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New home construction in Utah hits record low |
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Grace Leong - Daily Herald
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Utah, Summit counties two of the hardest hit areas New home construction in Utah is declining at a record-breaking pace not seen since the '80s, as conditions moved from what one local study describes as "an orderly correction to a serious contraction."
According to a report released Wednesday by the University of Utah's Bureau of Economic and Business Research, the number of builders permits for all residential types in the first quarter plunged 58.2 percent from a year ago -- surpassing the previous record low in 1987, when new permit activity dropped 50.1 percent. In the first quarter, only 2,234 new home permits were issued in Utah. New permits for single-family homes -- by far the weakest sector -- plunged 65.2 percent in the first quarter from a year ago, breaking a 28-year record set in the second quarter of 1980 when new home permits dropped 56.4 percent. Utah and Summit counties were the two hardest hit areas in the state, with the number of new home permits in Utah County plummeting 72 percent to 408 in the first quarter, from 1,458 a year ago. "This will be a very difficult year for home builders," said James Wood, director of the University of Utah's Bureau of Economic and Business Research. "But for home buyers, even with the decline in construction, there should be plenty of homes on the market to choose from, both new and existing. Prices will also be more negotiable." |
Article views: 492
Discuss (13 posts)
| Uncle_Bud
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May 15 2008 03:00:19
Uncle_Bud wrote:
prisonpig wrote:
Everybody Loves Raymond wrote:
Once Obama bin Laden takes over in January the depression is ON! You can plan on $7.50 gas as Iran holds us over a barrel and for the next four years not another house will be built.
But Edwards (Mr. Hair) endorsed the Magic Man so all is well.
Ray, you are a complete idiot! I guess the CURRENT depression is the democrats fault too. Well gues what i balme most of what's wrong with the economy on your buddy Bush! Paying for an unneccessary war has caught up to this country! I see Obama making improvemnets. Now Ray, can you say PRESIDENT Obama! Come on, you can do it!
Remember the election in 2006?
Thought you might like to read the following:
A little over one year ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.
Since voting in a Democratic Congress in 2006 we have seen:
1) Consumer confidence plummet;
2) The cost of regular gasoline soar to over $3.50 a gallon;
3) Unemployment is up to 5% (a 10% increase);
4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars;
6) 1% of Ameri can homes are in foreclosure.
America voted for change in 2006, and we got it!
Remember it's Congress that makes law not the President. He has to work with what's handed to him.
Part 2:
Taxes...Whether Democrat or a Republican you will find these statistics enlightening and amazing.
www.taxfoundation.org/publications/show/151.html
Taxes under Clinton 1999 Taxes under Bush 2008
Single making 30K - tax $8,400 Single making 30K - tax $4,500
Single making 50K - tax $14,000 S ingle making 50K - tax $12,500
Single making 75K - tax $23,250 Single making 75K - tax $18,750
Married making 60K - tax $16,800 Married making 60K- tax $9,000
Married making 75K - tax $21,000 Married making 75K - tax $18,750
Married making 125K - tax $38,750 Married making 125K - tax $31,250
Both democratic candidates will return to the higher tax rates
It is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever. If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts and a good portion of the people that fall into the categories above can't wait for it to happen. This is like the movie The Sting with Paul Newman; you scam somebody out of some money and they don't even know what happened.
PART 3:
You think the war in Iraq is costing us too much?
Read this:
Boy am I confused. I have been hammered with the propaganda that it is the Iraq war and the war on terror that is bankrupting us.
I now find that to be RIDICULOUS.
I hope the following 14 reasons are forwarded over and over again until they are read so many times that the reader gets sick of reading them. I have included the URL's for verification of all the following facts.
1. $11 Billion to $22 billion is spent on welfare to illegal aliens each year by state governments. Verify at: http://tinyurl.com/zob77
2. $2.2 Billion dollars a year is spent on food assistance programs such as food stamps, WIC, and free school lunches for illegal aliens.
Verify at: http://www.cis..org/articles/2004/fiscalexec.html
3. $2.5 Billion dollars a year is spent on Medicaid for illegal aliens.
Verify at: http://www.cis..org/articles/2004/fiscalexec.html
4. $12 Billion dollars a year is spent on primary and secondary school education for children here illegally and they cannot speak a word of English!
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.0.html
5. $17 Billion dollars a year is spent for education for the American-born children of illegal aliens, known as anchor babies.
Verify at http://transcripts.cnn.com/TRANSCRIPTS /0604/01/ldt.01.html
6. $3 Million Dollars a DAY is spent to incarcerate illegal aliens.
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
7. 30% percent of all Federal Prison inmates are illegal aliens.
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
8. $90 Billion Dollars a year is spent on illegal aliens for Welfare & social services by the American taxpayers. Verify at:
http://premium.cnn.com/TRANSCIPTS/0610/29/ldt.01.html
9. $2 00 Billion Dollars a year in suppressed American wages are caused by the illegal aliens. Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0604/01/ldt.01.html
10. The illegal aliens in the United States have a crime rate that's two and a half times that of white non-illegal aliens. In particular, their children, are going to make a huge additional crime problem in the US
Verify at: http://transcripts.cnn.com/TRANSCRIPTS/0606/12/ldt.01.html
11. During the year of 2005 there were 4 to 10 MILLION illegal aliens that crossed our Southern Border also, as many as 19,500 illegal aliens
from Terrorist Countries. Millions of pounds of drugs, cocaine, meth, heroin and mariju ana, crossed into the U. S from the Southern border.
Verify at: Homeland Security Report: http://tinyurl.com/t9sht
12. The National Policy Institute, 'estimated that the total cost of mass deportation would be between $206 and $230 billion or an average cost of between $41 and $46 billion annually over a five year period.'
Verify at: http://www.nationalpolicyinstitute.org/pdf/deportation.pdf
13. In 2006 illegal aliens sent home $45 BILLION in remittances back to their countries of origin.
Verify at: http://www.rense.com/general75/niht.htm
14. 'The Dark Side of Illegal Immigration: Nearly One Million Sex Crimes Committed by Illegal Immigrants In The United States.'
Verify at: http://www.drdsk.com/articleshtml
The total cost is a whopping $ 338.3 BILLION DOLLARS A YEAR.
Why are we THAT stupid?
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#367652 |
| truthhurts
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May 15 2008 03:22:28
Uncle_Bud wrote:
Remember the election in 2006?
Thought you might like to read the following:
A little over one year ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.
Since voting in a Democratic Congress in 2006 we have seen:
1) Consumer confidence plummet;
2) The cost of regular gasoline soar to over $3.50 a gallon;
3) Unemployment is up to 5% (a 10% increase);
4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars;
6) 1% of Ameri can homes are in foreclosure.
America voted for change in 2006, and we got it!
Come on Uncle Bud. Hopefully you are not that, well, stupid.
Correlation does not mean causation, especially when the dimwit in chief is in charge.
First, the Democrats do not "control" Congress, and only dimwits in their own regard think they do. To control Congress, one party must have:
A. A majority in both the House and Senate of the size that can over-ride a Presidential veto. The Democrats have neither, and
B. They must have 60 votes in the Senate, which is what it takes to quash a filibuster. The Democrats don't have it.
The current Congress is at a stalemate. The Democrats can keep the aforementioned dimwit in chief from getting dumb laws passed, like his FISA telecom immunity, but cannot get their own laws passed, like the SCHIP enhancements they wanted, or drawing down troops in Iraq. Perhaps you should have paid more attention in Civics class.
Secondly, all of the things you mentioned started when the Republicans WERE in control of Congress. Oil, for example, has been going up as the dollar has been going down, and the latter is the result of the Republicans "don't tax but spend, spend, spend" policies. Home foreclosures? How about a financial industry left to run amok, because Republicans hate regulation of all kinds. The chickens are simply coming home to roost.
Please try to make more sense next time.
Why are we THAT stupid?
Because you are a Republican? Let me guess. You voted for Bush...TWICE! 
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#367653 |
| Uncle_Bud
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May 15 2008 03:29:40
truthhurts wrote:
Uncle_Bud wrote:
Remember the election in 2006?
Thought you might like to read the following:
A little over one year ago:
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.
Since voting in a Democratic Congress in 2006 we have seen:
1) Consumer confidence plummet;
2) The cost of regular gasoline soar to over $3.50 a gallon;
3) Unemployment is up to 5% (a 10% increase);
4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars;
6) 1% of Ameri can homes are in foreclosure.
America voted for change in 2006, and we got it!
Come on Uncle Bud. Hopefully you are not that, well, stupid.
Correlation does not mean causation, especially when the dimwit in chief is in charge.
First, the Democrats do not "control" Congress, and only dimwits in their own regard think they do. To control Congress, one party must have:
A. A majority in both the House and Senate of the size that can over-ride a Presidential veto. The Democrats have neither, and
B. They must have 60 votes in the Senate, which is what it takes to quash a filibuster. The Democrats don't have it.
The current Congress is at a stalemate. The Democrats can keep the aforementioned dimwit in chief from getting dumb laws passed, like his FISA telecom immunity, but cannot get their own laws passed, like the SCHIP enhancements they wanted, or drawing down troops in Iraq. Perhaps you should have paid more attention in Civics class.
Secondly, all of the things you mentioned started when the Republicans WERE in control of Congress. Oil, for example, has been going up as the dollar has been going down, and the latter is the result of the Republicans "don't tax but spend, spend, spend" policies. Home foreclosures? How about a financial industry left to run amok, because Republicans hate regulation of all kinds. The chickens are simply coming home to roost.
LOL,another fool just like Reverend Wright!
Please try to make more sense next time.
Why are we THAT stupid?
Because you are a Republican? Let me guess. You voted for Bush...TWICE! 
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#367654 |
| ThomasK
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May 15 2008 17:35:39
What's surprising about the decline in home construction is that it goes against all of the other indicators here in Utah. Compared to the rest of the nation, Utah so far is doing quite well. We are growing at a 2% rate while the nation is at .3%. Companies are continuing to move here because of our young, educated workforce.
My opinion is that there was too much speculative building and the developers overbuilt. Hopefully this works itself out of our economy and we continue to do well.
What's really encouraging is the new jobs that are being created are higher paying professional jobs. The changes we made in the financial sector several years ago is really paying off. I believe I read somewhere that Utah now has 20% of the nations financial services market.
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#367734 |
| Pittakos
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May 15 2008 19:06:18
Taxes under Clinton 1999 Taxes under Bush 2008
Single making 30K - tax $8,400 Single making 30K - tax $4,500
Single making 50K - tax $14,000 S ingle making 50K - tax $12,500
Single making 75K - tax $23,250 Single making 75K - tax $18,750
Married making 60K - tax $16,800 Married making 60K- tax $9,000
Married making 75K - tax $21,000 Married making 75K - tax $18,750
Married making 125K - tax $38,750 Married making 125K - tax $31,250
So another way to look at this is:
Single making 30K - 47% reduction
Single making 50K - 11% reduction
Single making 75K - 19% reduction
Married making 60K - 47% reduction
Married making 75K - 11% reduction
Married making 125K - 19% reduction
I thought the tax cuts only benefitted the wealthy.
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#367747 |
There are too many comments to list them all here. See the forum for the full discussion.Discuss this article on the forums. (13 posts)
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