. Salt Lake home sales rise 27 %. However home building is coming off such a low base from the peak to trough -2004 to 2009 new home construction fell 80%! By comparison home sales by Realtors dropped 44% from peak to trough. He also said The most notable feature in 2012 is the acceleration of housing prices throughout the year. In the first quarter, prices were down 5 % compared to 2011, then up 5.1 % in the second quarter, 10.4 % in the third quarter and finally 13% in the fourth quarter. With this recent uptick housing prices in Salt Lake County are now back to their 2005 level. So if sequestration doesn't kill the trend may be this recovery has legs. The question is how good looking are those legs?
-By Doug Boulden