Download 2012 Economic Summit - St. George Real Estate Trends

Economic Summit 2012
Residential Real Estate in
WASHINGTON COUNTY
“A Review and a Preview”
Presented by Vardell H Curtis, RCE
Chief Executive Officer
Washington County Board of REALTORS®
Road Map to a Housing Rebound
If you’re a homeowner these days – and almost two thirds of Americans are –
the housing market generally doesn’t fall into the realm of pleasant dinner
conversation. The once-booming industry has been bruised and bloodied
from nearly every angle. Home prices have plunged 30% nationally over the
past 5 years, millions of Americans have lost their homes to foreclosure, and
millions more are on the brink with underwater mortgages. Still others are
seriously delinquent on their home loans.
Still, the U.S. economy is resilient. The recovery has absorbed a debt-ceiling
fiasco at home, a near financial meltdown in Europe, and political chaos in
the Middle East. The job market is improving, consumers are spending more,
and corporate balance sheets remain healthy, all of which are critical for the
housing market to rebound.
US News – December 2011
Road Map to a Housing Rebound
The situation in the housing market is tightly bound with what’s
happening in the broader economy. A broader economic
recovery is going to have to precede a recovery in housing.
Really, job growth is so essential for housing demand.
Particularly important is the unemployment rate among young
Americans between 25 and 34 years old. These are the people
forming households and buying their first homes. Due to the
bad economy, more young Americans have been “doubling up,”
moving in with friends or living at home to ride out lean times.
That’s put the kibosh on demand which is part of the reason
why there’s still so much housing inventory to work through.
US News – December 2011
Utah’s Employment Summary
Utah continues to be one of the nation’s leading employment
growth states. Nearly all industrial sectors have added jobs
over the past 12 months, and the employment rebound appears
on firm footing as the economy moves into 2012. While nearly
all industrial sectors are adding jobs, the lone exceptions are
construction and government. Construction, an industry whose
growth is important to help sustain overall long-term economic
expansion, is trying to rebuild its employment foundation in
Utah. It is moving forward in some regions while others are still
sluggish. Construction employment is largely unchanged from
last year and is an industry still waiting for a rebound to
develop.
Department of Workforce Services – November 2011
Utah Seasonally Adjusted
Unemployment Rates
Washington
Iron
Cache
Garfield
State
United States
November
October
September
November
2011 (p)
2011 (r)
2011 (r)
2010 (r)
8.0
8.1
4.7
11.5 11.9
6.4
8.6
8.4
8.4
4.9
9.0
8.9
5.2
12.8
7.0
9.0
9.9
9.4
5.9
10.1
7.4
9.1
7.6
9.8
Department of Workforce Services – December 2011
Construction
New housing starts seem like they’re stabilizing.
However, they remain well below peak levels. As that
pent-up demand comes into play, we should see those
housing starts start to slowly increase, and that should
help boost our construction sector. We lost so many
jobs in construction that any increases show up as
relatively good growth. We even see in 2012
construction being the fastest-growing sector in
employment at around 4 percent growth, but that’s
just related to the fact we lost so many jobs there.
Utah Business Magazine – December 2011
Builder Confidence Challenged
Builders know that many buyers have been sidelined by
tightened lending standards. The uncertain economic climate
and concerns about job security are discouraging many buyers
from exploring a home purchase. While buying conditions are
very favorable in terms of prices, interest rates and selection,
consumers are worried about what the future will bring.
Builders continue to confront the same major challenges they
have seen over the past year, including competition from the
large inventory of distressed homes on the market, inaccurate
appraisal values, and issues with their buyers not being able to
sell an existing home or qualify for favorable mortgage rates
because of overly tight underwriting requirements.
Realty Times – August 2011
Housing Starts and Building Permits
Most data the public sees is based on home prices,
number of homes sold or foreclosures. Housing permits
are a way to look ahead at what is likely to happen in
the market. This indicator reports on both the number
of housing units on which construction has begun, as
well as the number of units for which permits have
been issued. It’s generally regarded as a good
indicator of future home sales and consumer spending
in general. Permits typically are a good indicator of
housing starts three to four months in the future.
Financial Outlook – Winter 2011/2012
Building Permits Historically
Building Permits by Month
Consumer Confidence Index
This indicator is a summary of interviews with some
5,000 consumers nationwide on their feelings about
their own financial condition, the strength of the
economy, and their outlook for the next six months.
Historically, changes in this index have tracked the
leading edge of the business cycle well, as it indicates
how willing consumers are to spend more and make
big-ticket purchases (like a car or a home).
Financial Outlook – Winter 2011/2012
CCI Surges in December
Americans are gaining faith that the economy is on the upswing.
An improving job outlook helped the Consumer Confidence
Index soar to the highest level since April and near a postrecession peak. The December surge builds on a big increase in
November when the index rose almost 15 points. Economists
watch confidence numbers closely because consumer spending
accounts for about 70 percent of U.S. economic activity.
According to the AP poll of economists, conducted December 14
through 20, the U.S. economy is expected to grow 2.4 percent in
2012. In 2011, it likely grew less than 2 percent.
The Spectrum / AP – December 2011
Consumer Confidence on the Rise
In December, on a seasonally adjusted basis, the Zions Bank
Consumer Attitude Index (CAI) increased to 81.9 percent, a
jump of 14.1 points compared to November 2011. The national
Consumer Confidence Index (CCI) increased 9.3 points to 64.5.
An index of 70 or below is indicative of slow economic growth.
Consumer confidence in stabilizing home prices increased this
month as well. Seventy-three percent, compared to sixty-nine
percent in November, believe the price of homes in their
community will remain unchanged during the next 12 months.
Overall, consumer attitudes have taken a more positive
direction.
Utah Business.com – December 2011
Washington County
Hit hard by the recession, Washington County’s
meteoric population growth has moderated and the
county’s construction industry has yet to make a
comeback. Manufacturing was hit by the double
whammy of construction-related losses, and then again
by the national downturn. However, the county’s
economy is in recovery – albeit a jobless recovery.
Unemployment rates, while still above the state
average, are moderating, initial unemployment claims
are down and gross taxable sales are up slightly.
Department of Workforce Services – December 2011
10 Housing Markets Poised for
Biggest Price Recovery
The blog 24/7 Wall St. has identified the ten metropolitan areas
where home prices are projected to increase the most from the
second quarter of 2011 to the second quarter of 2012. Six of
these ten metropolitan areas are among the top 50 areas that
experienced the worst housing declines from the second quarter
of 2008 to the second quarter of 2011. The housing markets in
these areas were badly hurt when the real estate bubble burst
and were considered to have hit rock bottom. These kinds of
markets draw investors, and the inflow of new money causes
these markets to bounce back, driving home prices back up.
HousingZone.com – November 2011
America’s Ten Worst Housing
Markets Poised to Recover
10 - Mobile, Alabama
9 - Syracuse, New York
8 - Las Cruces, New Mexico
7 - Niles – Benton Harbor, Michigan
6 - St.George, Utah
5 - Farmington, New Mexico
4 - Yuba City, California
3 - Yuma, Arizona
2 - Carson City, Nevada
1 - Madera – Chowchilla, California
6.2%
7.0%
7.4%
7.5%
7.9%
8.3%
9.2%
9.5%
15.5%
15.5%
Wall Street.com – November 2011
Markets Poised to Recover – St.George





Change in home prices (2011 Q2 to 2012 Q2): 7.9%
Change in home prices (2012 Q2 to 2013 Q2): 3.5%
Population: 138,492
Prices reached peak in: 2006 Q4 (-41.4%)
Unemployment: 9.6%
Home prices have decreased by 41.4% in St.George, Utah, since the fourth quarter of
2006. In just the last twelve months, prices have dropped 12.4% - the eighth largest drop in
the country. However, from the second quarter of 2011 to the second quarter of 2012 prices
are projected to increase 7.9%
Wall Street.com – November 2011
ACCRA Cost of Living – 2011 3Q
Salt Lake City
Provo-Orem
Ogden
St.George
Cedar City
San Diego
San Francisco
Denver
Las Vegas
New York
All Items
Groceries
Housing
Utilities
94.8
90.2
90.5
91.4
87.8
130.8
161.3
105.3
98.3
223.9
92.0
87.8
94.9
100.4
100.6
106.3
118.8
102.6
104.6
148.9
90.4
84.2
80.1
81.6
70.2
189.1
278.2
114.2
89.9
426.5
80.8
82.1
102.8
87.6
84.3
112.8
90.4
89.5
91.7
131.4
Transport Health
95.5
95.5
93.5
93.0
97.4
107.3
108.8
94.0
101.1
127.5
93.4
88.1
86.3
90.4
85.1
111.6
110.7
105.4
106.4
127.1
Council for Community and Economic Research – November 2011
Mortgage Rates Reach
New Record Lows
Just in time for the holidays: Mortgage rates reached new alltime lows this week, pushing home buyer affordability even
higher, Freddie Mac reports in its weekly mortgage market
survey. Rates on 30-year fixed mortgages have been at or below
4 percent for the last eight weeks and now are almost 0.9
percentage points below where they were at the beginning of the
year, which means that today’s home buyers are paying over
$1,200 less per year on a $200,000 loan. This greater
affordability helped push existing home sales higher for the
second consecutive month in November, the most since January.
Daily REAL ESTATE NEWS – December 2011
The Impact of Mortgage Rates
The low rates can translate into big savings for home
buyers. Five years ago, a home buyer would have been
lucky to land a 5% rate on a 15-year loan. On a
$200,000 mortgage, that would have meant the borrow
would have paid $1,582 a month. Should a borrower
land a 3.2% rate on a $200,000 loan now, the monthly
mortgage payment would come to $1,400 – a savings of
$182 a month. The rock-bottom interest rates,
combined with the lowest housing prices in years, have
made home buying extremely affordable.
CNNMoney.com – December 2011
“Interest Rate Heaven”
It seems over the past few years we have been in an eternal state
of “Interest Rate Heaven.” How soon we forget what rates were
just 5 to 10 years ago, and then back to the early 80’s rates of 15
to 20 percent. Can you say “perspective.” Let’s be realistic,
mortgage interest rates like the ones we have experienced over
the last three plus years cannot be sustained. In fact, the reason
interest rates have been so low is primarily because the economy
has been in the dumps. Bottom line, a mortgage will continue to
be one of the cheapest forms of money that individuals will be
able to get. If economic predictions hold true, the inevitable
interest rate increase will come.
The Daily Spectrum – December 2011
Record Low Financing Costs
Yes, obtaining credit in many cases is more difficult than a few
years ago. Yes, financial issues in Europe have raised anxiety
levels throughout the world. Yes, U.S. political uncertainty has
done the same. However, one constant is likely to remain in
place throughout 2012 and perhaps well into 2013. The Federal
Reserve’s most important interest rate – the federal funds rate –
has been at an all-time low target range of 0.00%-0.25% since
December 2008, a period of three years. Moreover, the Fed’s
Open Market Committee has noted frequently its intent to keep
that rate at the current level “until at least mid-2013.” Such a
statement is almost unprecedented in the Fed’s history.
Mainstreet Business Journal – December 2011
Refinance Applications on the Rise
Amid substantial market turmoil, mortgage rates
dropped to the lowest levels of the year, and refinance
applications jumped more than 30 percent to the
highest levels of the year. Over the past month,
refinance application volume has increased by 63
percent. Refinance applications for jumbo loans
increased by almost 75 percent relative to last week.
Despite these low mortgage rates, applications for
home purchase have remained little changed through
the summer.
Realty Times – August 2011
A Refinance Resurgence
Currently, most borrowers are looking to refinance
existing loans rather than buy. Last week, mortgage
applications climbed 4.1%, driven by a surge of home
buyers trying to refinance to record-low rates.
According to the Mortgage Bankers Association’s
latest Market Composite Index, close to 80% of loan
applications were to refinance existing loans.
CNNMoney.com – December 2011
Present Market Conditions
Mortgage rates ended the year hovering near historic
lows in an already affordable housing market
according to Frank Northaft, vice president and chief
economist at Freddie Mac. The low mortgage rates
also contributed to the improving environment for the
housing market. 30-year fixed-rate mortgages
averaged 3.95% with an average of .7 points. Last
year at this time 30-year fixed-rates averaged 4.85%.
15-year fixed-rates averaged 3.24 % with .8 points,
almost a full 1% lower than last years 4.20%.
Market Review and Mortgage Update – January 2012
What’s Up – Mortgage Rates?
A stronger economy will push Treasury bonds and mortgage
rates up because inflation will become more likely and investors
demand higher rates to hold bonds. But lots of factors can push
rates up or down. For the housing market, which direction
rates go is less important than why. Gradual economic recovery
is good news for the housing market even if it means higher
mortgage rates – because higher mortgage rates should go
hand-in-hand with greater housing demand. It is predicted that
mortgage interest rates will gradually rise from record 2011
lows to 4.5% by the middle of 2012.
Jed Kolko, Trulia Chief Economist – December 2011
Housing Wire – November 2011
Restored Higher FHA Loan Limits
In an important victory for the housing industry and
consumers, Congress approved a much-debated initiative to
restore higher loan limits through 2013 for mortgages backed by
the Federal Housing Administration (FHA). The measure
reestablished a national ceiling for FHA mortgages of $729,750,
up from $625,500. The measure also restored local FHA loan
ceilings to 125% of the area median home price, up from 115%
which will help put a floor under falling home values in markets
nationwide. Unfortunately, in the face of extreme opposition in
the House, legislators were unable to restore the higher loan
ceilings for government sponsored enterprises (GSEs) Fannie
Mae and Freddie Mac, which together provide funding for
about half of all U.S. mortgages.
National Association of Home Builders – December 2011
Cash is KING in 2011
Despite record low mortgage rates, 2011 has seen a
surprisingly high level of cash home purchases.
Between tight lending standards and a desperate
search for yield by investors, cash purchases of homes
– particularly for distressed properties – became even
more common in 2011. Thirty-eight percent of homes
purchased in 2011 were bought with all cash. That’s
up from 34% in 2010, and double the 19% rate in
2006. This trend is likely to continue in the near term
as cash-paying investors are responsible for an
increasing share of home purchases.
DSNEWS.com – December 2011
Investors Stepping Up
Here’s another sign the market is nearing the bottom: Investors
have started to buy up houses and condos, in some instances
paying entirely in cash. It’s a sign these investors are betting on
the rebound. That’s a far cry from the heady bubble days when
borrowed money seemed the key to riches. The bubble-era
speculators who got burned tended to buy at the peak and
borrowed too heavily to do so. When the crash came, they
quickly saw their wealth erased. Investors buying at current
prices are looking for deals. They typically like to pay entirely in
cash (or with a relatively small loan) to speed up transactions.
That can be vital for an investor wishing to lock in a deal fast.
THE WALL STREET JOURNAL – March 2011
Investors Back in the Market
“There are a number of investors that are
taking their money out of Wall Street and are
looking for investment rental properties,
because they can buy a property for $130,000 $160,000, put 20 percent down and typically
return 7 to 10 percent before the cap rate. So
investors are very active in the St.George
market.”
Utah Business Magazine – December 2011
Decline Among Owner-Occupant
REO Buyers
New Vista Asset Management has published the results
of a three-year study on buyers of foreclosed homes,
covering 18 counties hit hardest by the mortgage crisis.
The company says the percentage of REO homes sold
to owner-occupant buyers has decreased in almost
every market. Most markets in the study saw their
share of owner-occupant REO buyers drop by doubledigits over the three-year period.
DSNews.com – December 2011
REO’s & Short Sales –
The New Normal?
If you even know anyone who has house-hunted in the past
couple of years, you’ve likely heard tales of high drama -- super
long escrows, first-time homebuyers being bested by investors’
cash offers, banks resistant to negotiating for repairs – that take
place in the course of a distressed property sale.
In the coming year, distressed home sales will continue to
represent an increasing share of homes on the market. So,
buyers will shift from considering whether to buy a short sale to
understanding that they must be educated and prepared to do a
deal with a seller, a bank (to buy a REO) or a hybrid of the two
(to buy a short sale) to access the full selection of homes on the
market.
Inman News – January 2012
Impact of Foreclosures
The number of foreclosed homes on the market
continues to pose major challenges, not just to builders
who have to compete against that low-priced product,
but also to buyers who need to sell an existing home
before trading up to a new one. Price data suggests
entry-level homes are generally driving the new-home
market right now, and that’s because first-time buyers
don’t have another home they have to sell.
Realty Times – October 2011
Faster Foreclosure Processes &
Reduced Inventory
Getting homes that are likely to be foreclosed upon or homes
that already are in foreclosure to the market is key to exposing
the nation’s shadow inventory, which has been keeping prices
depressed around the country.
Next on the to-do list is to clear out the massive housing
inventory. Especially with the influx likely to come on to the
market when foreclosure processes finally get ironed out.
Reducing the supply of homes should help boost prices in the
long run, and price appreciation is good for the housing market.
US News – December 2011
Top Ten Foreclosure States
STATE
Nevada
California
Arizona
Utah
Georgia
Michigan
Florida
Illinois
Ohio
S. Carolina
NATION
RATE
1-175
1-211
1-256
1-290
1-330
1-330
1-358
1-427
1-500
1-517
1-579
AVERAGE FORECLOSURE PRICE
$119,180
$237,150
$123,077
$166,645
$110,121
$ 59,079
$110,503
$124,042
$ 82,873
$150,898
$182,489 (November 2011)
Foreclosure Rates Decrease
According to recently released information from CoreLogic data, the rate of
St.George area foreclosures among outstanding mortgage loans is 2.51
percent for the month of September 2011, a decrease of 1.75 percentage
points when compared to September 2010 when the rate was 4.26 percent.
Foreclosure activity in St.George is lower than the national foreclosure rate
which was 3.48 percent for September 2011, representing a 0.97 percentage
point difference.
Also, in St.George, the mortgage delinquency rate has decreased. According
to CoreLogic data for September 2011, 6.56 percent of mortgage loans were
90 days or more delinquent compared to 9.73 percent for the same period last
year, representing a decrease of 3.17 percentage points.
Mainstreet Business Journal – December 2011
NOD’s and Trustees Deeds
Active Inventory
Active Inventory
Sold Volumes and
Average Price
2011 Sold Volumes and
Average Price
Sold DOM vs Sold Price
Sold DOM vs Sold Price
Sold DOM vs Units Sold
Sold DOM vs Units Sold
Hot Sheet Price Change Trends
Price Change Trends in 2011
High-End Properties
What the Experts are Saying
A little over three years ago, a study of all active listings over
$500K was conducted with about 500 properties identified.
Today, there are 198 listings in that same price range. While it
is true that many homes over $500K three years ago may now,
because of market driven pressures, remain on the market but
for less than the identified threshold, it is equally true that
certain geographic areas and developments have now worked
through their excess inventory and remain viable and healthy.
Case in point, The Cliffs of Snow Canyon, the Ledges and Stone
Cliff, 3+ years ago had 103 homes for sale over $500K. Today,
31. Just another indication of an upswing in the market.
Southern Utah Title Company – January 2012
Active Listings over $500K
Outlook 2012
Utah typically grows more rapidly than the nation after
recessions, and this pattern is taking hold in the current
recovery. Though housing stabilized, with building permits at
8,700 in 2011, home-building is not leading the economy as it
does during a typical recovery.
Economic growth in Utah is expected to accelerate during 2012.
Employment is forecast to increase 2.7% for the year as a whole,
with larger increases as the year progresses. Housing permits
are forecast to move up slightly from historic lows. As the
overall unemployment rate declines to 7.1%, the improving
labor market will support increased consumer spending and a
strengthening recovery.
Governor’s Office of Planning and Budget – November 2011
Utah the Best State for Business
For the second year in a row, Forbes Magazine ranks Utah as
the best state in America for business, noting: “No state can
match the consistent performance of Utah. It is the only state
that ranks among the top 15 states in each of the six main
categories we rate the states on.” Utah highlights includes
energy costs 31% below the national average and employment
growth that has averaged 0.6% since 2005. Utah’s 5%
corporate tax rate is well below western neighbors Arizona,
Idaho and New Mexico. Utah ranks sixth in a new Tax
Foundation study that looks at the tax burden on business in
each state across different industries.
Forbes Magazine – December 2011
Positive News for Utah
Utah is #6 on Forbes’ list of “The Best States for Jobs”
http://www.forbes.com/pictures/mli45ggeg/6-utah
Fiserv says Utah to have seventh-highest home price appreciation by summer
http://cgi.money.cnn.com/tools/homepricedata/index.html?iid=EL
Utah is in the top five states for employment growth
http://jobs.utah.gov/wi/press/2001press/ratecurrent.pdf
Forbes names Utah “Best State for Business and Careers”
http://www.forbes.com/sites/kurtbadenhausen/2011/11/22/the-best-states-for-business/
Utah ranked #2 on Pollina’s “Top 10 Pro-Business States” list
http://www.pollina.com/top10probusiness.html
More Positive Utah News
http://business.utah.gov/whyutah/accolades/
Utah Home Prices on the Rise
Based on projections from Fiserv Case-Shiller and
Moody’s Analytics, statewide prices are set to rise
about 2 percent by summer 2012 and nearly 7 percent
during the subsequent year. Utah home price gains will
be strongest in St.George according to the report.
From second quarter 2011 to second quarter 2012,
home prices are expected to rise nearly 8 percent.
From the same period in 2012 through 2013, home
prices in St.George should increase 3.5 percent.
Utah REALTOR – Third/Fourth Quarter 2011
Houses Are a Good Deal
Housing is the most affordable it has been in decades, according
to analysts at Moody’s Analytics. They don’t just look at house
prices. They also look at incomes. Nationally, the cost of a
house is the equivalent of about 19 months of total pay for an
average family, the lowest level in 35 years. Pricing is down so
much in some markets that when you analyze renting versus
owning it makes much more sense to own. While the good news
is that the worst of the housing crash might be over, the bad
news is that the fast gains of the glory days of 2005 and 2006
won’t be back anytime soon. So to cover your costs of buying
and selling, and what could be a prolonged recovery, plan to
own for more than 10 years.
THE WALL STREET JOURNAL – March 2011
Homeownership - Equity
When you pay rent, you never see that money again. It is in the
landlord’s pocket. Yes, buying a home may come with some
hefty initial costs (downpayment, closing costs, inspections), but
you will make that money back over time in equity built in the
home. Historically, homes appreciate by about 4 to 6 percent a
year. Some areas are still experiencing normal appreciation
rates. For the areas that have seen harder times since the
recession, experts feel that the housing market will recover.
Homeownership is about building long-term wealth.
Realty Times – November 2011
Homeownership – Great Deals
It’s a great time to buy. Interest rates are at historic lows. We’re
talking 4.0 percent instead of 6.0 percent or higher. This means
big savings for today’s buyers. Home prices have also taken a
dip since the recession, which means homes are more affordable
than ever. If you have a steady income and cash for a
downpayment, then be sure to talk to your local REALTOR
about what homes in your area could be a fit for you.
Homeownership can be a real joy. It’s time to get off the fence
and into a home that is right for you.
Realty Times – November 2011
The Economists Crystal Ball
My crystal ball is never as crystal-clear as I’d like, but I do
think that we can expect a gradual economic recovery to move
the housing market a few steps back towards normal in 2012.
In fact, every single one of the fifty-ish economic forecasters
surveyed by the Wall street Journal expects the economy to
grow throughout 2012. However, many borrowers who fell
behind on their payments during the housing crisis are still in
limbo: last year’s robo-signing controversy threw a wrench in
the gears of the foreclosure process. That means that some
delinquent loans haven’t gone through the foreclosure process.
Once an agreement is reached with banks over robo-signing,
we’ll see a new wave of foreclosures and foreclosure sales.
Jed Kolko, Trulia Chief Economist– December 2011
The Economists Crystal Ball
Very favorable affordability conditions will dominate
2012, which will probably be the second best year on
record dating back to 1970. The hope is that credit
restrictions will ease and allow more homebuyers to
take advantage of current opportunities. With falling
inventory, the median home price should rise in 2012.
Home prices have yet to show a definitive stabilization
pattern in most areas. Still, given an over-correction in
prices, there likely will be moderate appreciation in
2012.
Housing Wire – November 2011
The Economists Crystal Ball
Gradual improvement in the housing market is
expected in 2012, with existing-home sales edging up
4% to 5% and new homes getting an even bigger boost
off 2011’s record lows. Tight mortgage credit
conditions have been holding back homebuyers, and
consumer confidence has been shaky recently.
Nonetheless, there is a sizeable pent-up demand based
on population growth, employment levels and a
doubling-up phenomenon that can’t continue
indefinitely.
Housing Wire – November 2011
Timing is Everything
There’s a great opportunity for investment at this
point. Interest rates are low, and so individuals and
businesses who have good credit do have access to
funds for investment. While housing prices are still
stabilizing, people who are looking to buy homes right
now have an opportunity to borrow at a really low rate
and buy at a low price.
Utah Business Magazine – December 2011
Acknowledgements
Washington County Board of REALTORS®
Realty Times
Utah Business Magazine
The Spectrum / AP
Housing Wire
Housing Zone.com
Trulia
The Wall Street Journal – Wall Street.com
Utah REALTOR Magazine
Governor’s Office of Planning and Budget
Southern Utah Title Company
Mainstreet Business Journal
National Association of Home Builders
Market Review and Mortgage Update
CNNMoney.com
Daily REAL ESTATE NEWS
Community & Economic Research
US News
Department of Workforce Services
Utah Business.com
Forbes Magazine
Financial Outlook
DSNews.com
Inman News