Speaking of property sales...

... have you seen the residential resale reports for Q2? Sales were slightly down statewide in Utah, although still up in Metro Salt Lake. The problem is what's happening elsewhere. Much of the market here is driven by money from sales in California, Nevada, and Arizona. All three are down precipitously. A significant part of the local gravy train has stopped running down the track. We aren't feeling it yet, but we will. All you real estate arbitragers (especially those who are my clients): get liquid.