Utah’s foreclosure rate still less than U.S. rate: Utah is ranked 24th in the nation in foreclosures, according to the Mortgage Bankers Association. For the three months ending in June, 3.4% of Utah homeowners with a mortgage were in foreclosure, compared to 4.6% nationally.
Utah is starting to add jobs: Utah added 17,200 jobs for the 12 months ended in July, according to the Utah Department of Workforce Services. The numbers represented a 1.5% gain, compared to flat growth for the U.S. Utah’s unemployment rate remained unchanged in July at 7.2%, compared to the U.S. unemployment rate of 9.5%, also unchanged. According to UDWS, “The worst of the recession appears to be behind Utah.”
Utah house inventory is coming down: In July, the number of active listings available for sale fell 4 percent compared to a year ago, according to the Utah Association of REALTORS®. Compared to two years ago, inventory was down 15 percent. The months’ supply of inventory in Utah also fell nearly 13 percent. In July, it would have taken 10.7 months at the current sales pace to sell the entire inventory of homes, down from 12.2 months a year ago and down from 12.9 months two years ago.
Showing posts with label Utah News. Show all posts
Showing posts with label Utah News. Show all posts
Monday, September 13, 2010
Wednesday, October 14, 2009
JD Powers Award
J.D. Power and Associates Ranks Coldwell Banker Highest in Home Seller Satisfaction
SANDY, Utah – September 24, 2009 – Coldwell Banker Real Estate LLC ranked highest among real estate companies in satisfying home sellers according to the recently released J.D. Power and Associates 2009 Home Buyer/Seller Study.
The independently administered study measured customer satisfaction of homebuyers and sellers among the largest national real estate firms. The study incorporates more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2008 and June 2009. The survey was fielded between April and June 2009.
“This recognition is a testament to the brand’s legacy as an industry leader, our commitment to innovation and, above all, our powerful network,” said Dan Christensen, president of Coldwell Banker Residential Brokerage in Utah.
“With unsurpassed local knowledge, expertise and work ethic, we at Coldwell Banker have always felt that our network of professionals is the greatest in the industry, and we’re pleased J.D. Power and Associates recognized it,” he added.
J.D. Power and Associates examined four factors in the home-selling experience including: agent, marketing, office, and package of additional services. Among home sellers, Coldwell Banker Real Estate ranked highest with a score of 815 and performed particularly well in all four areas.
Coldwell Banker Real Estate also ranked particularly high in the home-buyer segment. The brand ranked second with a score of 801 on a 1,000-point scale, performing particularly well in the office factor.
About J.D. Power and Associates Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on home building and home improvement, car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit www.JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About Coldwell Banker Residential Brokerage
Coldwell Banker Residential Brokerage, a leading residential real estate brokerage company in Utah, operates 12 offices with about 900 sales associates serving the communities of the greater Wasatch Front. The company offers residential and commercial brokerage, corporate relocation and mortgage services. Through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market. Coldwell Banker Residential Brokerage, online at HYPERLINK "http://www.utahhomes.com/" www.UtahHomes.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices. For more information, please visit "http://www.UtahHomes.com" www.UtahHomes.com or call 801.563.8700.
Thursday, October 8, 2009
Newcomers to Provo!
"The [most moved to area] college towns where students and education professionals help welcome outsiders. Among the places in America that have welcomed the most newcomers in 2008, three are home to major colleges and universities: Raleigh, N.C., Provo, Utah, (home to Brigham Young University, one of the country's largest private colleges), and Austin, Texas, home to the University of Texas at Austin.
"If there are lots of newcomers, it's easy to make friends; there's a sense of vibrancy there," says William Frey, a senior fellow at the Brookings Institution. "Places that don't have a lot of new migrants tend to be older and more stagnant. They're also more close-knit."
Intellectual centers like the above-mentioned college towns, however, reliably attract new residents because universities are large, relatively stable employers--and a steady flow of students keeps the population young.
"You have an educated population, and you have a large youthful population," says Alexander von Hoffman, senior fellow at the Joint Center for Housing Studies at Harvard University. "These places retain people after they've graduated, and attract like-minded people."
Published by Forbes.com
10/01/2009
"If there are lots of newcomers, it's easy to make friends; there's a sense of vibrancy there," says William Frey, a senior fellow at the Brookings Institution. "Places that don't have a lot of new migrants tend to be older and more stagnant. They're also more close-knit."
Intellectual centers like the above-mentioned college towns, however, reliably attract new residents because universities are large, relatively stable employers--and a steady flow of students keeps the population young.
"You have an educated population, and you have a large youthful population," says Alexander von Hoffman, senior fellow at the Joint Center for Housing Studies at Harvard University. "These places retain people after they've graduated, and attract like-minded people."
Published by Forbes.com
10/01/2009
Tuesday, September 8, 2009
Home Run 2 Grant
FREQUENTLY ASKED QUESTIONS ABOUT HOME RUN 2 GRANTS
*What is the $4,000 Home Run 2 Grant?
The Home Run 2 Grant is a mortgage assistance program that grants $4,000 to home buyers who wish to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.
*How is Home Run 2 different from the first Home Run program?
The first Home Run program, which ended in June 2009, provided a $6,000 grant to eligible home buyers. Home Run 2 provides a $4,000 grant. The first program required that homes be ready for occupancy upon closing. Home Run 2 buyers have two additional options. They can purchase a home that is contracted for construction or partially finished and contracted for completion. Homes that have been previously occupied do not qualify.
When a Home Run 2 Grant Commitment is issued, if the Eligible Home is fully constructed, the Commitment expires 10 calendar days after the date of issuance (unless that day falls on a weekend or holiday and then it is the following business day). If the Eligible Home is somewhere in the construction process, the Commitment expires on June 30, 2010.
All other aspects of the program are materially the same as the first Home Run program.
*Who is eligible to receive a $4,000 Home Run 2 Grant?
• Home buyers who did not receive a $6,000 grant under the previous $6,000 Home Run Grant Program.
• Home buyers (any person taking title) must meet the following income restrictions:
o Single person, maximum income, $75,000
o Married couple, maximum income, $150,000
o If more than one unmarried person is taking title to the Eligible Home, each such single person is subject to the $75,000 income limit.
o Income calculations will be determined by the Adjusted Gross Income as verified by the Approved Lender using the 2008 IRS Federal Income Tax transcript obtained directly from IRS or from an authorized third-party vendor.
• Home buyers must occupy the purchased home as a primary, permanent residence.
• If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less.
• The Home Run 2 Grant Program is effective only for home purchases closed after a Home Run 2 Grant Commitment has been issued for that specific transaction. The grant funds may not be issued for homes purchased prior to obtaining the Home Run 2 Grant Commitment.
*Can Cash Buyers qualify to get the Home Run 2 Grant?
Yes. Cash Buyers must contact Utah Housing directly. Cash Buyers, like all other Buyers, must obtain a written Home Run 2 Grant Commitment prior to closing.
*What property types can be purchased with a $4,000 Home Run 2 Grant?
Eligible property types include single-family detached homes, condominiums, planned unit developments (PUD), twin homes, town homes and manufactured homes permanently affixed to a foundation.
*What type of loan can a home buyer use to purchase the home?
If a home buyer needs a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any Approved Lender. Examples of qualifying loans include:
∗ Conventional loans
∗ FHA, VA, or Rural Housing loans
∗ Utah Housing Corporation loans
*How does a home buyer apply for a $4,000 Home Run 2 Grant?
Apply for a grant through an Approved Lender. Approved Lenders are the key link between a home buyer and the Home Run 2 Grant. The Approved Lender assists a home buyer to provide necessary information to secure the grant commitment from Utah Housing Corporation. A home buyer does not work directly with Utah Housing Corporation (unless the home is being purchased for cash).
*Do I have to be a first-time home buyer to get a Home Run 2 Grant?
No. Home Run 2 Grants are available to all home buyers (all persons who take title) whose maximum income is $75,000 for singles, $150,000 for couples and, if more than one single person takes title, the $75,000 limit applies to each such single person.
*Can the $4,000 Home Run 2 Grant be combined with the new $8,000 federal tax credit?
Yes, if home buyers meet the independent criteria of both the federal government and the Home Run 2 Grant programs, they may take advantage of both. The $4,000 Home Run 2 Grant is available to both those who are first-time home buyers as well as those who previously owned a home. The $8,000 federal tax credit is available only to first-time home buyers.
*How many Home Run 2 Grants are available to home buyers?
A total of approximately 1,950 grants of $4,000 each will be available. Only one grant can be used for the purchase of each home and can only be issued to persons who did not obtain a grant under the previous $6,000 Home Run Program. Home Run 2 Grants are distributed on a first-come, first-served basis to fully-qualified home buyers. The approximate number of remaining grants is posted at all times on Utah Housing web page at www.utahhousingcorp.org.
*Is the Home Run 2 Grant taxable?
The Home Run 2 Grant will probably be taxable as income under federal and state tax laws. Utah Housing does not provide any tax advice regarding the taxability of the Home Run 2 Grant. If Utah Housing receives a favorable ruling from the Internal Revenue Service that a Home Run Grant is not taxable, Utah Housing will post the ruling on its Website (www.utahhousingcorp.org) and a home buyer should review the ruling in connection with the preparation of their tax return(s).
*If I have additional questions, who do I contact?
Contact Heidi Alldredge, Realtor for Coldwell Banker at 801-434-7008.
Important Note: Buyers should make sure that they work closely with a Realtor and an Approved Lender for the Home Run 2 Grant Program to ensure that required materials are submitted in a timely manner, but not prematurely.
When a Home Run 2 Grant Commitment is issued, if the Eligible Home is fully constructed, the Commitment expires 10 calendar days after the date of issuance (unless that day falls on a weekend or holiday and then it is the following business day). If the Eligible Home is somewhere in the construction process, the Commitment expires on June 30, 2010.
*Steps to obtain a Home Run 2 Grant:
1. Buyer signs a contract to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.
2. Buyer applies for mortgage loan through an Approved Lender and Approved Lender obtains all required Home Run 2 documentation and written loan underwriting approval.
3. When all required Application materials have been obtained, Approved Lender submits a Home Run 2 Grant Request to Utah Housing and receives from Utah Housing a Home Run 2 Grant Commitment authorizing the Grant for the Buyer.
4. The purchase closing is scheduled at a title company. As soon as closing documents have been signed, the title company faxes required documents to Utah Housing so that it can request that the Escrow Agent send a wire of $4,000 to the closing.
5. The Home Run 2 Grant Commitment must be dated on or prior to the date shown on closing documents.
*What is the $4,000 Home Run 2 Grant?
The Home Run 2 Grant is a mortgage assistance program that grants $4,000 to home buyers who wish to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.
*How is Home Run 2 different from the first Home Run program?
The first Home Run program, which ended in June 2009, provided a $6,000 grant to eligible home buyers. Home Run 2 provides a $4,000 grant. The first program required that homes be ready for occupancy upon closing. Home Run 2 buyers have two additional options. They can purchase a home that is contracted for construction or partially finished and contracted for completion. Homes that have been previously occupied do not qualify.
When a Home Run 2 Grant Commitment is issued, if the Eligible Home is fully constructed, the Commitment expires 10 calendar days after the date of issuance (unless that day falls on a weekend or holiday and then it is the following business day). If the Eligible Home is somewhere in the construction process, the Commitment expires on June 30, 2010.
All other aspects of the program are materially the same as the first Home Run program.
*Who is eligible to receive a $4,000 Home Run 2 Grant?
• Home buyers who did not receive a $6,000 grant under the previous $6,000 Home Run Grant Program.
• Home buyers (any person taking title) must meet the following income restrictions:
o Single person, maximum income, $75,000
o Married couple, maximum income, $150,000
o If more than one unmarried person is taking title to the Eligible Home, each such single person is subject to the $75,000 income limit.
o Income calculations will be determined by the Adjusted Gross Income as verified by the Approved Lender using the 2008 IRS Federal Income Tax transcript obtained directly from IRS or from an authorized third-party vendor.
• Home buyers must occupy the purchased home as a primary, permanent residence.
• If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less.
• The Home Run 2 Grant Program is effective only for home purchases closed after a Home Run 2 Grant Commitment has been issued for that specific transaction. The grant funds may not be issued for homes purchased prior to obtaining the Home Run 2 Grant Commitment.
*Can Cash Buyers qualify to get the Home Run 2 Grant?
Yes. Cash Buyers must contact Utah Housing directly. Cash Buyers, like all other Buyers, must obtain a written Home Run 2 Grant Commitment prior to closing.
*What property types can be purchased with a $4,000 Home Run 2 Grant?
Eligible property types include single-family detached homes, condominiums, planned unit developments (PUD), twin homes, town homes and manufactured homes permanently affixed to a foundation.
*What type of loan can a home buyer use to purchase the home?
If a home buyer needs a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any Approved Lender. Examples of qualifying loans include:
∗ Conventional loans
∗ FHA, VA, or Rural Housing loans
∗ Utah Housing Corporation loans
*How does a home buyer apply for a $4,000 Home Run 2 Grant?
Apply for a grant through an Approved Lender. Approved Lenders are the key link between a home buyer and the Home Run 2 Grant. The Approved Lender assists a home buyer to provide necessary information to secure the grant commitment from Utah Housing Corporation. A home buyer does not work directly with Utah Housing Corporation (unless the home is being purchased for cash).
*Do I have to be a first-time home buyer to get a Home Run 2 Grant?
No. Home Run 2 Grants are available to all home buyers (all persons who take title) whose maximum income is $75,000 for singles, $150,000 for couples and, if more than one single person takes title, the $75,000 limit applies to each such single person.
*Can the $4,000 Home Run 2 Grant be combined with the new $8,000 federal tax credit?
Yes, if home buyers meet the independent criteria of both the federal government and the Home Run 2 Grant programs, they may take advantage of both. The $4,000 Home Run 2 Grant is available to both those who are first-time home buyers as well as those who previously owned a home. The $8,000 federal tax credit is available only to first-time home buyers.
*How many Home Run 2 Grants are available to home buyers?
A total of approximately 1,950 grants of $4,000 each will be available. Only one grant can be used for the purchase of each home and can only be issued to persons who did not obtain a grant under the previous $6,000 Home Run Program. Home Run 2 Grants are distributed on a first-come, first-served basis to fully-qualified home buyers. The approximate number of remaining grants is posted at all times on Utah Housing web page at www.utahhousingcorp.org.
*Is the Home Run 2 Grant taxable?
The Home Run 2 Grant will probably be taxable as income under federal and state tax laws. Utah Housing does not provide any tax advice regarding the taxability of the Home Run 2 Grant. If Utah Housing receives a favorable ruling from the Internal Revenue Service that a Home Run Grant is not taxable, Utah Housing will post the ruling on its Website (www.utahhousingcorp.org) and a home buyer should review the ruling in connection with the preparation of their tax return(s).
*If I have additional questions, who do I contact?
Contact Heidi Alldredge, Realtor for Coldwell Banker at 801-434-7008.
Important Note: Buyers should make sure that they work closely with a Realtor and an Approved Lender for the Home Run 2 Grant Program to ensure that required materials are submitted in a timely manner, but not prematurely.
When a Home Run 2 Grant Commitment is issued, if the Eligible Home is fully constructed, the Commitment expires 10 calendar days after the date of issuance (unless that day falls on a weekend or holiday and then it is the following business day). If the Eligible Home is somewhere in the construction process, the Commitment expires on June 30, 2010.
*Steps to obtain a Home Run 2 Grant:
1. Buyer signs a contract to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.
2. Buyer applies for mortgage loan through an Approved Lender and Approved Lender obtains all required Home Run 2 documentation and written loan underwriting approval.
3. When all required Application materials have been obtained, Approved Lender submits a Home Run 2 Grant Request to Utah Housing and receives from Utah Housing a Home Run 2 Grant Commitment authorizing the Grant for the Buyer.
4. The purchase closing is scheduled at a title company. As soon as closing documents have been signed, the title company faxes required documents to Utah Housing so that it can request that the Escrow Agent send a wire of $4,000 to the closing.
5. The Home Run 2 Grant Commitment must be dated on or prior to the date shown on closing documents.
Sunday, July 19, 2009
This week a Realty Times article provided some insight into a rebounding market. Here are the highlights:
*Pending home sales rose sharply, by nearly 7 percent, in the last month measured by the National Association of Realtors.
*Pending sales were up in all four major regions of the country—and that caught the attention of some key industry economists.
*Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.
*Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.
*Mortgage rates continue to be favorable, an average of 5.3 percent last week for 30 year fixed rate loans, 4. 8 percent for 15 year fixed, and those rates are pulling in growing numbers of home purchase loan applications.
*According to the Mortgage Bankers Association's weekly survey, new applications to buy houses increased by nearly 7 percent in the week ending July 3rd.
Real numbers for Utah County—
Active Sellers in Utah County
June - 2009 4442
July - 2009 4378
Down by 1% in one month (good news)
Active Buyer's in Utah County
June - 2009 883
July - 2009 1055
8.4% increase in the number of active Buyers in one month (good news)
*Pending home sales rose sharply, by nearly 7 percent, in the last month measured by the National Association of Realtors.
*Pending sales were up in all four major regions of the country—and that caught the attention of some key industry economists.
*Orawin Velz, economic forecaster for the Mortgage Bankers Association, said in a commentary that "the steady improvements in pending home sales are encouraging," and confirm the view that existing home sales hit their cyclical bottom in January and are likely to continue to rise in the coming months.
*Since the January low point, she noted, the Realtors' pending sale index is up by 13 percent.
*Mortgage rates continue to be favorable, an average of 5.3 percent last week for 30 year fixed rate loans, 4. 8 percent for 15 year fixed, and those rates are pulling in growing numbers of home purchase loan applications.
*According to the Mortgage Bankers Association's weekly survey, new applications to buy houses increased by nearly 7 percent in the week ending July 3rd.
Real numbers for Utah County—
Active Sellers in Utah County
June - 2009 4442
July - 2009 4378
Down by 1% in one month (good news)
Active Buyer's in Utah County
June - 2009 883
July - 2009 1055
8.4% increase in the number of active Buyers in one month (good news)
Wednesday, June 10, 2009
Utah To Rebound Quickly
SALT LAKE CITY -- A new study shows Utah may be poised to recover from the recession more quickly than most states. The
reason, according to the conservative authors, is Utah's business-friendly environment.
This is a conservative study with a lot of praise for Utah's conservative Legislature and its policies,but the forecast is a pragmatic look at what businesses want and what Utah has.
Poised to attract more high-tech companies, more in research and medicine, in recreation, tourism and energy; Utah may have
what it takes to climb out of the recession first. "We do have a very attractive environment for business, and it's been stable," said Sen. Wayne Niederhauser.
One of the advantages comes in the area of tax policy, specifically income tax reform. Utah also has less government regulation and involvement is a plus for businesses. Gov. Jon Huntsman is also working to promote Utah as a future renewable energy hub. Together, it could add up to an even more prosperous future for Utah. "There probably is not another state in America right now with better practices, in terms of attracting, building and promulgating renewable energy," Huntsman said.
At the same time, Utah has a chance to lead the way in using prosperity to create a better life for people. It can do so in many ways. One example is in being smart about health care reform. "We're saying it's great the state is embarking on health system
reform. Let's make sure that, at the end of the day, those reforms result in predictable costs for businesses and affordable costs for employees so they can succeed on the job," said Judi Hilman, with the Utah Health Policy Project.
By comparison, states like California and New York have been raising taxes steadily. That has led to a very difficult downward spiral for those states.
March 2009 KSL
reason, according to the conservative authors, is Utah's business-friendly environment.
This is a conservative study with a lot of praise for Utah's conservative Legislature and its policies,but the forecast is a pragmatic look at what businesses want and what Utah has.
Poised to attract more high-tech companies, more in research and medicine, in recreation, tourism and energy; Utah may have
what it takes to climb out of the recession first. "We do have a very attractive environment for business, and it's been stable," said Sen. Wayne Niederhauser.
One of the advantages comes in the area of tax policy, specifically income tax reform. Utah also has less government regulation and involvement is a plus for businesses. Gov. Jon Huntsman is also working to promote Utah as a future renewable energy hub. Together, it could add up to an even more prosperous future for Utah. "There probably is not another state in America right now with better practices, in terms of attracting, building and promulgating renewable energy," Huntsman said.
At the same time, Utah has a chance to lead the way in using prosperity to create a better life for people. It can do so in many ways. One example is in being smart about health care reform. "We're saying it's great the state is embarking on health system
reform. Let's make sure that, at the end of the day, those reforms result in predictable costs for businesses and affordable costs for employees so they can succeed on the job," said Judi Hilman, with the Utah Health Policy Project.
By comparison, states like California and New York have been raising taxes steadily. That has led to a very difficult downward spiral for those states.
March 2009 KSL
Saturday, May 23, 2009
Housing is more affordable!
National Association of Realtors Announces Housing Affordability Highest in 18 Years
This is one of the best times to purchase a home in decades. This week the National Association of Realtors underscored that fact with the release that nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.
Locally, the story is similar. In the Ogden-Clearfield area, 74.4% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the area’s median income of $68,500. That’s up 5% from the previous quarter and up 13% from the same period a year ago.
In Provo-Orem, 65.3% of all homes sold were affordable to families earning the median income of $62,900. That’s up 12% from the previous quarter and up 21% from the same period a year ago.
In Salt Lake, 65.9% of all homes sold were affordable to families earning the median income of $67,800. That’s up 7% from the previous quarter and up almost 20% from the same period a year ago.
This is one of the best times to purchase a home in decades. This week the National Association of Realtors underscored that fact with the release that nationwide housing affordability jumped 10 percentage points during the first quarter of 2009 to its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.
Locally, the story is similar. In the Ogden-Clearfield area, 74.4% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the area’s median income of $68,500. That’s up 5% from the previous quarter and up 13% from the same period a year ago.
In Provo-Orem, 65.3% of all homes sold were affordable to families earning the median income of $62,900. That’s up 12% from the previous quarter and up 21% from the same period a year ago.
In Salt Lake, 65.9% of all homes sold were affordable to families earning the median income of $67,800. That’s up 7% from the previous quarter and up almost 20% from the same period a year ago.
Tuesday, May 12, 2009
Good News for Utah
Good News for Utah
Three of Utah's metro areas were included in the top-ten fastest growing metropolitan areas in a report released by the Census Bureau this month. The Provo-Orem, Logan, and St. George metro areas all made the top-ten list. The reports list 363 metropolitan areas throughout the nation.
The Provo-Orem metro area saw population growth of 3.4 percent, which was the sixth highest in the nation. The Logan metro area ranked ninth nationally with a 3.2 percent increase, and coming in at number ten was the St. George metro area with a 3.1 percent increase.
While the bulk of Utah's population growth came via natural growth, which is the difference between births and deaths in a year, one-third of Utah's growth came from in-migration from outside the state. This is an indication of Utah's overall economic strength.
Although the economy has slowed down, Utah is still outperforming most of the nation and is maintaining a substantially lower unemployment rate. This would indicate that we will still continue to see an increase in net in-migration to the state. "Business leaders and individuals, even internationally, are recognizing the long term trends in Utah. The state is being recognized as a long term 'hot spot' and companies must plan for the long-term; they want stability and security," says, Pam Perlich senior research economist at the University of Utah.
Three of Utah's metro areas were included in the top-ten fastest growing metropolitan areas in a report released by the Census Bureau this month. The Provo-Orem, Logan, and St. George metro areas all made the top-ten list. The reports list 363 metropolitan areas throughout the nation.
The Provo-Orem metro area saw population growth of 3.4 percent, which was the sixth highest in the nation. The Logan metro area ranked ninth nationally with a 3.2 percent increase, and coming in at number ten was the St. George metro area with a 3.1 percent increase.
While the bulk of Utah's population growth came via natural growth, which is the difference between births and deaths in a year, one-third of Utah's growth came from in-migration from outside the state. This is an indication of Utah's overall economic strength.
Although the economy has slowed down, Utah is still outperforming most of the nation and is maintaining a substantially lower unemployment rate. This would indicate that we will still continue to see an increase in net in-migration to the state. "Business leaders and individuals, even internationally, are recognizing the long term trends in Utah. The state is being recognized as a long term 'hot spot' and companies must plan for the long-term; they want stability and security," says, Pam Perlich senior research economist at the University of Utah.
Tuesday, April 21, 2009
Growing Population
Fastest Growing Population an Indicator of Utah's Economic Strength
by PR or News Wire
21 April 2009—
Three of Utah's metros were included in the top-ten fastest growing metropolitan areas in a report released by the Census Bureau this month!! Provo-Orem, Logan and St. George metro area all made the top-ten. The reports list 363 metropolitan areas throughout the nation.
The Provo-Orem metro area saw population growth of 3.4 percent which was the sixth highest in the nation. Logan metro area ranked ninth nationally with a 3.2 percent increase and coming in at number ten was the St. George metro area with a 3.1 percent increase.
One-third of Utah's growth came from in-migration from outside the State. This is an indication of Utah's overall economic strength.
Although the economy has slowed down, it is still outperforming most of the nation and is maintaining a substantially lower unemployment rate. This would indicate that we will still continue to see an increase in net in-migration to the state. "Business leaders and individuals, even internationally, are recognizing the long term trends in Utah. The State is being recognized as a long term 'hot spot' and companies must plan for the long-term; they want stability and security, "says, Pam Perlich, senior research economist at the University of Utah.
In addition to having a young well educated labor force, the fact that many people are relocating to Utah in search of quality employment adds to Utah's attractiveness when companies are looking to expand or relocate. These facts are recognized as positive considerations for companies who are in a growth mode, despite the general economic downturn. Successful companies must plan for the long-term and the trends of in-migration, natural growth and a young well educated workforce all bode well for the State.
by PR or News Wire
21 April 2009—
Three of Utah's metros were included in the top-ten fastest growing metropolitan areas in a report released by the Census Bureau this month!! Provo-Orem, Logan and St. George metro area all made the top-ten. The reports list 363 metropolitan areas throughout the nation.
The Provo-Orem metro area saw population growth of 3.4 percent which was the sixth highest in the nation. Logan metro area ranked ninth nationally with a 3.2 percent increase and coming in at number ten was the St. George metro area with a 3.1 percent increase.
One-third of Utah's growth came from in-migration from outside the State. This is an indication of Utah's overall economic strength.
Although the economy has slowed down, it is still outperforming most of the nation and is maintaining a substantially lower unemployment rate. This would indicate that we will still continue to see an increase in net in-migration to the state. "Business leaders and individuals, even internationally, are recognizing the long term trends in Utah. The State is being recognized as a long term 'hot spot' and companies must plan for the long-term; they want stability and security, "says, Pam Perlich, senior research economist at the University of Utah.
In addition to having a young well educated labor force, the fact that many people are relocating to Utah in search of quality employment adds to Utah's attractiveness when companies are looking to expand or relocate. These facts are recognized as positive considerations for companies who are in a growth mode, despite the general economic downturn. Successful companies must plan for the long-term and the trends of in-migration, natural growth and a young well educated workforce all bode well for the State.
Tuesday, March 24, 2009
Utah Is The Happiest State
Utah and Hawaii residents generate top scores in survey measuring health, happiness
By KEVIN FREKING | Associated Press | Mar 11, 09 6:40 AM
Looking for happiness. It's family-friendly communities for some, tropical paradise or the rugged West for others. A survey of Americans' well-being, conducted by Gallup in partnership with Healthways and America's Health Insurance Plans, gives high marks to Utah, which boasts lots of outdoor recreation for its youthful population.
Speaking of outdoor recreation, the islands of Hawaii took second place and Wyoming was third in the poll that rated such variables as mental, physical and economic health.
But fun outdoors obviously wasn't the only criteria _ "wild, wonderful" West Virginia was ranked last among the states.
And the bluegrass state of Kentucky was 49th, with Mississippi 48th on the list.
In general, highest well-being scores came from states in the West while the lowest were concentrated in the South. The happiest congressional districts were some of the wealthiest, while the lowest scores came in some of the poorest.
Jim Harter, a researcher at Gallup, said he was reluctant to explain regional differences without more study, but he suspected that some of the variations are explained by income. For example, when people were asked to examine their status in life now and five years from now, wealthier people tended to score higher.
The survey attempts to measure people's well-being. It examines their eating and exercise habits, work environment and access to basic necessities, just to name some of the criteria.
The massive survey involved more than 350,000 interviews. Examples of the questions include: Did you smile or laugh a lot yesterday? Are you satisfied or dissatisfied with your job or the work you do? Did you eat healthy all day yesterday? Do you feel safe walking alone at night in the city or area where you live?
Researchers hope the findings will help employers better understand what they can do to create more productive workers. Eventually, the data could even be used to compare health and happiness by ZIP code. The survey is going to be generated for 25 years, according to current plans.
By KEVIN FREKING | Associated Press | Mar 11, 09 6:40 AM
Looking for happiness. It's family-friendly communities for some, tropical paradise or the rugged West for others. A survey of Americans' well-being, conducted by Gallup in partnership with Healthways and America's Health Insurance Plans, gives high marks to Utah, which boasts lots of outdoor recreation for its youthful population.
Speaking of outdoor recreation, the islands of Hawaii took second place and Wyoming was third in the poll that rated such variables as mental, physical and economic health.
But fun outdoors obviously wasn't the only criteria _ "wild, wonderful" West Virginia was ranked last among the states.
And the bluegrass state of Kentucky was 49th, with Mississippi 48th on the list.
In general, highest well-being scores came from states in the West while the lowest were concentrated in the South. The happiest congressional districts were some of the wealthiest, while the lowest scores came in some of the poorest.
Jim Harter, a researcher at Gallup, said he was reluctant to explain regional differences without more study, but he suspected that some of the variations are explained by income. For example, when people were asked to examine their status in life now and five years from now, wealthier people tended to score higher.
The survey attempts to measure people's well-being. It examines their eating and exercise habits, work environment and access to basic necessities, just to name some of the criteria.
The massive survey involved more than 350,000 interviews. Examples of the questions include: Did you smile or laugh a lot yesterday? Are you satisfied or dissatisfied with your job or the work you do? Did you eat healthy all day yesterday? Do you feel safe walking alone at night in the city or area where you live?
Researchers hope the findings will help employers better understand what they can do to create more productive workers. Eventually, the data could even be used to compare health and happiness by ZIP code. The survey is going to be generated for 25 years, according to current plans.
Friday, February 6, 2009
December Home Sales
According to the Wasatch Front Regional Multiple Listing Service (WFRMLS), for Utah County Home Sale,s we are seeing a rise in sales for the month of December compared to 2007!
In December 2004 there were 374 homes sold with average market time of 74 days.
In December 2005 there were 415 homes sold with average market time of 61 days.
In December 2006 there were 439 homes sold with average market time of 50 days.
In December 2007 there were 225 homes sold with average market time of 69 days.
In December 2008 there were 265 homes sold with average market time of 92 days.
Home sales for November 2008 were at 248, so December brought a higher amount of homes sold in 2008!
In December 2004 there were 374 homes sold with average market time of 74 days.
In December 2005 there were 415 homes sold with average market time of 61 days.
In December 2006 there were 439 homes sold with average market time of 50 days.
In December 2007 there were 225 homes sold with average market time of 69 days.
In December 2008 there were 265 homes sold with average market time of 92 days.
Home sales for November 2008 were at 248, so December brought a higher amount of homes sold in 2008!
Thursday, December 18, 2008
Utah...A pretty great State!
UTAH IS A PRETTY GREAT STATE!
Most Livable and Affordable Metro:
Househunt, Inc. ranked Salt Lake City as the #1 most livable and affordable city!
Best City:
Kiplinger ranked Provo as the #10th best city to live in!
Best US Economy:
US Economic Freedom Index ranked Utah as #4 for the best economy!
America’s Recession Proof City
Salt Lake was in the Top 10 ranked by Forbes Magazine!
Top State For Jobs:
Forbes ranked Utah as #1 for jobs and Beacon Hill ranked Utah as #1 most competitive job market!
Top State For Business:
Forbes Magazine ranked Utah as #2 and CNBC ranked Utah as #3 for best business!
Looking Back To See What Is Ahead
I analyze the Utah County housing market on a weekly basis. I have seen the trends. I watch the home sales fluctuate. I wanted to share some real numbers with you. It is not what you are hearing on the news...it is good news!
Home sales are very similar for the months of September, October, and November in 2007 and 2008.
The number of homes sold in 2008 are also very similar to 2000, 2001, 2002, and 2003.
This tells us that the market is stable. We have consistent home sales throughout the year ranging from 250-450 per month!
It looks like 2009 will be another successful year for selling homes!
Seasons Greetings from Heidi:
"Christmas time is about loving, sharing, giving, and doing good for others. Wouldn’t it be great if we could box up the Christmas spirit, and then open a box of it every month throughout the year??!! We can in our hearts! I want to have this feeling all year long!"
Most Livable and Affordable Metro:
Househunt, Inc. ranked Salt Lake City as the #1 most livable and affordable city!
Best City:
Kiplinger ranked Provo as the #10th best city to live in!
Best US Economy:
US Economic Freedom Index ranked Utah as #4 for the best economy!
America’s Recession Proof City
Salt Lake was in the Top 10 ranked by Forbes Magazine!
Top State For Jobs:
Forbes ranked Utah as #1 for jobs and Beacon Hill ranked Utah as #1 most competitive job market!
Top State For Business:
Forbes Magazine ranked Utah as #2 and CNBC ranked Utah as #3 for best business!
Looking Back To See What Is Ahead
I analyze the Utah County housing market on a weekly basis. I have seen the trends. I watch the home sales fluctuate. I wanted to share some real numbers with you. It is not what you are hearing on the news...it is good news!
Home sales are very similar for the months of September, October, and November in 2007 and 2008.
The number of homes sold in 2008 are also very similar to 2000, 2001, 2002, and 2003.
This tells us that the market is stable. We have consistent home sales throughout the year ranging from 250-450 per month!
It looks like 2009 will be another successful year for selling homes!
Seasons Greetings from Heidi:
"Christmas time is about loving, sharing, giving, and doing good for others. Wouldn’t it be great if we could box up the Christmas spirit, and then open a box of it every month throughout the year??!! We can in our hearts! I want to have this feeling all year long!"
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.
"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.
Monday, September 22, 2008
Utah's Hot Economy
Urban Utah's economy hot
State dominates an index of cities' performance
By Tom Harvey
The Salt Lake Tribune
Article dated: 09/10/2008
Best Performing U.S. Cities 2008
Utah's urban corridor is at the forefront of the "new economy."
So much so that three Wasatch Front metro areas are in the Top 25 in the United States in the annual Best-Performing Cities index compiled by the Milken Institute and Greenstreet Real Estate Partners. Provo-Orem is in the No. 1 spot, with Salt Lake City at No. 3 and Ogden-Clearfield 18th.
The rankings speak to Utah's combination of institutions of higher education that spin off research into commercial products, the concentration of high-tech and medical science companies and a competitive pool of capital.
Report author Russ DeVol, an economist and director of Regional Economics at the Milken Institute, also cited the low cost of doing business in Utah, a pro-business attitude and the state's comparatively small exposure to the subprime mortgage crisis.
"So Utah overall has been the best performer in the past few years," said DeVol.
Jason Perry, executive director of the Governor's Office of Economic Development, said the Milken index is just one of several recent reports that rank Utah as a top state for doing business and for its high-tech industry. Milken is important because it looks at long-term economic indicators that the state also uses to decide how to spend money on economic development efforts, he said.
"Certainly we take from this that we are doing this right. It helps guide us as we help to recruit companies in the future and grow business here."
This was the ninth year the institute has ranked urban-area economies. The Best-Performing Cities study is based on job creation and retention, the quality of jobs being produced and overall economic performance.
The Utah urban areas received high ratings because the jobs created here generally are higher-paying and linked to the state's booming technology and life-sciences sector.
Those types of jobs are dependent upon what DeVol calls the intangible economy, which is knowledge-based, often developed at universities and characterized by the importance of human capital and intellectual labor.
That contrasts to the "old economy," based on manufacturing in which jobs were relatively low-skilled and in such places as Michigan and Ohio.
"Other areas have seen a large loss of jobs to China," DeVol said. "Utah is not as tied in as closely to what some called the old economy."
Emphasizing the shift away from the manufacturing economy of the so-called Rust Belt, the South had 16 metro areas among the top 25 of the index, while the West had eight.
Among other reasons, Provo-Orem jumped from the eighth place in the index last year to No. 1 based on increased research at Brigham Young University and the subsequent spin-off of jobs into the private sector.
Although BYU is mainly a teaching institution with a relatively small research budget, it has faculty who are entrepreneurial-minded and its highly rated Marriott School of Management offers a number of classes on entrepreneurship, said Mike Alder, director of the Office of Technology Transfer.
''We have had a lot of research in new drugs, in diagnosis and in medical devices,'' he said.
Shauna Theobald, chair of the Utah Valley Entrepreneurial Forum, which promotes business start-ups, said an "ecosystem" has developed in Utah County that feeds entrepreneurial activity. That includes a history of high-tech companies stretching back to WordPerfect and Novell and a group of Angel investors, individuals who pour money into start-ups.
"We've got the money. We've got the inventors. We've got the experience," said Theobald, a manager at Novell's Open Source Technology Center.
DeVol said Salt Lake City benefits from the presence of the University of Utah, particularly its medical research. The metro area also has a high concentration of computer hardware and software companies, and strong financial and medical companies that are regional leaders.
Hill Air Force Base helps drive the economy of the Ogden-Clearfield area, which moved up 42 places from last year in the Best-Performing Cities index.
"Hill has been an important anchor in drawing a number of aerospace-related firms to the area," said DeVol.
In southern Utah, St. George ranked in fourth place among small cities after being No. 2 last year. Much of that area's economy is based on construction, which has been hit by the downturn in the nation's housing market.
State dominates an index of cities' performance
By Tom Harvey
The Salt Lake Tribune
Article dated: 09/10/2008
Best Performing U.S. Cities 2008
Utah's urban corridor is at the forefront of the "new economy."
So much so that three Wasatch Front metro areas are in the Top 25 in the United States in the annual Best-Performing Cities index compiled by the Milken Institute and Greenstreet Real Estate Partners. Provo-Orem is in the No. 1 spot, with Salt Lake City at No. 3 and Ogden-Clearfield 18th.
The rankings speak to Utah's combination of institutions of higher education that spin off research into commercial products, the concentration of high-tech and medical science companies and a competitive pool of capital.
Report author Russ DeVol, an economist and director of Regional Economics at the Milken Institute, also cited the low cost of doing business in Utah, a pro-business attitude and the state's comparatively small exposure to the subprime mortgage crisis.
"So Utah overall has been the best performer in the past few years," said DeVol.
Jason Perry, executive director of the Governor's Office of Economic Development, said the Milken index is just one of several recent reports that rank Utah as a top state for doing business and for its high-tech industry. Milken is important because it looks at long-term economic indicators that the state also uses to decide how to spend money on economic development efforts, he said.
"Certainly we take from this that we are doing this right. It helps guide us as we help to recruit companies in the future and grow business here."
This was the ninth year the institute has ranked urban-area economies. The Best-Performing Cities study is based on job creation and retention, the quality of jobs being produced and overall economic performance.
The Utah urban areas received high ratings because the jobs created here generally are higher-paying and linked to the state's booming technology and life-sciences sector.
Those types of jobs are dependent upon what DeVol calls the intangible economy, which is knowledge-based, often developed at universities and characterized by the importance of human capital and intellectual labor.
That contrasts to the "old economy," based on manufacturing in which jobs were relatively low-skilled and in such places as Michigan and Ohio.
"Other areas have seen a large loss of jobs to China," DeVol said. "Utah is not as tied in as closely to what some called the old economy."
Emphasizing the shift away from the manufacturing economy of the so-called Rust Belt, the South had 16 metro areas among the top 25 of the index, while the West had eight.
Among other reasons, Provo-Orem jumped from the eighth place in the index last year to No. 1 based on increased research at Brigham Young University and the subsequent spin-off of jobs into the private sector.
Although BYU is mainly a teaching institution with a relatively small research budget, it has faculty who are entrepreneurial-minded and its highly rated Marriott School of Management offers a number of classes on entrepreneurship, said Mike Alder, director of the Office of Technology Transfer.
''We have had a lot of research in new drugs, in diagnosis and in medical devices,'' he said.
Shauna Theobald, chair of the Utah Valley Entrepreneurial Forum, which promotes business start-ups, said an "ecosystem" has developed in Utah County that feeds entrepreneurial activity. That includes a history of high-tech companies stretching back to WordPerfect and Novell and a group of Angel investors, individuals who pour money into start-ups.
"We've got the money. We've got the inventors. We've got the experience," said Theobald, a manager at Novell's Open Source Technology Center.
DeVol said Salt Lake City benefits from the presence of the University of Utah, particularly its medical research. The metro area also has a high concentration of computer hardware and software companies, and strong financial and medical companies that are regional leaders.
Hill Air Force Base helps drive the economy of the Ogden-Clearfield area, which moved up 42 places from last year in the Best-Performing Cities index.
"Hill has been an important anchor in drawing a number of aerospace-related firms to the area," said DeVol.
In southern Utah, St. George ranked in fourth place among small cities after being No. 2 last year. Much of that area's economy is based on construction, which has been hit by the downturn in the nation's housing market.
Saturday, September 13, 2008
Best City-Provo/Orem
The Milken Institute/Greenstreet Real Estate Partners Best Performing Cities Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary and technology growth.
The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance.
THE NUMBER 1 RANKING GOES TO:
Provo-Orem, UT
Population: 493,306
5-yr Job Growth (2002-2007) Score: 116.49 Rank: 5
1-yr Job Growth (2006-2007) Score: 103.87 Rank: 3
5-yr Wages & Salaries Growth (2001-2006) Score: 109.54 Rank: 33
1-yr Wages & Salaries Growth (2005-2006) Score: 105.23 Rank: 3
Job Growth (Mar07 - Mar08) Growth: 1.90 % Rank: 27
5-yr Relative HT GDP Growth (2002-2007) Score: 105.80 Rank: 55
1-yr Relative HT GDP Growth (2006-2007)7 Score: 106.06 Rank: 9
High-Tech GDP LQ - 20078 Score: 1.34
The Best Performing Cities ranking depicts those U.S. metropolitan areas that are recording the top economic performance.
THE NUMBER 1 RANKING GOES TO:
Provo-Orem, UT
Population: 493,306
5-yr Job Growth (2002-2007) Score: 116.49 Rank: 5
1-yr Job Growth (2006-2007) Score: 103.87 Rank: 3
5-yr Wages & Salaries Growth (2001-2006) Score: 109.54 Rank: 33
1-yr Wages & Salaries Growth (2005-2006) Score: 105.23 Rank: 3
Job Growth (Mar07 - Mar08) Growth: 1.90 % Rank: 27
5-yr Relative HT GDP Growth (2002-2007) Score: 105.80 Rank: 55
1-yr Relative HT GDP Growth (2006-2007)7 Score: 106.06 Rank: 9
High-Tech GDP LQ - 20078 Score: 1.34
Friday, July 11, 2008
Looking Back
As I study the market and look for statistics I have noticed a common thread. All of the statistics are from the booming years of 2006 and 2007. We are still reaping the benefits of those booming years. We added new jobs, new homes, and sold homes at increased prices! That is all still continuing from previous years. We had such a big economical jump that we can't possibly have that every year! We keep the momentum going. Jobs are stable, home prices are stable, so we can all enjoy the benefits of some great previous years!
(The following Information/Statistics provided by Jeff Thredgold
For up-to-date analysis other economic issues, visit www.thredgold.com)
"Since the first quarter 2004 Utah’s economy has been racing. Job growth in the first quarter of 2007 was 4.5 percent higher than for the first quarter of 2006, more than triple the rate of the U.S. overall. In the last year alone the state’s robust economy added more 54,000 jobs.
More than 14,000 of those new jobs came in the construction industry, proof that Utah’s building boom is bucking the national trend. Likewise, Utah added more than 5,000 new manufacturing jobs, a growth rate better than 4 percent.
Utah’s average payroll wage reached $34,000 in 2006, making it 38th in the nation. It grew 1.3 percent over the year prior. Utah’s pay averages 83 percent of the national average.
All these factors have combined to make for an incredible housing market!
In the first quarter of 2007, the average home price in Utah grew 17 percent, making the state tops in the nation for real estate growth. This after Utah trailed the nation in real estate appreciation in the calendar year 2003. That’s from 50 to 1 in four years.
To what to attribute this boom?
Utahns enjoy a high quality of life. The fertility rate is the highest in the United States, and long has been. Utah’s total population growth in 2006 was 2.4 percent, ranking it sixth in the nation. And the inhabitants enjoy good health and long lives. The life expectancy in the state is the nation’s third highest. At 28.5 years, the median age is the nation’s lowest. Its household size is the nation’s largest. And the populace is well educated. Fully 91 percent of the state has a high school diploma and 27 percent hold a bachelor’s degree.
The economy has also grown thanks to a sharp rise in energy prices and natural resources, which the state enjoys in abundance.
The governor’s optimism has proven contagious. In first quarter a survey by public opinion pollster Dan Jones & Associates business people in Utah are upbeat about the future. Some 50 percent of those polled rated their optimism about the financial futures of their companies as a seven or eight on a 10 point scale. Another 33 percent rate their company’s future at a nine or 10! In terms of capital spending, 71 percent said that they anticipated spending about the same or somewhat more in the first quarter. When it comes to adding employees, 47 percent said they expected to increase somewhat their headcount in the coming quarter.
“One of the nation’s tightest labor markets is forcing wages higher, good news for Utah workers,” says Jeff Thredgold, president of Thredgold Economic Associates. “The Utah real estate sector is healthy, with more moderate price appreciation expected over the next 12-18 months.”
Employment
Utah’s rise in employment occurred in 10 of 11 major sectors, with only information jobs showing a small decline. The job growth was lead by construction jobs, with more than 14,500 jobs added, a 15-point percentage gain. Job growth was also strong in the professional and business services sector, which added 9,200 net new jobs, a growth rate of 6 percent. But the biggest gain came in the high-paying natural resources and mining sector, which grew by 15.7 percent and added 1,500 new jobs, mostly in rural Utah.
Trade/Transportation/Utilities: This sector of the economy saw an increase of 8,800 jobs over the past year, a growth rate of 3.8 percent. Roughly 240,000 Utahns work in this sector.
Manufacturing: Utah gained an estimated 6,100 manufacturing jobs in 2006, a growth rate of 2.6 percent. There are currently about 125,000 manufacturing positions in Utah.
Information: Publishing, motion picture and sound recording, telecommunications, and Internet service providers make up this information sector. Current employment in this sector is about 32,800 positions, a net decline of 200 jobs from the year prior.
Financial Activities: Growth in financial activities was strong in the past year, with 3,400 new positions added. Nearly 74,000 people in the state are employed in financial activities, an increase of 4.8 percent over 2005.
Professional and Business Services: The professional and business services sector, which includes activities such as legal services, architecture, engineering, and employment services, saw employment rise by a sizeable 9,200 jobs in the most recent 12-month period to 164,000 positions. This represents a growth rate of 6.0 percent.
Education and Health Services: Growth in this sector at 4 percent trailed slightly the overall 4.5 percent job growth rate in the State, with an increase of 5,200 positions. Approximately 140,000 individuals work in this sector.
Leisure and Hospitality: The economy added some 2,900 jobs in the Leisure and Hospitality sector, a growth rate of 2.8 percent. Roughly 109,000 Utah residents work to feed, entertain, and accommodate both visitors and locals alike.
Government: The three levels of government—federal, state, and local—account for a combined 18 percent of the non-farm jobs in Utah, and grew a modest 1 percent in 2006. Government now employs approximately 212,000 Utahns.
Other Services: Auto repair, personal care, and non-profit organizations are some of the employment categories in this sector. Employment in other services was up 5.1 percent and now totals 35,600 positions.
Utah’s unemployment rate was 3 percent in May of 2006 and a miniscule 2.5 percent in May 2007! That’s the lowest on record in Utah and the lowest in the contiguous 48 states.
It’s a testament to the strength of the economy that the Utah jobless has dropped even while the State has enjoyed a record inflow of new residents.
Economic Growth
Strong Utah economic growth and heavy inflows of new residents has led to rising home values. In the Salt Lake MSA (metropolitan statistical areas) the median sales price of homes in the Salt Lake MSA rose 12.3 percent in 2006.
The broader data of the Office of Federal Housing Enterprise Oversight (OFHEO) noted an average U.S. home price rise of 4.25 percent during 2006. The average Utah home price rose 17.01 percent, ranking Utah first among the 50 states. Part of the gain is due to slack being taken up in the Utah housing market. Over the last five years home price appreciation has totaled an average of 48.29 percent, which trails the five-year national average of 53.53 percent.
By comparison, the average home price during the past five years rose by 93.76 percent in Arizona, 95.75 percent in Nevada, 21.15 percent in Colorado, 64.25 percent in Idaho, and 60.96 percent in Wyoming. Such an analysis suggests that home prices in Utah still have room to run."
(The following Information/Statistics provided by Jeff Thredgold
For up-to-date analysis other economic issues, visit www.thredgold.com)
"Since the first quarter 2004 Utah’s economy has been racing. Job growth in the first quarter of 2007 was 4.5 percent higher than for the first quarter of 2006, more than triple the rate of the U.S. overall. In the last year alone the state’s robust economy added more 54,000 jobs.
More than 14,000 of those new jobs came in the construction industry, proof that Utah’s building boom is bucking the national trend. Likewise, Utah added more than 5,000 new manufacturing jobs, a growth rate better than 4 percent.
Utah’s average payroll wage reached $34,000 in 2006, making it 38th in the nation. It grew 1.3 percent over the year prior. Utah’s pay averages 83 percent of the national average.
All these factors have combined to make for an incredible housing market!
In the first quarter of 2007, the average home price in Utah grew 17 percent, making the state tops in the nation for real estate growth. This after Utah trailed the nation in real estate appreciation in the calendar year 2003. That’s from 50 to 1 in four years.
To what to attribute this boom?
Utahns enjoy a high quality of life. The fertility rate is the highest in the United States, and long has been. Utah’s total population growth in 2006 was 2.4 percent, ranking it sixth in the nation. And the inhabitants enjoy good health and long lives. The life expectancy in the state is the nation’s third highest. At 28.5 years, the median age is the nation’s lowest. Its household size is the nation’s largest. And the populace is well educated. Fully 91 percent of the state has a high school diploma and 27 percent hold a bachelor’s degree.
The economy has also grown thanks to a sharp rise in energy prices and natural resources, which the state enjoys in abundance.
The governor’s optimism has proven contagious. In first quarter a survey by public opinion pollster Dan Jones & Associates business people in Utah are upbeat about the future. Some 50 percent of those polled rated their optimism about the financial futures of their companies as a seven or eight on a 10 point scale. Another 33 percent rate their company’s future at a nine or 10! In terms of capital spending, 71 percent said that they anticipated spending about the same or somewhat more in the first quarter. When it comes to adding employees, 47 percent said they expected to increase somewhat their headcount in the coming quarter.
“One of the nation’s tightest labor markets is forcing wages higher, good news for Utah workers,” says Jeff Thredgold, president of Thredgold Economic Associates. “The Utah real estate sector is healthy, with more moderate price appreciation expected over the next 12-18 months.”
Employment
Utah’s rise in employment occurred in 10 of 11 major sectors, with only information jobs showing a small decline. The job growth was lead by construction jobs, with more than 14,500 jobs added, a 15-point percentage gain. Job growth was also strong in the professional and business services sector, which added 9,200 net new jobs, a growth rate of 6 percent. But the biggest gain came in the high-paying natural resources and mining sector, which grew by 15.7 percent and added 1,500 new jobs, mostly in rural Utah.
Trade/Transportation/Utilities: This sector of the economy saw an increase of 8,800 jobs over the past year, a growth rate of 3.8 percent. Roughly 240,000 Utahns work in this sector.
Manufacturing: Utah gained an estimated 6,100 manufacturing jobs in 2006, a growth rate of 2.6 percent. There are currently about 125,000 manufacturing positions in Utah.
Information: Publishing, motion picture and sound recording, telecommunications, and Internet service providers make up this information sector. Current employment in this sector is about 32,800 positions, a net decline of 200 jobs from the year prior.
Financial Activities: Growth in financial activities was strong in the past year, with 3,400 new positions added. Nearly 74,000 people in the state are employed in financial activities, an increase of 4.8 percent over 2005.
Professional and Business Services: The professional and business services sector, which includes activities such as legal services, architecture, engineering, and employment services, saw employment rise by a sizeable 9,200 jobs in the most recent 12-month period to 164,000 positions. This represents a growth rate of 6.0 percent.
Education and Health Services: Growth in this sector at 4 percent trailed slightly the overall 4.5 percent job growth rate in the State, with an increase of 5,200 positions. Approximately 140,000 individuals work in this sector.
Leisure and Hospitality: The economy added some 2,900 jobs in the Leisure and Hospitality sector, a growth rate of 2.8 percent. Roughly 109,000 Utah residents work to feed, entertain, and accommodate both visitors and locals alike.
Government: The three levels of government—federal, state, and local—account for a combined 18 percent of the non-farm jobs in Utah, and grew a modest 1 percent in 2006. Government now employs approximately 212,000 Utahns.
Other Services: Auto repair, personal care, and non-profit organizations are some of the employment categories in this sector. Employment in other services was up 5.1 percent and now totals 35,600 positions.
Utah’s unemployment rate was 3 percent in May of 2006 and a miniscule 2.5 percent in May 2007! That’s the lowest on record in Utah and the lowest in the contiguous 48 states.
It’s a testament to the strength of the economy that the Utah jobless has dropped even while the State has enjoyed a record inflow of new residents.
Economic Growth
Strong Utah economic growth and heavy inflows of new residents has led to rising home values. In the Salt Lake MSA (metropolitan statistical areas) the median sales price of homes in the Salt Lake MSA rose 12.3 percent in 2006.
The broader data of the Office of Federal Housing Enterprise Oversight (OFHEO) noted an average U.S. home price rise of 4.25 percent during 2006. The average Utah home price rose 17.01 percent, ranking Utah first among the 50 states. Part of the gain is due to slack being taken up in the Utah housing market. Over the last five years home price appreciation has totaled an average of 48.29 percent, which trails the five-year national average of 53.53 percent.
By comparison, the average home price during the past five years rose by 93.76 percent in Arizona, 95.75 percent in Nevada, 21.15 percent in Colorado, 64.25 percent in Idaho, and 60.96 percent in Wyoming. Such an analysis suggests that home prices in Utah still have room to run."
Saturday, June 7, 2008
2008 Home Sales Statistics
I thought this is a list of very good FACTS straight from the head of the Utah County Association of Realtors! As we look at real numbers it is comforting to see that the housing market is very stable right now. We are seeing an increase!!
The following letter is from: Taylor Oldroyd,
CEO Utah County Association of Realtors®
Subject: Monthly Statistics--April 2008
1.There is a lot of talk about where the bottom of this housing correction is…I am going out on a limb to say that the bottom was in Dec 2007. December saw the fewest number of homes with only 269. Since then, we have increased at a nice and consistent pace. January increased seven to 276. Februray we saw another step of 15 to 291. March broke the 300 mark and hit 327. In April we reached 395. This represents a 47% increase since Dec 2007. I'd say that is a nice climb out of the bottom.
2. Of course comparing April 2008 with last year we still see a 32.5% reduction in sales. Again though,this is a nice step in the right direction. March 2008 compared to March 2007 was off nearly 10 points higher at 43.4%. The signs of a pick up in the market are clear.
3. How did Condos make out? Last month was off 51% compared to last year and this month again a bit of an improvement. April 2008 sales of Condos is down 37% compared to last April.
4. The upper-end of the market continues to struggle however. For only the second time in recent history, no homes priced above $1 million were sold. And home sales above $500k were down 71% from April 2007.
Summary: Price it right and it will sell. If you're in the higher end, hang in a bit longer and as Utah leads the country in economic indicators, these upper-end homes will see a slow rebound too.
The following letter is from: Taylor Oldroyd,
CEO Utah County Association of Realtors®
Subject: Monthly Statistics--April 2008
1.There is a lot of talk about where the bottom of this housing correction is…I am going out on a limb to say that the bottom was in Dec 2007. December saw the fewest number of homes with only 269. Since then, we have increased at a nice and consistent pace. January increased seven to 276. Februray we saw another step of 15 to 291. March broke the 300 mark and hit 327. In April we reached 395. This represents a 47% increase since Dec 2007. I'd say that is a nice climb out of the bottom.
2. Of course comparing April 2008 with last year we still see a 32.5% reduction in sales. Again though,this is a nice step in the right direction. March 2008 compared to March 2007 was off nearly 10 points higher at 43.4%. The signs of a pick up in the market are clear.
3. How did Condos make out? Last month was off 51% compared to last year and this month again a bit of an improvement. April 2008 sales of Condos is down 37% compared to last April.
4. The upper-end of the market continues to struggle however. For only the second time in recent history, no homes priced above $1 million were sold. And home sales above $500k were down 71% from April 2007.
Summary: Price it right and it will sell. If you're in the higher end, hang in a bit longer and as Utah leads the country in economic indicators, these upper-end homes will see a slow rebound too.
Thursday, April 24, 2008
Home Sales Are Down
"Home Sales are DOWN"
It is the big news today. We hear it daily on every news broadcast. I heard another quote today that home sales in Utah are down 40%! Compared to WHAT??
I am looking at the real numbers. When I look at our Wasatch Front Regional Multiple Listing Service statistics I can see the actual numbers. Yes, when we compare home sales to the first quarter of 2007 then we are down about 40%. But when I look at home sales for the first quarter of 2004, we are down only by about 10%.
Homes sales for fourth quarter in UTAH COUNTY
(winter months/end of year):
Fourth Quarter for 2004 was 1,362
Fourth Quarter for 2005 was 1,703
Fourth Quarter for 2006 was 1,746
Fourth Quarter for 2007 was 952
Homes sales for the first quarter in UTAH COUNTY
(Winter months/beginning of year):
First Quarter for 2004 was 1,017
First Quarter for 2005 was 1,204
First Quarter for 2006 was 1,481
First Quarter for 2007 was 1,518
First Quarter for 2008 was 901
It is not 'doom and gloom' as the news likes to make us feel! Back in 2004 we were not hearing news about homes sales dropping by 40%. We thought the market was just fine. Then beginning in late 2005 we had an amazingly large increase of home sales that lasted over the past two years. Now when we go back to 'normal' home sales like we had in 2004, the media wants us to believe that we are in a recession. It is just not so.
I have posted home sales for Utah County. I would also like to mention that in Salt Lake County the number of homes sold in the first quarter of 2004 was 2,837 and the first quarter of 2008 was 2,284 (which means Salt Lake County is only down by less than 3%). Also, in Weber County the home sales in the first quarter of 2004 were 691 and in the first quarter of 2008 it was 697 (that is an INCREASE!)
As I have shown here some of the home sales are down slightly from the 2004 numbers. But we have to consider all of the bad press, the problems with mortgage loans, home sales in other States, and being an election year. Once we look at ALL of the statistics we can be assured that the housing market is stable. Buyers are buying and sellers are selling!
It is the big news today. We hear it daily on every news broadcast. I heard another quote today that home sales in Utah are down 40%! Compared to WHAT??
I am looking at the real numbers. When I look at our Wasatch Front Regional Multiple Listing Service statistics I can see the actual numbers. Yes, when we compare home sales to the first quarter of 2007 then we are down about 40%. But when I look at home sales for the first quarter of 2004, we are down only by about 10%.
Homes sales for fourth quarter in UTAH COUNTY
(winter months/end of year):
Fourth Quarter for 2004 was 1,362
Fourth Quarter for 2005 was 1,703
Fourth Quarter for 2006 was 1,746
Fourth Quarter for 2007 was 952
Homes sales for the first quarter in UTAH COUNTY
(Winter months/beginning of year):
First Quarter for 2004 was 1,017
First Quarter for 2005 was 1,204
First Quarter for 2006 was 1,481
First Quarter for 2007 was 1,518
First Quarter for 2008 was 901
It is not 'doom and gloom' as the news likes to make us feel! Back in 2004 we were not hearing news about homes sales dropping by 40%. We thought the market was just fine. Then beginning in late 2005 we had an amazingly large increase of home sales that lasted over the past two years. Now when we go back to 'normal' home sales like we had in 2004, the media wants us to believe that we are in a recession. It is just not so.
I have posted home sales for Utah County. I would also like to mention that in Salt Lake County the number of homes sold in the first quarter of 2004 was 2,837 and the first quarter of 2008 was 2,284 (which means Salt Lake County is only down by less than 3%). Also, in Weber County the home sales in the first quarter of 2004 were 691 and in the first quarter of 2008 it was 697 (that is an INCREASE!)
As I have shown here some of the home sales are down slightly from the 2004 numbers. But we have to consider all of the bad press, the problems with mortgage loans, home sales in other States, and being an election year. Once we look at ALL of the statistics we can be assured that the housing market is stable. Buyers are buying and sellers are selling!
Monday, April 7, 2008
It is Good in Utah
With all the negative news in the national media we need to remember how good it is in Utah. Lets look at some facts from 2007 statistics…
· 25,000—30,000 new households were formed in 2007
· Utah population growth was 3.2% in 2007 (the US population growth was 0.9%)
· Utah job growth rate was 4.5% in 2007 (the US job growth was 1.3%)
· Employment is expected to grow in Utah at 3.3% in 2008
AND
· Utah Unemployment is expected to stay at 2.9% for 2008
· Personal Income growth was 9% in Utah in 2007
So things are looking good in Utah!
Information provided by:
Ryan Osborne
Mortgage Planner
801.440.9200
· 25,000—30,000 new households were formed in 2007
· Utah population growth was 3.2% in 2007 (the US population growth was 0.9%)
· Utah job growth rate was 4.5% in 2007 (the US job growth was 1.3%)
· Employment is expected to grow in Utah at 3.3% in 2008
AND
· Utah Unemployment is expected to stay at 2.9% for 2008
· Personal Income growth was 9% in Utah in 2007
So things are looking good in Utah!
Information provided by:
Ryan Osborne
Mortgage Planner
801.440.9200
Friday, March 21, 2008
Top 5 Cities to Find a Job
Top 5 Cities to Find a Job:
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
5. Fort Worth, Texas, with job opportunities in teaching, construction, even vision care products and air craft equipment.
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
3. Austin, Texas, is a vibrant and young city with an entrepreneurial spirit, so a good place to think about opening a small business. Also a wide range of career choices in technology.
2. Witchita, Kan., where aircraft and petroleum industries have bounced back and looking to hire for their production lines. There are also plenty of opportunities for health care workers.
1. Salt Lake City, Utah, tops the list in job growth with opportunities in nursing, education and banking.
By TORY JOHNSON
ABC News.com
March 10, 2008
To view the video about this subject:
http://cosmos.bcst.yahoo.com/up/player/popup/?cl=6905329
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
5. Fort Worth, Texas, with job opportunities in teaching, construction, even vision care products and air craft equipment.
4. Atlanta, Ga., is a hub for the financial and technology industries with positions in accounting, civil and electiral engineering and jobs at Fortune 500 companies like Coca Cola, UPS and Home Depot.
3. Austin, Texas, is a vibrant and young city with an entrepreneurial spirit, so a good place to think about opening a small business. Also a wide range of career choices in technology.
2. Witchita, Kan., where aircraft and petroleum industries have bounced back and looking to hire for their production lines. There are also plenty of opportunities for health care workers.
1. Salt Lake City, Utah, tops the list in job growth with opportunities in nursing, education and banking.
By TORY JOHNSON
ABC News.com
March 10, 2008
To view the video about this subject:
http://cosmos.bcst.yahoo.com/up/player/popup/?cl=6905329
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