within a few days we will hear again how strong the economy is in Utah.

Yes, Huntsman or his realestate buddie Herbert will have to come up with some sort of spin on how much better Utah is doing compared to the rest of the nation. Hang on everybody we have a long way to fall.

Greed runs rampant in Utah. Did you all really think you could buy huge houses, take out home equity loans, buy new cars, buy your boats, RV's, watercraft, and all those other toys without there being some consequence?
The people in this state have been given better counsel than anybody else in the world and you chose not to listen. "Buy a modest home and pay it off quickly." Don't cry pity because you're suffering from this economic downturn. You are the ones who caused it.
And the worst part is that you've stolen all that money from your children and the lower class and everyone who wasn't financially irresponsible. You well deserve the rewards of what is going to take place over the next 18 months.

I was told by a dealer of Japanese motorcycles and other "toys" that most of his buyers were paying cash for their new toys. He said that there were lots of "entrepreneurs"(speculators/scalpers) that were making a lot of money in real estate. I said I was surprised that so many people were paying cash.

Now that I reflect on that, I think the truth is that there were 2 types of buyers that paid "cash".

First, the ones that made a killing flipping land and houses to families that went into a lot of debt to buy from them.

Then there are the ones that took out HELOCs on their "appreciated" houses.

All these "entrepreneurs" will need to find new sources of funding for their purchases. I know for a fact that many of the the "Real Estate People" are applying for jobs in other fields to pay the bills. Real Estate has gotten walloped in Utah.

This is just the beginning. A recession will be devastating to Utah since so many are over extended, credit will continue to tighten dramatically, and real estate values will DIVE for at least the next 24 to 36 months. This recession will make the early to mid 90's seem like a carriage ride around Central Park. For all those entrepreneurs who have been using home equity lines of credit, your source of convenient funding is about to dry up...just call your banker!