UtahCribs Weblog

Real Estate, Homes, News, Statistics and more

Have we hit the bottom? Are we seeing an uptick in the Economy?

Posted by UtahCribs, Real Estate, Homes on April 2, 2009

What a roller coaster! Talk about a time you really don’t know what to believe. Every single day we are seeing different reports. One guy is saying we haven’t seen the worst of it yet, others saying the bottom is here. So what do you believe? First of all, I think we are all entitled to our opinion.. So I would love to hear your thoughts, and maybe a few examples to support them.

Fact, Real estate in Salt Lake City has seen a 62% increase in under contract over the last 2 months. The would equate to people spending money? Fact, we can not take broad national statistics and apply them to individual states. So therefore I will pay attention to Utah, as I live here. I continuously find articles referring to real estate which quote broad statistics. I in turn get many questions from consumers about them. The best example I use to help people understand is the Unemployment rate. The Unemployment rate is different in every state correct? Currently Utah’s Unemployment rate is at about 5%. Where some of our neighboring states are seeing 8-10% (Nevada & California).. Real Estate is very similar, obviously homes in Souther California will have seen much more dramatic drop compared to Real Estate in Sandy UTAH..

Now, have we seen the bottom? I think many of you have probably noticed the up swing in the DOW. We saw a 12 year low on March 9, 2009. Since then we have seen a rally of 18.6% in the market. Does this mean our worries are over? No Way.. Just means perhaps there is a reason to hope. We are still seeing the private sector shed thousands of jobs. This is going to effect the consumer. But, just maybe the bottom is here and we all realize the world is not over and we need to keep moving ahead.. Just a thought!

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