Forecast for 2008
While the nation weathers storm after storm of housing-related problems, real estate markets in only a few states are holding out with partly cloudy or sunny skies. Lucky for us, Utah is one of those states.
"Utah is one bright spot compared to other parts of the country that are in severe pain," said Lawrence Yun, chief economist for the National Association of REALTORS®. "It's the shinning star so far if one wants to say which market it hot." But that's not to say Utah real estate will be completely free of cloudy conditions in 2008. Despite Utah's strong economy, housing sales are still expected to slow in 2008 and some markets may face affordability challenges. To help REALTORS® prepare for these changing times, UtahREALTOR® magazine talked to five economists, both local and national, who gave their forecasts on Utah's real estate market in 2008.