There are currently 8,551 residential homes for sale in the United States.. 27.7% of homes sold above the asking price. Although predicting the future is always an exercise of caution, it is unlikely that the Utah housing market will collapse in 2023. The demand is causing local buyers to cut corners by foregoing home inspections and appraisal contingencies just to beat the competition. Year over year, prices rose in four markets but pulled back in the other three. While interest rates remain high, the coming year will likely see continued cooling of the housing market in Utah; however, lack of supply will buffer most markets. Even during the 2008 Recession, Utah felt the pain but, comparatively speaking, suffered a less deep economic hit. I am not concerned by this and expect the market to moderate as it comes to terms with higher financing costs. Alfred is a content writer with years of experience writing about the US housing market. Even with todays rising mortgage rates, it will continue to be the time to buy a house in Utah. It completely snowballed out of control., That $4,200 monthly payment would have been for a home on the very upper end of his budget, Branca said, and never one that I was actually considering, but certainly one that I should have been able to consider. Additionally, both Wood and Eskic predict Utahs estimated 31,000-unit housing shortage will continue to keep home prices high, even if the state sees some price drops, so they expect Utahs housing affordability crisis to remain a persistent issue that is pricing out more than 75% of Utahns from affording the states median-priced home. Difference Since Last Month -$ 20,090 ( -3.7%) Key Takeaway The list price of homes in Saint George has decreased by 3.7% since December. Book an appointment today. He has a background in sales and marketing and construction as a Project Superintendent. Over the next 12 to 18 months, Eskic said he expects homebuilders to offer big discounts. Not necessarily dramatic price drops, but more buyer incentives and rate buydowns, perhaps offers to finish basements. However, as the Federal Reserve Bank started using its economic power to fight back against inflation, which has reached a forty-year high, by increasing interest rates, the Utah housing market is beginning to show signs of a significant slowing down. This gives us a 23.7% combined overall growth rate This projected growth puts them ahead of other booming markets like Boise City ID, Spokane WA, and Indianapolis IN. While at the beginning of the year, homebuyers could purchase a home at an interest rate of around 3%, currently borrowers are looking at more than 7%. Months supply of inventory: 3 - up from 1 in September 2021. In January 2023, there were 8,551 homes for sale in Utah, up 81.9% year over year. Sign In. Average home value: $562,693. price indicates that the housing market is competitive and bidding wars are becoming more common. The direction and pace at which home prices are changing are indicators of the strength of the housing market and. Sales fell across the board compared to both the fourth quarter of 2021 and the third quarter of 2022. Branca said hes struck by how wild todays home buying reality is. 2024 will be better, Jim Wood, one of Utahs leading housing experts, told the crowd gathered at the Grand America Hotel in Salt Lake City for the Salt Lake Board of Realtors 2023 housing forecast Friday. The following analysis of select counties of the Utah real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. Woods research colleague at the Kem C. Gardner Institute , Dejan Eskic, is more bearish, predicting Utah home prices will drop 9% year over year in 2023. Median List Price By Bedroom Count Median List Price Compared To Nearby Cities Preston was born in Provo, Utah, and raised in Spanish Fork, Utah. He plans to revisit the possibility maybe in another year or two, depending on what happens. But Wood is more bullish than Eskic. The Ha read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! This trend continued through the pandemic resulting in record-high home prices and rental rate growth. If the agent you hired through FastExpert does not perform up to your expectations, we will help resolve the problem. With rates hitting record lows of 2%, things are about to change in 2022 as recent trends on 30-year fixed mortgages have already come very close to 3%. The fi read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! Inventory is on its way up, with 13,795 homes for sale in September 2022, 25,3% more than the previous year. That's a new high and a 28% jump from the median price of $430,000 in the same time period from 2020. Home sales: 3,219 26.7% less than a year ago. But high mortgage rates, some weeks hovering over 7%, did trigger a type of collapse in demand and sales. However, despite the increased inventory in the past months, there were only three months of housing supply available in September 2022, still a long shot away from the five to six months required for a balanced market. However, there is no denying that the rapid increase in interest rates, with more likely in the work before inflation reaches a targeted rate of 2%, has significantly affected it. According to September 2022 data, some of the key market stats for the Utah housing market appear as follows: As in many other places across the country, Utah home prices have increased faster than usual in the aftermath of the COVID-19 outbreak. Even as mortgage rates in recent weeks have ticked down slightly, economists are expecting higher rates to continue to dampen sales throughout 2023. Their goal is mainly to make a profit from investing in real estate but each of them has different approaches and strategies to achieve their goals. Even before COVID swept across the world, the Utah housing market was already out of reach for 63% of renter households. 1 housing market in the nation for 2022. They didnt go down.. It would be a huge understatement to say that it has upended the way we do things in the real estate industry and has caused some major disruptions and setbacks in many peoples plans. However, prices are still significantly higher and homes are selling faster compared to 2019 pre-pandemic levels, noted Daniel Hale, Realtor.coms chief economist. Sellers could no longer do whatever they wanted, Perry said, and suddenly buyers had more options at least those who could still afford to buy. However, because of the growing number of migrants in the state, Utah is now faced with what experts say is a severe imbalance in its housing market. And due to Utah being a robust economic powerhouse, this state will be poised for the quickest and most powerful market shift back to an unbalanced sellers market. Updated January 2023: By searching, you agree to the Terms of Use, andPrivacy Policy. Since the pandemic began, housing prices in the Beehive State have skyrocketed to the point that more than 50% of households can no longer afford to buy median-priced properties in the state. To Eskic, 2022 was the year of the Fed. In his mind, it was a federal miscalculation to raise borrowing rates so high and so fast after two runaway years. Therefore, experts expect that Utah home prices will slow down their staggering growth and may decline in some areas. Branca said if someone like him is struggling to buy, he cant imagine what its like for people living on lower incomes. Site Map | FastExpert, inc. 2021. This would place . There were 73 homes sold in December this . The good news for buyers who are prepared to take on high mortgage rates is that they no longer face the fierce competition of early 2022. Given the Utah housing market forecast 2022, here are the top real estate markets any wise investor can add to their real estate portfolio. Windermere Search AppSite Map, 2023 Windermere Real Estate Services Company / All rights reserved / Terms/Privacy / Feedback / Site Map. Neither Wood nor Eskic are predicting a catastrophic, 2007-like crash that sent the global economy tumbling into the Great Recession. Next came Sacramento, Las Vegas, Phoenix, and Tampa. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. And it looks like that trend is not going to end any time soon. Historical Utah real estate data and trends are included below the latest update. Imagine earning over $100,000 a year and being qualified to buy a half-million-dollar home but still not being able to swing it. The Utah housing market is amid a major shift. Utah Housing Market- Trends and Predictions for 2022, Preston Hicks Real Estate Group - JMG Utah, What does exclusive right to sell mean? So from that affordability perspective, I think its going to keep the market from accelerating back to have a more positive price appreciation., Wood said thats a good point, but added the 70s and early 80s saw interest rates that hit as high as 18%. Thats the story of 2022. Lake Powell can drop your jaw around every bend of the gorgeous reservoir with 200-foot cliffs. The beautiful Rocky Mountains are our backyard, giving us an unlimited opportunity for outdoor experiences of any kind! I dont think were going to get a recession now, in Utah., Eskic, smiling, said he and Wood should make a bet on stage. In December 2022, Cache County home prices were up 2.1% compared to last year, selling for a median price of $444K. Scotty Fletcher, left, and his partner Joseph Branca hang out in their living room in the apartment they rent in Salt Lake City on Thursday, Dec. 29, 2022. Half a million people from one state alone. Search and compare real estate agents near you. This was down 45% compared to the same period the previous year and down 27.8% compared to the third quarter of 2022. Median home price: $533,500 a 5.6% Y.o.Y. If inflation continues to fall, as I expect it will, rates will continue to drop. A realty sign at a property in the Salt Lake City on Friday, Jan. 6, 2023. The number of newly listed homes was 1,954 and up 1.4% year over year. . Price forecasts for this year (are) somewhat uncertain, Lawrence Yun, chief economist for the National Association of Realtors, told the Salt Lake Board of Realtors crowd on Friday. He's predicting Utah home prices will drop 9% year over year in 2023. The Utah housing market has experienced consistent growth in real estate throughout the past five years, but it started to take off in mid-2020. In many respects it will be an uphill journey given. Although mortgage rates are expected to rise, the increase will be modest. We could see this start to decrease as the inventory of houses is higher than almost any other month in 2022 (9,387 for September) and the number of days homes are sitting on the market grew from 30 in August to 39 in September according to the real estate website, Redfin. For further information about the housing market in your area, please dont hesitate to contact your Windermere Real Estate agent. Windermere Living Then everything changed. Hes employed as a professional actor and director of marketing and advertising at Hale Center Theater Orem, as well as director of communications at the Salt Lake Acting Company. Months supply of inventory: 3 up from 1 in September 2021. These factors positioned Utah in the top spot on the Bankrate Housing Heat Index. Love hunting, fishing, or anything outdoors? The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Theres going to be a terrible consolidation, he said, though he added he believes ultimately itll be good for the industry., In 2020 and 2021, when Congress was writing COVID-19 stimulus checks, Kelman said real estate diversified in an interesting way because those stimulus checks allowed people to experiment with real estate.. Utah may be the 13th-largest state in the country by area, but it is also the 11th-least densely populated. Hes predicting Utahs home prices will only experience minor blips that will stabilize into the green after only a few quarters. Utah Housing Market Forecast, What To Look For In 2022 The housing market in 2021 made the "American dream" feel more and more out of reach for a lot of people. All Rights Reserved, The great housing market reset of 2022: The year the Fed had no mercy, U.S. navigating pandemic housing bubble, Fed chairman says. Homes that sold above list price likely received multiple offers. Housing prices have skyrocketed so much, now more than half of Utah's households are unable to afford the state's median priced home, which for single-family homes was $460,000 in 2021. It will test their mettle and resolve as it will be an exercise in decision-making and patience. About Us whether homes are becoming more or less affordable. The top 5 states homebuyers searched to move to were Florida, Texas, Tennessee, Arizona, and South Carolina while California, New York, District Of Columbia, Illinois, and Massachusetts were the top 5 states homebuyers searched to move from. The question is, how far will that correction run and what will it mean for home prices in 2023? Economists, consulting firms and other experts all have varying forecasts when it comes to the degree to which home prices will constrict. To ensure a good return on investment, we encourage real estate investors to perform their due diligence and seek out the help of local Utah real estate professionals. One will often find him drawing, doing toy photography, or dabbling in other geeky stuff when he's not helping investors make smarter decisions. In addition, Utahs median listing price is 36% more than homes across the United States. Utah Home Sales In the final quarter of 2022, 5,145 homes sold in the areas covered by this report. Historically low-interest rates, job growth, and pandemic conditions made Utah a highly attractive state for both homebuyers and investors. And to Branca, that meant home ownership became completely inaccessible.. But what about the increase in interest rates? Inflation is outpacing most salaries, decreasing the value of the dollar. The home was 2,500 square feet, four bedrooms, two and a half bathrooms, sat on a quarter acre lot, and they lived well within their means on a $1,000 a month mortgage payment. Doing read more, Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! Half of the country may experience small price gains, while the other half may see slight price declines., Copyright 2023 Deseret News Publishing Company. The ongoing upward movement of median home prices is caused by buyer competition and great urgency to acquire property ahead of rising interest rates. One of the many reasons, and perhaps one of the most important reasons folks are moving to Utah, is because this great state boasts one of the strongest economies and job markets in the Nation. The discussion between Eskic and Wood was moderated by Clark Ivory, CEO of Ivory Homes, which is Utahs largest homebuilder. This would place . What is the housing market like in Cache County today? As a result, average days on market have increased, and sellers are becoming more open to negotiation. Branca, 30, knew he wanted to buy somewhere in Salt Lake County so hed have a reasonable commute to work. Like, they were not outrageous houses or homes that would have been that (price) five or 10 years ago.. It would slow, but it wouldnt be stopped like it is now.. They also anticipate prices to grow 8.5% and sales to grow 15.2%. For the average mortgage, the difference translates into approximately a $1000 difference for a similar home, representing tens of thousands of dollars over the life of the loan. Housing market predictions for 2023 vary, depending on the regional market and who you talk to, but no one is predicting a stellar year for buyers or sellers and certainly not for homebuilders. Sales fell across the board compared to both the fourth quarter of 2021 and the third quarter of 2022. They also anticipate prices to grow 8.5% and sales to grow 15.2%. Median List Price $524,900 $285/sqft Based on all homes listed in January 2023. of $518,200. The flood of new residents that started in 2020 has not slowed due to low unemployment rates, low taxes, and affordable housing. After a long, over two-year frenzy, Perry said buyers had more breathing room to negotiate prices and complete their due diligence. Therefore, Wood is predicting a couple of quarters in 2023, with home prices likely the most vulnerable in the first and second quarter of the year. The number of days on the market had also increased sharply at 39 median D.o.M., compared to 15 the previous year, further indicating that the days when properties were being snatched off the market as soon as they were listed are long gone. When you look around at those who are not in as comfortable of a position, well, what options do they have at all?. We dont have that.. By April, mortgage rates had begun shooting up. So (many have) stopped new construction and consequently weve seen new production just fall off, Wood said. After the next seven months, the median price. Home > Blog > Market News & Trends > Utah Housing Market- Trends and Predictions for 2022. Along with his love of family, he has a very strong competitive spirit, is passionate about personal development, and truly cares for others. The market was suddenly plunged into ice cold water when the Federal Reserves war with record levels of inflation sent mortgage rates skyward, and the mask that helped drive home prices so high suddenly lifted. The cops came and busted everyone.. In early 2022, momentum was slowing from 2021, but then the faucet just got turned off., 2021 was on fire, and in 2022 its an empty concert hall, he said. If one were to understand what the Utah housing market forecast 2022 is implying here is that renters are facing bigger challenges of acquiring their own properties. Sellers are reducing prices as homes stay on the market longer. Use analytics to nd lucrative traditional or Airbnb properties in a matter of minutes. When he first started looking in November 2021 and into early 2022, Salt Lake Countys median single-family home price had hit $580,000, up 24% from a year earlier, according to the Salt Lake Board of Realtors. Colorado Data Nationwide, 25% of homebuyers searched to move to a different metro area between Nov '22 - Jan '23. While they both agree the market is in the midst of a price correction after two years of runaway demand amid the pandemic housing frenzy, they have differing outlooks for just how deep that price correction will run next year. Earlier in 2021, Utah was considered as one of the hottest markets in the country, second only to Idaho. Prices, though theyre on a downward trajectory, are still up year over year by single-digit percentages at least for now. To be included in this dataset, a Redfin.com user Therefore, the Utah housing market is to be expected to slow down. First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. The housing market in Utah is still highly competitive since the population continues to grow, the job market remains strong, and the quality of life is high. Sign up now for a free 7-day trial and get 15% off on your subscription. Affirming this projection, Wood asserts . The average months of supply is 3 months, up 3 year over year. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. In addition, people are moving to Utah because of the family-friendly environment, high-ranking school systems, and endless outdoor activities available along with the National parks. Utah home prices remain significantly higher than the national average. By comparison, interest rates 20 years ago averaged between 6%-7%, and 1981 experienced interest rates of 16%. Even as the cost of borrowing falls, home prices in expensive markets will probably fall a bit more to compensate for rates that will likely hold above 6% until early summer. He graduated from Spanish Fork High School. It isnt easy to quantify the benefits of delaying purchasing your primary residence. In its December 2022 monthly report, Realtor.com said its monthly housing data showed a housing market thats continuing to cool, with the number of homes for sale up by 54.7% compared to the same time last year. If rates had risen to around 4.5%, the train would still go. Copyright 2023 Deseret News Publishing Company. If they hadnt been so aggressive in 2020 and 2021, wed be talking about unemployment now rather than inflation. He also noted it was really Congress that juiced the economy with so much one-time stimulus money, not the Fed. A high or growing percentage of homes selling above list. Agents receive this question at least 10 to 15 times per week. Copyright: 2023 Redfin. Utah is expected to continue its rapid growth and will need to see an increase in available housing to accommodate the incoming population. The median price of a home in the United States is currently $518,200.. Should expert forecasts be correct, the median house price will rise over $600,000 in the next 12 months. When he thinks about what his parents life was like in the same window of time in their lives, he said it blows his mind. As mortgage rates are at record highs in 20 years by 7.08%. The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics. In June 2020, the median sales price across Utah averaged $363,600 and has now jumped to $580,000. Its important to keep a tab on the housing market and current trends. The median days on the market was 70 days, up 47 year over year. The West was ground zero for the pandemic housing frenzy and has also been one of the first areas to see home listing prices getting slashed as the market corrects. If you dont see our email and have already checked your spam or junk folder, please give us a call at 1 (800) 319-0511. Or if its little more meaningful declines, a 10% decline, take advantage of those because 10 years from now youll see much better conditions.. Median home price for Salt Lake residents over the last year was $564,062. With a $105,000 annual income, Branca said he was approved to buy a $550,000 home. I dont think thats happened yet.. Connect with an Agent Love hiking, biking, or camping? The Utah housing market is poised for economic growth, continually making it a desirable place to live, bringing with it a demand for homes, straining supply, and causing prices to remain and increase in value. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. The median sale price was up 5.6% in September 2022 Y-O-Y, but the number of homes sold dropped 26.7%. He has taken his life experiences working with people and transitioned into helping families and individuals make the very best decisions when it comes to real estate. 1 housing market in the nation for 2022. Utah certainly didnt miss out on the massive property boom that spread through the country over the past year. There are currently 8,551 residential homes for sale in the United States. There were only 31.8% of homes that had price drops, up from 10.0% of homes in January last year. The main concern is there are just not enough listed properties to go around for 500,000. Looking ahead to 2023 and what it will bring to the housing market, two of Utahs leading housing experts are respectfully disagreeing with each other. REDFIN IS COMMITTED TO AND ABIDES BY THE FAIR HOUSING ACT AND EQUAL OPPORTUNITY ACT. Historically, even if the nation experiences economic troubles, Wood said Utahs strong employment economy typically makes the state resilient. READ REDFIN'S FAIR HOUSING POLICY. Peak-to-trough, with the peak being May 2022 , he expects prices to decline by a percentage somewhere in the. The counties covered by this report added more than 35,000 new jobs over the past year, which was also a growth rate of 2.6%. For September of 2022 Utah saw the median sale price remain flat compared to August and is still up almost 6% from 2021. We always have deceleration in the rate of increases as the cycle plays itself out. can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. But housing costs werent nearly as high back then, Eskic interjected. Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! It was a year in which a boiling hot housing market saw historic deterioration, as Fortune put it. Will it pop or deflate?, A U.S. housing bubble is brewing. AirDNA vs. Mashvisor: Which One Is the Better Source of Airbnb Data? Historically, brief and prolonged price declines in Utah went hand in hand with joblessness and recessions, both of which dont seem likely in the next two to three years. As of November, that figure was down to $569,000 14% lower than the May peak but still 4% higher than in November of 2021. Just to give you an idea, Utah Association of Realtors president Dave Robison said that in-migration is hugely impacting Utah real estate. Eskic has a more bearish outlook. Areas of Utah State are also referred to as Northern Utah, SLC, Wasatch Range, and Park City. The past 5 years of Utahs housing market have seen an upward trend in housing prices. Predictions include price drops, terrible consolidation, but better buyer balance, 2022 was a roller coaster year for the housing market, growing number of experts and firms are predicting U.S. home prices will fall, nations median home price ballooned by over 41%, The great reset of 2022: The year the Fed had no mercy on the housing market, U.S. navigating pandemic housing bubble, Fed chairman says. How far will they fall? Dont wait. Join Us Utah has seen a significant increase in population over the past decade, which will likely help with the influx of home listings once everyone gets used to the new lending rates. Buying read more, FastExpert, Inc is a California Licensed Broker. San Francisco was the most searched for destination among homebuyers looking to leave, followed by Los Angeles, New York, Washington and Chicago. With the market starting to change, weve seen a decrease of 25.3% in sales in the Utah housing market, and 49% of homes had price drops. Focus on the unbelievable increase you have gained over the past 10, 5, or even 2 years! With uncertainty in the economy, predictions for Utahs housing market vary greatly. This current environment allows experienced and knowledgeable agents to negotiate more seller concessions, which can help buy down the rate, giving the buyers a more affordable and competitive monthly payment. The ones who are truly making money in real estate in Utah are the investors. Joseph Branca, left, makes a drink while his partner Scotty Fletcher makes dinner at their apartment they rent in Salt Lake City on Thursday, Dec. 29, 2022. In Utah, housing prices have begun to decline, down from their peak in May, when the median sales price of Salt Lake County homes was $565,600. However, because of the stiff competition, Utahns who are looking to buy property should prepare themselves not just financially and physically but also mentally. These two organizations along with Freddie Mac and the National Association of Realtors predict that rates will steadily rise throughout 2022. The median home price has increased from $345,000 in September 2019 to $553,500 in September 2022, with a peak of $577,500 in May 2022, representing a staggering 60.43% increase in 36 months, well above the national average. Some buy-and-hold while others enter the rental market for passive income. The Utah housing market has been following similar trends as the ones observed nationwide, including a white-hot real estate market characterized by a low inventory and high demand for housing. Hed hoped for a modest single family home, a starter home to share with his partner, to at least get their foot in the door of home ownership and out of the one bedroom, one bathroom apartment theyre currently renting in Salt Lake City. When it comes to terms with higher financing costs the ones who are making. 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Options for buyers are increasing or decreasing shrinking percentage of homes sold in the United States for... The options for buyers are increasing or decreasing 105,000 annual income, branca said struck..., which is Utahs largest homebuilder all rights reserved / Terms/Privacy / Feedback / Site Map into the green only. Be the time to buy a $ 105,000 annual income, branca said someone... Are predicting a catastrophic, 2007-like crash that sent the global economy tumbling into the green after only a quarters... Eskic said he expects homebuilders to offer big discounts the beautiful Rocky Mountains are our backyard giving... Many have ) stopped new construction and consequently weve seen new production just off... # x27 ; s predicting Utah home prices is caused by buyer competition and urgency!, how far will that correction run and what will it mean for home prices is caused by competition. Between Nov '22 - Jan '23 a half-million-dollar home but still not being able swing. For further information about the US housing market was already out of reach for 63 % of renter.. Airdna vs. Mashvisor: which one is the housing market like in Cache County?. Demand is causing local buyers to cut corners by foregoing home inspections appraisal... That would have been that ( price ) five or 10 years ago free... Utah housing market is becoming less competitive trend in housing prices screen reader, camping... Came Sacramento, Las Vegas, Phoenix, and sellers are listing them had price drops, up 3 over. Seven months, up 81.9 % year over year, prices rose in four but! Website, please call Redfin Customer Support for help at 1-844-759-7732 he has a background in sales and marketing construction... Wars are becoming more common other experts all have varying forecasts when it comes to with. Powell can drop your jaw around every bend utah housing market predictions 2022 the hottest markets in.! 550,000 home 81.9 % year over year homes, which is Utahs largest homebuilder a low or shrinking percentage homes... Not going to end any time soon %, the train utah housing market predictions 2022 still.... Quarter of 2021 and the third quarter of 2022 low unemployment rates, it is now homes... It comes to the terms of Use, andPrivacy Policy not perform up your... We always have deceleration in the areas covered by this and expect the market or sold. Is COMMITTED to and ABIDES by the FAIR housing ACT and EQUAL opportunity ACT 16 % Real Estate Services /... To decline by a percentage somewhere in Salt Lake City on Friday, 6!
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