Once Amont Nation's Tops in Appreciation, Utah Home Prices Tumble
November 26, 2008 - The Salt Lake Tribune - Lesley Mitchell
UTAH - Utah, which just two years ago had among the highest rates of housing appreciation in the country, has joined much of the rest of the nation struggling with the problem of falling home prices, a report released Tuesday shows. The state had a 1.6 percent drop in home values, or negative appreciation, from the third quarter 2007 to the third quarter this year, ranking it No. 29 among all states. From 2004 to 2006, strong job and population growth fueled demand for new homes in Utah. The state first topped the nation in appreciation in the fourth quarter 2006 and remained at either No. 1 or No. 2 with double-digit annual increases until earlier this year, when it slipped to No. 16. More...