Fair housing.

• Position: Live: RESIDENTIAL REAL ESTATE

The past three years have marked a return to normalcy in Utah's housing markets as buyers have re-emerged and owners have regained equity. The year 2014 was no exception. In fact, as of October, Utah Realtors[R] were on track to exceed the number of homes sold in 2013--making 2014 the strongest year for state real estate activity since 2006.

increasing home sales and construction starts

An improving employment forecast bodes well for the state's housing market. The department of Utah Demographic and Economic Analysis is predicting a slight drop in the Beehive State's unemployment rate for 2015 combined with growth in wages.

This momentum will likely translate into higher home sales and construction. Demographic and Economic Analysis economists are expecting a 17-percent rise in the value of state residential permits. For the United States, the National Association of Home Builders is projecting a 17-percent increase in total residential building and a 26-percent gain in single-family home construction.

Along with increases in new sales, the National Association of Realtors[R] is also forecasting a 7-percent rise in the number of existing homes sold nationally.

"The improving job market has consumers feeling more confident, and the rebound in home prices is building household wealth for homeowners and giving them the ability to sell after waiting the last few years," says Lawrence Yun, chief economist for the National Association of Realtors[R].

The increased flexibility is evident among data that tracks the amount of homeowner equity. In the past year, nearly 10,000 Utahns have gone from owing more than their homes were worth to having equity, according to CoreLogic.

"With more and more borrowers regaining equity, we expect homeownership to become an increasingly attractive option for many who have remained on the sidelines in the aftermath of the great recession," says Anand Nallathambi, president and CEO of CoreLogic. "This should provide more opportunities for people to sell their homes, purchase a different home or refinance an existing mortgage."

Home sales will also receive a boost from greater credit availability. The National Association of Realtors[R] is forecasting that tight lending standards will be transitioning to normal during 2015. That is already beginning to happen with the announcement from mortgage giants Fannie Mae and Freddie Mac that qualifying first-time buyers may be eligible for a loan with a 3 percent down...