The West's housing markets could be in for some more pain, depending on how far reverberations from the collapse of Silicon Valley Bank reach.
Now the West's housing markets could be in for some more pain, depending on how far reverberations from the collapse ofHowever, it's also possible lower interest rates could help soften affordability and help more buyers access the market, at least in the short term."Unfortunately, home prices in tech and venture capital hubs are already down the most from 2022 peaks for markets we track across the country.
"The broader question," Dean said, "is what does that do to people's perception, to people's sentiment about risk right now in the economy?"While those two banks had "narrow niches," Dean said, and regulators stepped in to shield from any direct impacts, "it will be interesting to see how it plays out" in coming weeks.
And I'm not sure that we're in a bust cycle or if we're still in this boom cycle. It does feel like Utah is a bit insulated from some of this stuff.When mortgage rates climbed back above 7% earlier this month, it "stifled momentum that had been building as rates originally drifted down to start the year. Today, falling mortgage rates could thaw what was shaping up to be a fairly frozen spring home shopping season," Olsen wrote.
Tech jobs do make up a substantial part of Utah's economy. Directly and indirectly, tech companies support more than one in seven or about 15% of Utah jobs and almost one-fifth of worker earnings in the state, according to a 2019 Kem C. Gardner Policy Institute report. For the most part, federal regulators' announcement that Silicon Valley Bank's depositors would be protected quelled much of the concern that rocked Utah's Silicon Slopes in the wake of the bank's failure.
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