Stupid Is As Stupid Does In The Housing Market

So for the past year, I've been hearing how great the housing market is in the Valley. The SL Trib publishes gems like this "The rest of the country is talking about a bubble, and we don't have to worry about that because we have a stable market with steady increases [in home values]," she said. see article here. Right, if you say so. Funny thing is 19 days later, they publish this: "But even Utah's market is expected to slow down in 2007, economists say, noting that Utahns should expect to see less appreciation, with homes likely remaining on the market longer before they are sold. " see article here .

Great reporting! (That's sarcasm). I know I am not the most optimistic person but how can you think the downturn in the housing market will not eventually affect this state. And do you really think all the Californians who moved here will stay here when there a downturn here? No, they will be back in California with their six figure jobs while the majority of Utahns scrape by trying to figure out how they will pay their mortgage on a house that's not worth what they paid for it. Say bye bye to that hot BMW 5 series you bought with your equity loan. And I hope your wife's surgically flat stomach and boob job will keep you warm at night. Once she realizes there is no money to upkeep her dyed blonde hair, she'll move back in with her parents in Brigham City. And I know you'll hate spending Sundays in BFE visiting your kids.

Why people here have no sense of anticipation is beyond me. They don't think about what is going on around them when on the road. And they definitely don't think about living within their means. That is why year after year, Utah has one of the highest bankruptcy rates in the country. I read that foreclosures were up 40% over last year, doesn't sound like everyone is doing well. But of course, in a booming economy no one thinks about the future, just today where everyone can afford to eat sushi every night and Range Rover are a plenty. Sweet dreams my friends because tomorrow may bring Walmart clothes and Neons.

Read More: Housing, Bubble, Clueless in SLC