Sales In The Trolley District: What Is Going On?

Last year I created a chart showing sales in The Trolley District over the last decade.  I was hoping to find some pattern or be able to read local event and market turns into the chart.

I created a new chart and annotated it with what I thought were pertinent facts:

The Trolley District market has suffered some setbacks locally and more from macro-economic factors over the last 10 years.  The bottom of the trough came in 2002 with the death of the Mall in downtown.  This point market the end of Ogden's 40 year slide into economic oblivion and the beginning of a new rennaisance in economic vitality.  On top of the negative impact the Mall closing had, Utah overall was in the grip of a recession.  As time moved forward, prices bottomed out and record low interest rates spurred buying.  By 2004, loose lending prevailed and supported higher than average sales volume.  As mortgage guidelines became rediculous, sales surged in 2007.  The party ended in August 2007.  Notice the 50% drop in sales volume in just two months.

We now seem to be at a market equilibrium point based on nationalized lending and a persistent recessionary environment.  I call this the "new normal".  Ironically, Ogden economic factors are up in comparison to 2002, the last time we saw sales this low.  It just goes to show the magnitude of how the larger economic picture is affecting things.  Nevertheless, I anticipated this kind of volume for the foreseeable future.