Monday, November 3, 2008

NAR Presidents views on Utah Market

National Association of Realtors president visits Utah and reports on economy

"Existing home sales have slowed in Utah, but the state is still holding on better than most", said Dick Gaylord, president of the National Association of REALTORS®, during a recent visit to Utah. Gaylord, quoting NAR Chief Economist Lawrence Yun, said "the state has created 3,000 new jobs in the past 12 months and 100,000 jobs in the past three years."

“Because of local market gains, there is a great deal of pent-up demand and it continues to accumulate,” Gaylord quoted Yun as saying. “It’s only a matter of time before we see rises in home sales and also in activity in the market. So I think we’re going to see a change in 2009.”

Gaylord also said the state foreclosure rate of 1.2 percent was “not bad news at all,” since a normal foreclosure rate is about 1 percent.