Congratulations to our fantastic staff for an amazing showing in the 2022 Utah Society of Professional Journalists contest. Deseret News took home the Best Newspaper - Division A as well as 75 other awards. Here are some of the highlights from our team:
Is the West’s pandemic housing high over? This Utah market just saw the nation’s largest share of price cuts
What's happening: The red-hot U.S. housing market has been on a steep upward trajectory for quite some time, making for a true seller's market. But as with most things, what goes up, must come down. Utah has experienced drastic sales price increases and a highly competitive market in the last year, but now the local housing market is seeing the tell-tale signs of a cool down.
The data: According to Redfin, nearly half of all home sellers in Provo dropped their asking prices last month, all while mortgage rates rose above 5%. In their research, Redfin noted that the Provo regional market saw the highest share of listing price drops in May out of the 108 metros it analyzed.
Looking ahead: As Fortune put it, "if a regional housing market sees a huge uptick in price cuts, it usually means things are beginning to cool down. That's exactly what we're seeing now."
My colleague Katie McKellar has been following the ups and downs of the housing market, on both the local and national scales. I recommend her reporting to get caught up on key developments!
Read more about how Utah's housing markets compare to others.
What's happening: An amended version of Sen. Mike Lee's FORMULA Act made it through the Senate this week, a bill that's aimed at addressing the baby formula shortage that has plagued families throughout the U.S.
The act's name is an acronym for "Fixing Our Regulatory Mayhem Upsetting Little Americans," and Sen. Lee said that the bill focuses on “systemic weaknesses in this vital supply chain."
Looking ahead: "The modified bill will lift tariffs on importation of baby formula for 90 days and reduce the costs retailers pay in trying to keep their shelves stocked during that time," my colleague Lois Collins writes.
The primary end goal of the bill is to ensure baby formula is more accessible to parents, both from a cost and availability perspective. “This bill will make baby formula more affordable and more available for American families struggling to feed their hungry babies," Lee said.
Read more on the details of the shortage and the FORMULA Act.
More in Politics
Under Supreme Court ruling, police can't be sued for not giving Miranda warning (Deseret News)
What a Utah lawmaker wants to do about campaign signs on public property (Deseret News)
Biden administration to study eligibility of transgender students to play sports (USN)
These Republicans sought a pardon for their role in Jan. 6, committee says (Deseret News)
FROM OUR SPONSOR CHRIS STEWART FOR CONGRESS
Chris Stewart is fighting the tough fights
Utah's values are rooted in honor, duty, and service to God and country. With all its exceptional values, Utah needs exceptional leadership. Chris Stewart considers it his honor and duty to serve the exceptional people of Utah. Learn more about Chris Stewart's personal creed at stewartforutah.com.
Health
Polio virus in London sewage puts U.K. on high alert (Deseret News)
Moderna says new booster strongly targets Omicron variants (Deseret News)
Faith
8 church history insights to learn from the latest volume of the Joseph Smith Papers (Deseret News)
People are not allowed to display religious symbols in public schools in France. Why does that include the burkini? (Deseret News)
Economy
JPMorgan lays off hundreds, citing ‘cyclical changes’ in housing mortgage market (Deseret News)
Netflix lays off 300 employees as bad year continues to hit company (CNN)
Job market power is swinging back to employers (Axios)
Business
What’s the ‘major shift’ in Utah’s bid for the 2030 Olympics? (Deseret News)
Education
Dartmouth College to eliminate student loans from financial aid packages (Deseret News)
What U. President Taylor Randall hopes to learn about the Great Salt Lake (Deseret News)
Environment
Poll: 3 in 4 Americans ignore evacuation orders for disasters, weather (Deseret News)
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