Massive Housing Data Dump Lends No Clarity - CNBC

Massive Housing Data Dump Lends No Clarity - CNBC

Realty Times - Curb Appeal Projects Remain Cost-Effective

Realty Times - Curb Appeal Projects Remain Cost-Effective

What Could Force More Short Sales

By: Diana Olick
CNBC Real Estate Reporter

Despite a government program designed to streamline and incentivize the process, short sales have not even come close to keeping up with foreclosure sales.

That may be about to change.

If banks see higher losses from foreclosures than from short sales, they may put more resources into approving these deals, where the borrower is allowed to sell the home for less than the value of the loan.

"Loss severities on distressed U.S. residential mortgage loans are likely to increase an additional 5-10 percent from current levels due to higher loss mitigation and foreclosure expenses and weakening home values," according to a report from Fitch Ratings.

Fitch: The anticipated increases for each sector’s average loss severities are expected to be as follows:

• Prime loans: currently 44%, increasing to 49%-54%;
• Alt-A loans: currently 59%, increasing to 64%-69%;
• Subprime loans: currently 75%, increasing to 80%-85%.

We are already seeing home prices double dip in many markets, and that is expected to continue at least through the first half of 2011. One way to mitigate the losses is through short sales. "Short sales generally experience recovery rates about 10 percent higher than foreclosure sales," according to Fitch.

Will this be enough to push the banks? Unclear.

Servicers actually rake in a lot of money from fees surrounding foreclosures, and so far the government's "Home Affordable Foreclosure Alternative," program, which pays servicers cash incentives for doing short sales, has had pretty poor results, really still in the hundreds of loans. Second liens pose a big problem, but many big bank servicers also hold the second liens.

It's all about where the math comes out. If home prices fall far enough, the equation may tip from foreclosure to short sale.

Published: Friday, 17 Dec 2010 | 1:02 PM ET

Realty Times - Most Say it's a Good Time to Buy

Realty Times - Most Say it's a Good Time to Buy

Unexpected Cities See More Homes Go Back to the Bank

TALK TO ME BEFORE THIS HAPPENS TO YOUR HOME - THERE ARE OPTIONS FOR YOU!

By: Diana Olick
CNBC Real Estate Reporter


Yes, the four states that we always talk about are still leading the nation in foreclosure rates. Okay, Florida, California, Arizona, Nevada...if you've been trapped under something heavy for the past few years. But for the past few months a new trend is emerging, and some numbers released today really put it into perspective.

Foreclosure "actions" in Q3, which include anything from default notices to bank repossessions, rose in 65 percent of the nation's top 200 housing markets.

In Seattle, they jumped 71 percent, in Chicago up 35 percent and big double-digit jumps in Houston and Atlanta too.

These are not cities that saw enormous price jumps during the housing boom (maybe Seattle, but not the others) and they definitely did not see the kind of investor activity that the fab four saw during housing's heyday.

Not in the general release, but in a little side-bar that Realty Trac sent me, you see really big jumps in bank repossessions, which are the final stage of foreclosure when the bank takes the house back and evicts you. Quarter to quarter, Seattle saw a 65 percent jump, Philadelphia a 38 percent jump, Boise, ID up 71 percent and even Richmond, VA taking a 28 percent leap. One word: Unemployment.

Of course the logical question next is, what happens to home prices in those cities, as foreclosures hit the for-sale inventory.

Sure, there are buyers out there looking for deals, but with the foreclosure robo-mess hanging over the market, some sales frozen, some not, there's not a whole lot of buyer confidence out there to take the leap into the "distressed" market.

That just means the prices on those homes have to go lower.

Published: Thursday, 28 Oct 2010 12:43 PM ET

Pending Home Sales Show Healthy Gain, Hint at Spring Surge

Now is a GREAT time to GET OFF THE FENCE! You have until the end of April (this month) to have a home under contract to take advantage of the available Gov't money and it usually takes a couple of weeks to get to that stage. CALL ME NOW to FIND YOUR HOME - Steve 801-243-8202



Washington, April 05, 2010

Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he said. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.”

The PHSI in the Northeast rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009. In the Midwest the index jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago. Pending home sales in the South increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009. In the West the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.

“Anecdotally, we’re hearing about a rise of activity in recent weeks with ongoing reports of multiple offers in more markets, so the March data could demonstrate additional improvement from buyers responding to the tax credit,” Yun said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for March will be reported April 22 and the next Pending Home Sales Index will be on May 4; release times are 10 a.m. EDT.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

© Copyright NATIONAL ASSOCIATION of REALTORS®

Home Loan Demand Up as Purchase Activity Gains

Great information on the state of home ownership as home loan demand is up and purchase activity gains momentum.

Published: Wednesday, 31 Mar 2010
By: Reuters

U.S. mortgage applications rose in the latest week for the first time in three weeks as demand for home purchase loans reached the highest level since October, data from an industry group showed on Wednesday.

If demand for home purchase loans, a tentative early indicator of home sales, continues to rise it will bode well for the spring season, the peak home buying season.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, increased 1.3 percent for the week ended March 26.

The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 2.2 percent.

The MBA's seasonally adjusted purchase index increased 6.8 percent, hitting its highest level since the week ended Oct. 30.

Michael Fratantoni, the MBA's vice president of research and economics, said the activity may reflect the looming expiration of a homebuyer tax credit, just as many homebuyers in October had rushed to get loans closed before the original expiration of the tax credit.

"We may be seeing a similar pattern now, as the extended version of the tax credit ends next month," he said in a statement.

The government's $8,000 tax credit for first-time home buyers originally was to end on Nov. 30. The Obama administration then extended and expanded the program, adding a $6,500 credit for home owners buying a new residence and increasing income limits. Eligible borrowers must now sign contracts by April 30 and close loans by June 30.

Leif Thomsen, chief executive of Mortgage Master, in Walpole, Massachusetts, said the tax credit has become less relevant in increasing purchases over time, because most people who could have taken advantage of it have already done so.

"There are still some procrastinators out there who have yet to pull the trigger on their decision to purchase a home and they will find themselves out of time very soon," he said.

Meanwhile, higher mortgage rates are muting home loan refinancing. The MBA's seasonally adjusted index of refinancing applications decreased 1.3 percent, reaching its lowest level since the week ended Feb. 19.

"Interest rates are the No. 1 indicator of how the housing market is faring right now, with unemployment coming in a close second," Thomsen said.

The MBA said borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.04 percent in the latest week, up 0.03 percentage point from the previous week and also above the year-ago level.

An all-time low of 4.61 percent was set in the week ended March 27, 2009, based on a weekly survey conducted since 1990.

The MBA said fixed 15-year mortgage rates averaged 4.34 percent, up from 4.33 percent the previous week. Rates on one-year ARMs increased to 6.88 percent from 6.75 percent. Mortgage rates play a crucial role in housing affordability.

February home sales data indicated a lull in the market after signs of a recovery late last year. New home sales fell for a fourth straight month in February to hit a record low, while existing home sales fell for a third straight month.

Any improvement in the housing market would bode well for the U.S. economy, as it points to better demand in the sector where the first signs of the latest recession took root.

Copyright 2010 Reuters.

Real Estate Outlook: Steady Growth Expected

by Kenneth R. Harney

New economic reports indicate steady growth expected for Real Estate. Great news for all of us. Call me now to find your home. Steve @ 801-243-8202.

Harsh weather conditions held back home sales in February -- leading to some renewed gloominess by Wall Street analysts.

But several new economic reports, including on employment, suggest that during the coming several months we're likely to see steady but unspectacular national economic growth, and some pretty good housing rebound numbers to boot.

Even the February home sales numbers were nowhere near as negative as you might expect under the circumstances. Existing home sales were down slightly for the month – by six tenths of a percent – but were still clicking along at more than 5 million on an annualized basis.

Sales in the Northeast region, which took the brunt of the storms, were actually up by nearly 3 percent! Median prices in the northeast gained seven and a half percent!

New home sales were harder hit – down by 2.2 percent for the month. But median prices on new homes sold for the month jumped by six percent over January and were up five percent year over year, according to the Commerce Department.

In California, median home prices rose 11 percent in February and total sales were up by 8 percent, according to MDA Data Quick.

And look for that rising-value trend to continue in many parts of the country, according to statisticians at First American CoreLogic. In a new report they forecast home prices are likely to gain four and a half percent over the coming 12 months. Take out distressed sales from the equation – and prices would otherwise gain 5.6 percent.

A new study by economists at the Federal Deposit Insurance Corp (or FDIC) also provides a positive take on where we're headed. The US housing market, according to the FDIC, is showing "tangible signs of improvement". Affordability – which is obviously a crucial factor in whether households can buy or not – is at "historic high levels," says the report.

Economists at UCLA weighed in last week with their own projections. Not only will there be no so-called "double dip"—that's the bad news scenario where the US economy slips back into recession sometime this year – but the economic expansion will continue rolling along at a two to three percent quarterly rate of increase in the gross domestic product or GDP.

Meanwhile, last week's new filings for unemployment insurance dropped much more than analysts had predicted. This suggests that maybe – just maybe – we're finally on the verge of seeing some new job creation and fewer layoffs.

Bottom line: Don't get bogged down by the economic naysayers and snow storms. The national economy -- and housing -- are moving ahead on a recovery path.

Published: March 29, 2010

Building permits up in Salt Lake, Summit counties

This is awesome news for us here in both Salt lake and Summit counties. I am a new construction specialist and if what your heart desires is a "new" home, give me a call and lets get to work on it. Steve Jackson 801-243-8202.


March 18th, 2010 @ 10:42am

SALT LAKE CITY (AP) -- Some parts of Utah are weathering the recession without significant job losses or real-estate troubles, according to a leading Utah economist.

Jim Wood says Tooele County, with more than 15,000 non-farm jobs, lost only 17 jobs over the past year, while the full state lost 65,000.

Wood is head of the University of Utah's Bureau of Economic Research.

He says residential construction has barely slowed down in Summit County, home of three Park City-area ski resorts. Residential building permits were up by nearly 80 percent there in 2009.

Salt Lake County lost some jobs but permits for apartment construction were up by a third in 2009.

Wood's report is a snapshot of the uneven effects of the recession on Utah. He prepared it for Commercial Real Estate Solutions.

Effective Price Versus Value Counseling

by Dirk Zeller

The "price" of your home is often not the "value" of your home. A quick lesson on the two terms we so often use interchangably.

We have seen many marketplaces shift nationally in recent years. The skill of price value counseling is a more essential tool than others in the last five years. My contention is most Agents are ineffective or out of practice in this discussion.

fundamental mistake that most Agents are guilty of is using the wrong terminology. The buzzword most Agents use is price or price of the home. This word is incorrect because it's not about price; it's about value. The first step in effective price value discussion is beginning to use the word value instead of price. We need to focus the client on what the value of the home is today, in today's marketplace and market conditions.

When we look at price and the influence of price, it's really fundamentally connected to marketing. The raising or lowering of the price of something creates a layer or smaller pool of potential purchasers, based on how the potential purchasers perceive the value. We all make our buying decisions based on value. Our job as Champion Agents is to position the property relatively close to the value to widen the pool of prospective purchasers. Price is clearly a function of marketing, not value.

As an example, a ten-year-old BMW 7 Series car has a certain value. You can price it at $100,000, but the real value of the car is substantially less than that. In fact, the Kelly Blue Book value is right around $15,000. What are the odds (pricing this car at $100,000; $50,000; or even $25,000) that you would receive even close to those figures? As they say in Texas, slim to none, and slim just left town.

To demonstrate our value and why we should be hired, we need to separate price from a value discussion. We must secure agreement on the value of the property before we proceed to a strategic marketing or price discussion. In the end, the value of the home is what we are trying to reflect through our CMA.

Too many Agents still believe that price and value are interchangeable, but they are not. Value relates to what something is really worth; what one could expect to receive in money in the free market. It doesn't matter what the value was last year, last month, or even last week. Value is determined by the conditions and influences of the marketplace. Too often, sellers get hung up on that fact when the marketplace shifts against them so to speak. They don't want to view the reality that their home was worth $750,000 a year ago and today, based on supply and demand, is only worth $680,000. Value is extended by the scarcity of something and the ease of replacement with similar, equal, or better products or service. In essence, this all reconnects with the law of supply and demand.

Here are a couple scripts to help you have a price value discussion:

1. "Mr. Smith, many Agents are more concerned with seeing the listing rather than having a real conversation about the value of your property. They will talk in terms of price, not value. They will get you all worked up about the price and set you up for the big surprise. The question is, do you want the truth now or later?"

2. "Mr. Smith, let's agree to talk in terms of value – what your house is worth. Once we agree on that, we can talk about price, which is really a marketing strategy. Is that agreeable with you?"

Published: February 26, 2010
by Dirk Zeller

The Mortgage Walkaway Number

By: Diana Olick
CNBC Real Estate Reporter


With more and more evidence of more and more borrowers walking away from their mortgage commitments due to overwhelming negative equity, I got to thinking: What exactly is the monetary tipping point for a homeowner, someone occupying the home, hanging pictures on the walls, perhaps raising their kids in the second and third bedrooms, going to the neighborhood block parties...what exactly is the negative equity number that makes them say, "We're outta here."

Negative $70,000.

At least according to First American Core Logic. FACL put out its quarterly negative equity report today, showing that the number of "underwater" loans is rising, from 10.7 million in Q3 to 11.3 million in Q4 or 24 percent of all borrowers from 23 percent.

What interested me was a paragraph lower down in the report:

"The rise in negative equity is closely tied to increases in pre-foreclosure activity and is a major factor in changing homeowner default behavior. Once negative equity exceeds 25 percent, or the mortgage balance is $70,000 higher than the current property values, owners begin to default with the same propensity as investors."

This behavior is apparently measured by the actual data, that is, the default rates of investors vs.. owners and comparing that to loan-to-value ratios.

I asked for a little deeper explanation from their economist, Mark Fleming.

"The closing of the gap between owners and investors represents the change in owners behavior because up to that point investors default at higher rates, but beyond that point owners propensity to default increases to nearly match that of investors.

It’s not necessarily strategic default – I don’t even like that term because it can’t be identified – but I would characterize it as the behavior becoming more rational or calculating. Put another way, when someone is 25% or on average $70k in the hole, they know they will not climb out of that hole for some time and they figure that they can default and repair their damaged credit while saving money faster than they can ride out the price recovery."

HOME PRICES RISE FOR 6TH STRAIGHT MONTH IN NOV.

Awesome News!!! National home prices continue to rise, according to Case-Shiller. To find out if your area's home prices have stabilized give me a call 801.243.8202.

MIAMI (AP) — Home prices rose for the sixth straight month in November, with 14 of 20 metro areas posting improvements from the month before.

The Standard & Poor's/Case-Shiller home price index released Tuesday inched up 0.2 percent to a seasonally adjusted reading of 145.49. The index was off 5.3 percent from November last year, nearly matching analyst's estimates that it would fall by 5.1 percent.

The index is now up 3.4 percent from its bottom in May, but still 30 percent below its peak in May 2006.

Phoenix and San Francisco posted the highest month-to-month gains on a seasonally adjusted basis, while New York and Chicago had the largest declines.

Recent price gains have been fueled by a federal tax credit for first-time homebuyers, who rushed to purchase homes ahead of a Nov. 30 deadline. Congress eventually extended the deadline into the spring, and expanded the program to include a tax credit for current homeowners.

While prices have risen steadily on a national basis, some economists predict they will dip again early this year because of high unemployment and foreclosures.

"Until we get job growth, we won't get complete healing of the housing market," said Jeff Humphreys, an economist with the University of Georgia.

Humphreys said data for December and January could show price declines due to a lull in buyer activity after the tax credit was extended.

Rising prices are important to the economic recovery because they make homeowners feel wealthier and lead them to spend more money. They also help millions of homeowners who owe more to the banks than their houses are worth.

Only 100 Days left to claim the $8,000 or $6,500 tax credit for new home owners

There are a few changes you need to be aware of regarding FHA purchase:


* Max seller concessions is now 3% max ( use to be 6% )

* Clients with a fico score of 580 will need to put down 10% ( Not many companies will do these loans anyway so not a big deal )

* Remember, only 100 Days left to claim the $8000 tax credit for new home owners


November 6, 2009, Congress voted to extend and expand the First-Time Home Buyer Tax Credit program. The expiration date of the up-to-$8,000 tax credit has been pushed forward to spring, requiring home buyers to be under contract for a home no later than April 30, 2010, and to be closed no later than June 30, 2010.

In addition, “move-up” buyers were also added to the program’s eligibility list meaning you don’t have to be a first-time home buyer to be eligible for the tax credit. If you’ve lived in your home for 5 of the last 8 years, you meet the IRS requirements.Move-up buyers are capped at a total tax credit of $6,500.

* The tax credit’s basic eligibility requirements remain the same:
* You can’t purchase the home from a parent, spouse, or child
* You can’t purchase the home from an entity in which they’re a majority owner
* You can’t acquire the home by gift or inheritance
* All parties to the purchase must meet eligibility requirements

The new law includes some notable updates. First, the subject property’s sales price may not exceed $800,000. Homes sold for more than $800,000 are ineligible. Also, household income thresholds have been raised to $125,000 for single-filers and $225,500 for joint-filers.

And lastly, don’t forget that the program is a true tax credit — not a deduction. This means that a tax filer who’s eligible for the full $8,00 credit and whose “normal” tax liability totals $5,000 would receive a $3,000 refund from the U.S. Treasury at tax time.

The complete list of qualifying criteria is posted on the IRS website. Review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.

Have a great day, and let me assist you in the purchase of your new home!

Information aquired from:
Mike Yancey, Senior Loan Officer
801-747-1224 Office . 801-755-5359 Mobile

Home builders press ahead from tough 2009

By Lesley Mitchell
The Salt Lake Tribune
Updated: 01/13/2010 12:14:12 AM MST

For home builders along the Wasatch Front, 2009 was one of the worst years ever -- but a step up from a particularly dismal 2008.

Builders took out permits for the construction of 4,337 single-family homes last year, up from a low of 3,992 in 2008. But home-building activity in the state's most populous area is still off from a peak of more than 15,400 permits in 2005, according to a report by Construction Monitor, a service that tracks activity throughout the West.

Hundreds of small builders have gone out of business in recent years, and those remaining are focusing on first-time buyers and setting prices in the $300,000-and-under range.

"We've definitely seen the bottom, and we're going to see some improvement this year, but I don't think we're going to go back anytime soon the levels of construction activity we saw in 2006 and 2007," Clark Ivory of Ivory Homes said Tuesday.

Ivory believes his company will see a 12 percent increase in closings this year, compared with 2009. But even with the increase, Ivory would be building at 2002-2003 levels.

"People this year will be motivated by (low) interest rates and tax credits," Ivory said.

But mortgage rates, which hit historic lows last year, are expected to inch ever higher. And federal income tax credits for buyers as high as $8,000 apply only to those who go under contract by the end of April.

Most economists agree the federal incentive and low interest rates have had a positive impact on the home-building industry nationwide.

Set to expire Nov. 30, the federal income tax credit has since been extended to first-time buyers (or anyone who hasn't owned a home in the past three years) who sign on the dotted line as late as April 30. It's also been expanded to include a $6,500 incentive for repeat buyers.

A state-level incentive that helped further motivate buyers in Utah last year, is no longer available. About 1,650 grants worth $6,000 each were quickly claimed by new home buyers as part of the state's "Home Run" program. A second round of 1,400 grants worth $4,000 also went quickly. Unlike the federal incentive, which applies to buyers of new and existing homes, the Home Run program was geared specifically toward buyers of properties never before occupied.

Like the new-home sector, the existing-home market has received a boost from the federal incentives and also is poised for a rebound. But it is expected to be just as tepid.

In its 2010 Housing Forecast released this week, the Salt Lake Board of Realtors predicts sales of existing homes this year along the Wasatch Front could increase as much as 10 percent compared to 2009.

Home prices are another matter. The cost of an existing single-family house is already off 13 percent from its peak three years ago and sits at a median sales price of $222,000, the board says. And the prediction for this year is that prices probably will fall another 3 percent to 5 percent.

"I think we're going to see a year of downward pressure on prices, and then it should stabilize in 2011 and begin to inch back up, but nothing like what we've seen before," said Bill Heiner, president of the Salt Lake Board of Realtors. He was referring to the 2005-2007 time period, when many areas posted double digit home-price gains.

In the new-home sector, Utah's Ivory Homes remained the top builder along the Wasatch Front last year, according to Construction Monitor, with permits issued for the construction of 444 single-family units.

Utah County-based Salisbury Development, which focuses on entry-level housing, was a distant No. 2, with 228 units. Richmond American, part of Denver-based MDC. Holdings, Inc. , which has struggled along with many of the other nation's builders, was No. 3.

North Salt Lake-based Woodside Homes, which filed for Chapter 11 bankruptcy reorganization in 2008, is No. 4. Neither Salisbury, Woodside or Richmond American representatives immediately returned calls seeking comment.

Fort Worth, Texas-based DR Horton, which has been trying to carve a niche in Utah, rounded out the top 5.


Homebuilding: A slight rebound
Builders took out permits for the construction of 15,428 single-family homes along the Wasatch Front in 2005, a peak building year. Building activity hit a low of just under 4,000 units in 2008, but thanks to unprecedented federal home-buying incentives, the industry experienced a slight rebound last year.
2009: 4,337
2008: 3,992
2007: 9,898
2006: 15,370
2005: 15,428

Source: Construction Monitor

Utah outlook on housing is improving

By Jasen Lee
Deseret News

The Wasatch Front housing market has been on a historic roller coaster ride for the better part of the past decade, reaching its pinnacle just over two years ago. A new report indicates that wild market ride may finally be "pulling into the station" this year, offering some hope to wearied consumers, Realtors and other industry insiders.

"In Salt Lake County, we've probably touched bottom in 2009 and we're going to see a slight improvement in 2010," Jim Wood, director of the University of Utah's Bureau of Economic and Business Research and author of the "2010 Salt Lake Housing Forecast," told the Deseret News.

Wood said while the new year might eventually see some growth in new single-family home sales and construction, the previous year was among the most challenging on record.

"In 2009, only 900 new single-family homes were built in Salt Lake County — the lowest level since the war years of the 1940s — while about 9,100 existing single-family homes were sold," he said in the report, released Monday.

He added that existing homes for sale make up the disproportionate amount of inventory currently on the market, which should continue to work in favor of buyers during 2010.

Consequently, Salt Lake County home sales this year will show some slight improvement over last year, he said in the report.

The report showed that median housing prices in the Salt Lake metropolitan area peaked during the third quarter of 2007 at $246,600, dropping just over 11 percent over a two-year period to $218,900.

For Salt Lake County, the median value peaked at $254,900 during the 2007 third quarter before falling nearly 10 percent to $230,000 in the third quarter of 2009.

Wood predicted that home values along the Wasatch Front would continue to decline this year, falling another 3 percent to 5 percent.

"This will bring the decline in median sales price of homes in Salt Lake County to 15 percent through 2010," he said in the report. "By then, the price declines should be over, replaced by stable to slightly improving prices in 2011."

As for the current number of unsold inventory left available in the wake of the statewide housing crisis, another local analyst is optimistic the tide is beginning to change.

Speaking at the 2010 Salt Lake Housing Forecast breakfast Monday at the Little America Hotel in downtown Salt Lake City, Arthur "Chris" Nelson, presidential professor of city and metropolitan planning at the University of Utah and director of the Metropolitan Research Center, told the audience of about 800 real estate professionals that demand in the Utah housing market is on the upswing, as is the state's overall population.

"Between 2010 and 2011, we're going to have to build 100,000 new housing units in Utah to meet the needs of pent-up demand and growth by the end of 2011," Nelson said.

He said while that kind of construction is unlikely to occur in the near term, it demonstrates the long-term viability of the state's housing market.

"This is going to be the year of a slow uptick," he said.

"The bottom has passed and we are going to be inching up, and 2011 and 2012 are going to be extraordinary years for homebuilding."