1. SALT LAKE CITY’S HOUSING MARKET - 2008 JAMES WOOD BUREAU OF ECONOMIC AND BUSINESS RESEARCH DAVID ECCLES SCHOOL OF BUSINESS UNIVERSITY OF UTAH October 21, 2008

2. Housing Profile for Salt Lake City – 2008 Source: Bureau of Economic and Business Research, University of Utah. Amount Total Housing Units81,600 Vacant Units2,000 Total Occupied79,600 Owner Occupied40,500 % Share of Occupied50.9% Renter Occupied39,100 % Share of Occupied49.1% Median Sales Price$235,250 Average Sales Price$289,481

3. Cities Ranked by Occupied Dwelling Units Source: Bureau of Economic and Business Research, University of Utah. Occupied Units Rental Units% Rental Salt Lake75,99037,31149.1% West Valley37,4748,98624.0% Provo32,82717,56553.5% Ogden29,76611,01537.0% Sandy28,2564,47215.8% St. George28,0076,60723.6% Orem26,2998,46732.2% West Jordan26,1605,19919.9% Layton21,5084,90022.8% Taylorsville19,7095,52928.1%

4. Median Sales Price of Existing Homes in Salt Lake City Source: WFRMLS Median PriceHomes Sold% Chg. 2000$142,1004,4200.07% 2001$149,0004,6184.86% 2002$151,9004,7361.95% 2003$151,0005,080-0.59% 2004$155,0005,3232.65% 2005$171,9006,25210.90% 2006$207,0005,31320.42% 2007$235,0003,62213.53% 2008 (Sept)$235,2502,1070.11%

5. Largest Cities Ranked by Change in Median Sales Price of Homes Source: WFRMLS 20002008% Chg. Salt Lake City$142,100$235,25065.6% West Jordan$147,365$236,25060.3% Provo$140,400$215,90053.8% Sandy$185,000$280,00051.4% Taylorsville$132,350$199,95051.1% West Valley$127,500$192,00050.6% St. GeorgeNA Orem$147,900$218,50047.7% Layton$144,900$209,00044.2% Ogden$99,000$130,00031.3%

6. Average Sales Price of Existing Homes in Salt Lake City Source: WFRMLS Average% Chg. 2000$172,882-2.0 2001$181,6525.1% 2002$181,353-0.2% 2003$183,9321.4% 2004$191,8804.3% 2005$217,83713.5% 2006$258,55518.7% 2007$293,47613.5% 2008$289,481-1.4%

7. Real Estate Values and Property Tax Revenue Housing Property Values (1) SLC Less Downside Exposure Due to Large Inventory of Apartments. (2) Location Advantage Protects Value. (3) Impact of Foreclosures Unknown. Commercial Property Values (1) Significant Tax Base in Commercial; Less Vulnerable to Decline in Value. (2) Location Advantage Protects Value.

8. Permits Issued for New Dwelling Units in Salt Lake City Source: Bureau of Economic and Business Research, University of Utah