from today's Appraiser News Online newsletter (9/11):
Utah Association of Appraisers: Real Estate Outlook Looks Grim
"According to economists at the recent Utah Association of Appraisers held its Mid-Year Economic Symposium, the economic outlook looks grim, and relief may not arrive any time soon. Jim Wood, director of the University of Utah's Bureau of Business and Economic Research, told the audience of 300 appraisers and other real estate professionals that the current economy is in a recessionary environment. The Symposium was held in Salt Lake City on August 20.
According to Wood, the rapid loss of construction jobs in Utah has contributed to much of the decline, and the current downturn rivals the economic turbulence the state experienced during the 1980. Wood also pointed out that construction jobs account for approximately 40 percent of all jobs lost from the state's economy this year. Kelly Matthews, an economist with Wells Fargo, echoed Wood's views adding that as long as the housing market struggles, it will continue to burden the state’s economy." ...
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