Wednesday, April 29, 2009

I read this article on KSL, pretty interesting that Utah County didn't decline like SL County.

Home sales decline in 1st quarter
April 29th, 2009 @ 9:30am

By Mary Richards

SALT LAKE CITY - The number of home sales in Utah is still falling, but some people believe home prices are close to bottoming out in the state.

A report by the Salt Lake Board of Realtors shows the number of homes that sold in the first quarter of this year declined sharply compared to the same time period last year. Sales are down at least 24 percent in Salt Lake, Davis, Weber and Tooele counties.

The Deseret News reports sales in Utah County dropped the least during the period at 4.5 percent.

Median home prices fell by around 1 percent during the first quarter, but they are off 6 percent from the high of two years ago.

One economist believes home prices could fall another 10 percent; others say Utah is close to hitting the bottom and turning around.

Kendall Oliphant, senior vice president of Thredgold Economic Associates, told the Deseret News declines are decelerating and there is a limit to how low home values will go. He told the paper, "As we get close to bottom, the percentage decline is going to slow down."

Experts also say interest rates are so low that those who buy now may have the same mortgage payment as those who wait to buy at lower prices next year.

E-mail: mrichards@ksl.com
http://www.ksl.com/?nid=148&sid=6311066
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