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2012 Salt Lake Housing Forecast Report
I attended the 2012 Salt Lake Housing Forecast Meeting this morning. The two presenters this year were Eric Belsky, Managing Director of the Joint Center for Housing Studies at Harvard University and James Wood, director of the University of Utah’s Bureau of Economic and Business Research. While Mr. Wood's remarks were pointedly local, Mr. Belsky's report covered the state of the housing market nationally, with concluding remarks to show where Utah stacks up among the states.
The expectations? Cautiously and realistically optimistic. Realistically meaning that while there were no bold statements of certain recovery, the outlook is that things are more likely to get better than worse based on the indicators. A remark made by Mr. Belsky sums it up well: "If someone keeps hitting you in the head and they stop, it feels good." Barring any "unpleasant surprises," Utah is poised pretty well to begin a slow recovery.
While everybody knows that economics primarily deals with supply and demand, there are many factors that influence both suppliers and consumers. This is true in every industry including real estate.
I noted 16 influencers referenced by the economists that play a part in housing decline or improvement:
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