Land Lines – Week 42
A recent study done by the University of Utah shows that the effects of the Great Recession are still being felt among Utah Landowners and home builders. Unlike the four previous real-estate crashes since 1970, this one is way behind schedule for fully bouncing back. Utah’s current job-growth rates surpass national levels and mortgage rates remain low, yet its recovery is at only about half its pre-recession peak.
And while 2014 construction and permitting in Utah are well ahead of other key states, the year has been confusing for the state’s homebuilding industry. Thus far, all 10 of Utah’s top builders are headed toward year-over-year declines in new housing units. We will continue to keep you informed on our website regarding market changes.
Many of you have received the 2Q Newsletter in the mail, if you haven’t here is the link: http://joom.ag/H55b. Watch for 3Q2014’s newsletter in the next few weeks, the topic for this edition is boundary lines. If you would like to receive a print version click here.
If you or someone you know has been on the fence about selling their land, fall is a great time to start the process, marketing and selling a raw or papered land deal correctly takes time and experience. If you would like to schedule a meeting to discuss selling your property now or in the future please call. I look forward to speaking with you.
If you would like to receive the weekly land stats and headliners click here to subscribe. Past editions are available on the website under the Land Lines topic. Feel free to share with friends and associates.
Brooke Glaittli – Land Sales – 801-554-2332 – www.brookeg.com
Week 42 Land Stats
10/11/2014-10/18/2014: Salt Lake, Utah Counties and Davis Counties*
12 land parcels sold, 17 sold in week 41.
30 properties were put on the market, as compared to 36 in week 41.
YTD along the Wasatch Front**
5,302 single family building permits have been issued, there were 5,162 issued as of week 41.
56 duplex/ twin home permits have been issued, 52 had been issued by week 41.
112 apartment/ condo permits have been issued, 110 had been issued by week 41.
187 commercial permits have been issued (this number does not reflect all types of permits), 178 had been issued by week 40.
*Source WFRMLS **Source Construction Monitor
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Seven years since the Great Recession wiped out $25 billion in Utah homeowner equity, its economic cataclysm still echoes.
A new study from the University of Utah shows no other recession since World War II has been as slow to heal, with astonishingly long-lived effects from a historic foreclosure crisis, major hits to residential real estate prices and continued weak demand for new-home building.
Unlike the four previous real-estate crashes since 1970, this one is way behind schedule for fully bouncing back, according to newly released research by the U.’s David Eccles School of Business. Utah’s current job-growth rates surpass national levels and mortgage rates remain low, yet its recovery is at only about half its pre-recession peak.
Past downturns over four decades usually returned to 80 percent four years after the market hit bottom, the study found.
“What distinguishes this cycle from the others is the prolonged period of very sluggish levels of new construction and the timid recovery,” said study author and U. economist James Wood, whose research highlights the slowest homebuilding rebound of any recent downturn.
Pain in the housing industry, the noted economist writes in a 25-page analysis released this week, “has diminished but not ended.”