Salt Lake Real Estate Will Lead Recovery !
Real Estate in the form of pre existing Homes Sales will lead recovery, as well as foster real optimism !
"Housing always leads the economy in recoveries, and I suspect this situation will be no different".
So said David Mansell, President of the Utah Association of Realtors in his article in the Salt Lake Tribune last Saturday.
I'm sure part of Dave's optimism is related to the responsibility to his membership. On the other hand there was a lot of material presented in the article that made me feel good about the business were in, the job we do, and the anticipation of a speedy recovery.
A lot of this information shows up on our Blog, "Salt Lake Real Estate", but thought a new face, from a different source would be of interest.
I just want to share with you some of the Dave Mansell's bullet points. I'll try not to editorialise, or spin the information. I just want to give you some info so you can determine where you think we are in this mess.
Affordability is the key to home sales.
Recent home sales reports indicate a decrease in the price of Salt Lake Homes for Sale.Fifty five % of Salt Lake Homes are considered affordable. That compares to only 31% in 2007.
Utah unemployment has risen to 3.5%. The national rate is 6.1%.
During good economic times, on a national level, 95% of working households have jobs. Currently 93% do.
August pending home sales were at the highest level in over a year.September homes sold were up 13%.
So there you go... Food for thought.
Hype ?..... or some pretty good indicators that were pretty lucky we live in Utah and some strong indications that as things begin to change for the better, Salt Lake Real Estate will Lead the Recovery.