23 February 2008 - Are you looking for a good deal on a house? If you are, you don't have to look farther than your own backyard.

That's because, according to a major U.S. business publication, Salt Lake City is the top city for "bargain house-hunters."

Forbes magazine suggests that house shoppers looking to buy at just the right moment should look at markets where "job growth is strong, foreclosures are relatively low and inventory is high."

These factors, according to the article, allow buyers to have flexibility in negotiating prices and sales terms - all amid the backdrop of a healthy economy, which means there is less risk for the buyer.

"Of the major metros in the U.S., Salt Lake City is adding jobs faster than anywhere," the Forbes article said. "The economic boom in SLC has drawn residents from all over the country … Housing supply has gone up quickly, and there hasn't been a high rate of foreclosure."

The article goes on to explain that areas like Salt Lake City and Raleigh, N.C., which took the No.2 spot, are seeing buyer's markets, not because of a lending meltdown or economic downturn, but because of overbuilding - a factor Forbes says should "balance out."

The article points out that job growth, a characteristic found in the Salt Lake market, is important because it signals that people are moving into an area and building the wealth necessary to buy a home.

Statistics from the Utah Department of Workforce Services show Utah's job growth rate in 2007 was estimated at 4.5 percent, compared to 1.3 percent nationally. In fact, in 2007 no other state in the nation experienced a growth rate that was higher than 4 percent.

What's more, state officials estimate that in 2008 employment will continue to grow at a rate of 3.2 percent.

On the foreclosure side, a recent report from RealtyTrac, an online database of foreclosure properties, said Salt Lake City foreclosures in 2007 were down nearly 17 percent from 2006, even while foreclosures increased about 79 percent nationally. A separate report by the Mortgage Bankers Association says Utah had the fifth-lowest foreclosure rate in the country during the third quarter of 2007, the most recent data available.

The Forbes article reiterates what the Utah Association of Realtors has been telling consumers over the past few months in its "Get the Facts" ad campaign: Utah has a strong, stable economy, so consumers can feel confident about buying a home here over the long-term.

In addition to the high job growth and low foreclosure numbers mentioned by Forbes, other factors that signal a strong economy - record population increases, growth in wages and incomes, and low unemployment - can also be found in Utah. For more detailed information about these statistics and Utah's economy and housing market, visit UtahHousingFacts.com.

Besides conducting your own research, it's also a good idea to work with a Realtor familiar with your market. Because market conditions can vary from one area to the next, your Realtor can help you as you work to identify good buys.

And if the Forbes article is any indication, good deals are not far away.