Bustos Real Estate Blog

Tax Tips for Home Owners

2012-02-13T10:01:00.001-07:00

Buying and owning a home is a big expense -- besides the purchase price, there are the property taxes, heating and cooling costs, maintenance expenses…the list goes on. But the good news is that there are tax savings available to homeowners. Read on to find out about some of the top tax deductions and credits available to those who own a home.

Mortgage interest and points

Most homeowners can deduct the interest paid on their mortgage as an itemized deduction on Internal Revenue Service form 1040, Schedule A. (Deductions reduce your adjusted gross income when computing your taxable income.) And because mortgage interest makes up much of homeowners' monthly mortgage payments, that's a big tax break.
However, if your mortgage is more than $1 million, or your home equity loan is greater than $100,000 you may be out of luck.
The amount of your first mortgage may limit how much you can deduct for mortgage interest on your home equity loan, especially if the debt on your home is greater than your property's value. Read the Internal Revenue Service's Publication 936, Home Mortgage Interest Deduction for complete requirements and information.
If you itemize your deductions on Internal Revenue Service form 1040, Schedule A, you also may be able to deduct your mortgage points in full the year they were paid. If you are refinancing, you can, based on the number of years of the loan, deduct some of the points. Read the IRS's Tax Topic 504 - Home Mortgage Points to get all the requirements and details.

Real estate taxes

As a homeowner, you no doubt hate paying property taxes. But the good news is that real estate taxes can be claimed as an itemized deduction on Internal Revenue Service Form 1040, Schedule A. To find out how much real estate tax you've paid, check your escrow account through your lender.
For homeowners who don't have enough deductions to itemize, they can now increase their standard deduction by adding some of their property taxes to their standard amount, under a new law. Single homeowners can increase their standard deduction by as much $500 (or $1,000 for those married filing jointly). This new law will be in effect through the 2009 tax year.

Moving expenses

If you had a work-related move (say, if you landed a new job or if your employer relocated you to a new location), you may be able to deduct your moving expenses. (Use IRS Form 3903 to calculate how much you can deduct and note those expenses on Form 1040.)
To qualify for the deduction, your new job must be at least 50 miles further from your old home than your old job was. Also, you need to have worked full-time for your employer at least 39 weeks in the first 12 months after your move to your new home. Read Topic 455 -- Moving Expenses from the IRS for more information.

Capital gains tax exclusion

Imagine being able to sell your home, pocket the profits and not have to pay Uncle Sam a dime in taxes. That's the tax benefit available to homeowners as long as they've owned their home for at least five years and lived in it at least two of the five years before selling it.
Single homeowners can realize up to $250,000 tax-free in sales gain from the sale of a home, while married joint filers can see up to $500,000 tax-free in gains. Read Topic 701, "Sale of Your Home," for more information

http://www.trulia.com/guide/home_buying/getting_started/tax_tips_for_home_owners/

Home Sales to Rise 15% in 2012

2012-02-06T09:44:00.001-07:00

By James Wood
Director of the University of Utah's Bureau of Economic and Business Research

In2012, higher levels of real estate sales will be supported by favorableinterest rates and housing prices. Inaddition the Utah labor market is expected to grow by over 30,000 jobs and allsectors of the economy will expand. These conditions will lead to an improvement in home buyer confidence,which should stimulate housing demand. Over the last three years pent-up demand has been building as the weakjob market has caused households to double-up, postpone marriage andmoving. With improved conditions some ofthis pent-up demand will be released in 2012 pushing sales of single familyhomes up to 15 percent to 10,500 units. Total residential sales including condominiums, town homes and twinhomes, will also increase by about 15 percent to 12,500 units.

Points on your mortgage settlement statement: What are they?

2012-01-30T08:41:00.004-07:00

When you close on a home, you will be faced with a settlement statement. If you are taking out a mortgage to finance your home, that statement will include a mortgage settlement statement from your lender detailing the costs and fees associated with your loan. On that settlement, you'll notice something called "points." Just what are these "points?"
Lenders charge points to cover the costs of a loan. If a borrower has credit problems and is considered a risk, he or she may be charged more points than a borrower who has a better credit rating. Borrowers can also purchase points to lower the interest rate on their mortgage. These points represent additional money that a home buyer may have to pay to his lender at closing.
There are two different kinds of points: "Origination" points and "discount points."

"Origination" points

"Origination" points are fees charged to you by your lender. These points cover some of the lender's costs for preparing and submitting the loan; it's also a way for the lender to earn more money from the loan upfront.
Each point charged is 1% of the loan's total amount. So, for one point on a $100,000 loan, you pay $1,000; for two points, you pay an extra $2,000, and so on. These points may be tax deductible if they meet certain conditions. (For more on mortgage points, read "Topic 504 -- Home Mortgage Points" from the Internal Revenue Service.)

"Discount" points

"Discount" points are points that a borrower can choose to purchase (they are optional) to "buy down" the interest rate on a mortgage. While you'll have to pay more money upfront, these points save you more money over the length of the loan the longer you stay in your home.
These points are also expressed as a percentage of the total loan amount -- 1%. Therefore, a point on a $200,000 mortgage is a $2,000 fee, two points amounts to a charge of $4,000, etc.
For each point that you pay for, your lender will agree to lower the interest rate on your loan by a certain amount, usually somewhere between an eighth (.125) to a quarter (.25) of 1%. For instance, your lender may lower your interest rate from 6% to 5.75% for the cost of one point on your loan. If you purchase two points, you can have your interest rate lowered even more.
While discount points can save you money in the long run, they can add to your closing costs, and might not be worth it if you'll only own your home for a short period of time, or less than five years -- you might not save enough money in interest to cover the cost of your points.
A plus to discount mortgage points are that they also may be tax deductible. Read "Topic 504 -- Home Mortgage Points" from the Internal Revenue Service for more information.

http://www.trulia.com/guide/home_buying/getting_a_loan/points_on_your_mortgage_settlement_statement_what_are_they/

Housing Forecast

2012-01-23T11:13:00.000-07:00

Statistics reflecting fluctuations between1-20-12 and last year, 1-20-11.

Salt Lake County:

· Active: 4833 vs.6827 29% DECREASE

· Under Contract: 1404 vs.1275 10% INCREASE

· Sold last 30 days: 659 vs.690 5% INCREASE

Davis County:

· Active: 1527 vs. 2172 29%DECREASE

· Under Contract: 385 vs.352 9% INCREASE

· Sold last 30 days: 281 vs.185 52% INCREASE

The2010 Census reports that 67.3% of household in Salt Lake County arehomeowners. Historically, Utah peaked in homeownership at 68.1%. In2011, existing home sales were seven times higher than new home construction inSalt Lake County. The majority of new construction in Salt Lake Countywas dominated by higher density living i.e. twin-homes, PUD’s, etc. Until recently, the average sales price of a home in SaltLake County rarely declined. In only 10 of the past 56 years have pricesdeclined, including the four most recent years. In Utah there are currentlyabout 480,000 mortgage loans with 124,000 of these loans having a status ofnegative equity or near negative equity (within 5 percent of negative equity).The households with these loans are effectively stuck in their homes. Moving-upto a larger home is not an option for the vast majority. This has hurt demandand contributed to sluggish home sales. Traditionally, the move-up buyer hasbeen a source of significant demand for both the existing and new home markets.

Percent Change in Average Sales Price of Homes Sold inSalt Lake County

Prices will continue to facedownward pressure from REO and short sales. As 2011 ended there was no sign ofimprovement as fourth quarter prices declined by more than 10 percent. This weaknesswill linger through the first two quarters of 2012, but in the second half ofthe year prices should stabilize. The median sales price for a single-familyhome in Salt Lake County will likely drift down another 3-5 percent in 2012.

Salt Lake, Davis, Utah, & Tooele Counties are seeingdecreases in Active inventory. The local assumption based on MLSindicators and economic stats suggest the Utah market is beginning tostabilize, however, I remain suspicious due to national economic news. According to the recent reports from the NAR, there are 4 times as manyproperties in the foreclosure process than there are REO properties that arelisted. Utah trails the nation by 12-18 months in most economiccycles.

The information provided has been gathered from theSalt Lake Board of Realtors Economic Forecast: James Wood (Utah’s Bureau ofEconomic Research), NAR and the WFRMLS.

REO and Short Sales?

2012-01-17T09:11:00.002-07:00

According to Bank of America, Market and Homebuyer Insights from the third quarter of this year,

67% if consumers likely to buy a home in the next year said they would consider a bank-owned or REO transaction and 66% would consider a short sale transaction

Bank of America: Source: MBA Mortgage Finance Forecase, published September 12, 2011 http://mortgagebankers.org/files/Bulletin/InternalResource/77875_.pdf

Housing Market Perceptions

2012-01-09T08:43:00.001-07:00

According to Bank of America, Market and Homebuyer Insights from the third quarter of this year,

As of July 2011, 19% of consumers have a positive perception of th ehousing market, lower than the 24% seen in July 2010

60% of consumers have a negative perception of the housing market as of July 2011, compared to 54% in July 2010

Bank of America: Source: MBA Mortgage Finance Forecase, published September 12, 2011 http://mortgagebankers.org/files/Bulletin/InternalResource/77875_.pdf

Do I Rent or Do I Own?

2012-01-03T07:51:00.003-07:00

Check out this short YouTube video that outlines the costs associated with renting vs owning.

Utah Ranks High in 2011

2011-12-29T16:58:00.002-07:00

Utah is No. 6 on Forbes’ list of “The Best States for Jobs”

Dec. 5, 2011

Projected 5-year annual job growth: 2.4%
http://www.forbes.com/pictures/mli45ggeg/6-utah

Forbes names Utah “Best State for Business and Careers”

Nov. 22, 2011

http://www.forbes.com/sites/kurtbadenhausen/2011/11/22/the-best-states-for-business/

Salt Lake City is No. 6 on Trulia’s list of “Where Builders are Breaking Ground”

Nov. 8, 2011

Reported in U.S. News and World Report
http://www.usnews.com/news/articles/2011/11/08/where-builders-are-breaking-ground

Fiserv says Utah to have seventh-highest home price appreciation by summer

November 2011

http://cgi.money.cnn.com/tools/homepricedata/index.html?iid=EL

Utah is in the top five states for employment growth

October 2011

Reported by the Utah Department of Workforce Services
http://jobs.utah.gov/wi/press/2001press/ratecurrent.pdf

Salt Lake City is No. 3 on Builder magazine’s “Healthiest Housing Markets” list

Sept. 15, 2011

http://www.builderonline.com/local-markets/heathiest-housing-markets-mid-2011-update.aspx

Salt Lake City is No. 15 on Forbes’ list of “Top 20 Healthiest Cities”

Sept. 13, 2011

http://www.forbes.com/pictures/eigl45hfh/15-salt-lake-city-utah

Salt Lake City is No. 4 on Inman News’ “Top Markets for Real Estate Agents” list

Aug. 26, 2011

http://www.inman.com/reports/top-market-income/salt-lake-city.html

Utah cities make CNN Money’s “Best Small Towns” list

August 2011

Farmington (No. 12), North Salt Lake (No. 23), North Logan (No. 63), Lindon (No. 81) and Draper (No. 85)
http://money.cnn.com/magazines/moneymag/bplive/2011/top100/

Utah ranked No. 2 on Pollina’s “Top 10 Pro-Business States” list

August 2011

http://www.pollina.com/top10probusiness.html

More positive Utah news

http://business.utah.gov/whyutah/accolades/

Salt Lake: City No.3: Healthiest Housing Market

2011-12-19T09:11:00.001-07:00

Builder Magazine has ranked Salt Lake City the No. 3 Healthiest Housing market in the nation, moving up from last year’s previous ranking of No. 39.

According to Jonathan Smoke, executive director of research for Hanley Wood’s market Intelligence, Salt Lake City scored 88.9 points, a solid B+ based on six economic conditions that are tied to strong housing sales. Minneapolis-St. Paul tool the top spot. Fort Collins, Colo. Came in at No. 2.

The survey looked at 100 of the nation’s largest cities and considered several factors including house-price Appreciation, job growth, household growth, unemployment rates, change in unemployment rates and household median income growth. While home prices in Salt Lake City have shown steady erosion from foreclosures over the past four years, Smoke believes it’s all about to change.

Salt Lake City currently only has a 7 month supply of distressed homes, down from a 72 month supply in 2007, according to Smoke, who believes Salt Lake’s housing bottom has already come and gone.

“There’s no doubt in my mind that the conditions a year from now in Salt Lake City will be better than today,” Smoke told Salt Lake Realtor Magazine. “It starts to improve from here.”

In fact, Moody’s Analytics predicts Salt Lake City will show a 4.7 percent increase in house price appreciation in 2012. The firm also paints a glowing forecast in employment, predicting a 2.4 percent increase in new jobs in 2012 and a 10.6 percent drop in the state’s unemployment rate,

which is currently at 7.4 percent.

--by Dave Anderton

http://www.youtube.com/watch?v=gtABZYNIvIM

Forbes Again Ranks Utah #1 State for Business and Careers

2011-12-12T09:09:00.000-07:00

Utah leads the nation for second consecutive year

SALT LAKE CITY - For the second consecutive year, Forbes has awarded Utah the top spot on its annual "Best States for Business and Careers" list.

"Being again recognized by Forbes as the country's best state for business and careers is certainly an outstanding honor," said Governor Gary R. Herbert. "But it is no accident; it is the result of deliberate efforts to make Utah the most business-friendly state. While accolades are gratifying, the ultimate fruits of our labors are accelerated economic growth for our state and more jobs for Utah's citizens."

A leading publication for business leaders across America and the world, Forbes chose Utah in part because of its economic consistency. According to the magazine, Utah was the only state that ranked among the top 15 states in each of the list's six criteria: Business Costs, Labor Supply, Regulatory Environment, Economic Climate, Growth Prospects and Quality of Life.

"Because Utah is able to consistently hit the lofty goals that are the hallmark of a high-performing economy, we have continued to grow over the past year," said Spencer Eccles, executive director of the Governor's Office of Economic Development (GOED). "We have consistently added jobs to the Utah economy, while simultaneously training current and next-generation workers to fill new and in-demand positions. Our focus on jobs is a large part of why Utah is still the best state in the nation for business."

Forbes pointed to numerous factors that make Utah the country's best performing economy for the second year running. Among those factors are energy costs, which are 31 percent below the national average; a five percent tax rate, which is lower than neighboring Arizona, Idaho and New Mexico; and job growth that has increased over the past five years, compared to the country's negative trend.

The magazine also noted several recent additions and expansions to Utah's business community, including Procter & Gamble, ITT Exelis, Home Depot and Boeing - all are companies that have worked with GOED and its economic development partners to bring new jobs to the state.

"Being ranked Best State for Business by Forbes two years in a row is validation of our public and private sector working together to create an environment for economic success," said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. "This underscores what we at EDCUtah continue to hear from employers, that our two big advantages of stability and workforce are continuing to bring us the best companies in the world to employ the best workforce in the world."

For Immediate Release
November 23, 2011
Contact: Ally Isom
Deputy Chief of Staff
801.538.1503 desk
801.864.7268 cell

aisom@utah.gov

http://www.utah.gov/governor/news_media/article.html?article=6073

Stronger Lure for Prospective Home Buyers

2011-12-05T08:25:00.001-07:00

Owning Continues to Become More Affordable Relative to Renting, but Several Obstacles Prevent Many From Biting

Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number of cities.

The Wall Street Journal's third-quarter survey of housing-market conditions in 28 of the nation's largest metropolitan areas found that home values declined in all but five markets compared with the second quarter, according to data from Zillow Inc. Meanwhile, rent levels have risen briskly across the country and mortgage rates, hovering around 4%, are the lowest in six decades.

As a result, monthly mortgage payments on the median priced home—including taxes and insurance—are lower than the average rent levels in 12 metro areas, according to data compiled for The Wall Street Journal by Marcus & Millichap, a real-estate brokerage that tracked 27 metro areas. It remains less expensive to rent than to buy in 15 cities. But affordability hasn't done much to lift the sagging housing sector because many would-be buyers are unwilling to purchase a home or unable to qualify for a mortgage.

• Tough Lending Rules Curbing Housing Growth (11/17/2011)

• Mortgage Delinquencies Fall to Three Year Low (11/17/2011)

• Could the Fed's Housing Agency Default? (11/11/2011)

"It's one of the most striking developments of the housing downturn," said Paul Dales, an economist at Capital Economics. "The initial building blocks for a recovery are in place, but the legacy of the recession is really preventing households from taking advantage."

In Atlanta, which had the most favorable values for owning versus renting, the monthly payment on the average home was $539 assuming a 20% down payment during the third quarter. By contrast, the average asking rent stood at $840, according to the Marcus & Millichap data.

But real estate agents and economists say the trend hasn't boosted demand. That is because affordability alone hasn't been enough to overcome the obstacles in the way of a housing recovery. Some homeowners who would like to move up to larger properties are stuck because they can't sell their homes.

Owner's Advantage
Close

Also, while the monthly carrying costs on a mortgage are lower than average rents in some cities, home ownership carries other costs—including taxes, insurance, homeowner association dues and maintenance—which may dissuade some potential owners.

Other would-be buyers can't qualify for mortgages because lending conditions are tight or because they don't have enough equity in their current homes to use as a down payments. "The reality of coming up with the down payment and the loan-qualification standards makes things much different than the raw numbers suggest," says Hessam Nadji, managing director of Marcus & Millichap. And even those who may qualify remain skittish about buying property in a market where prices could fall amid foreclosures and weak job growth.

Ryan Young illustrates the point. He is under contract to buy a three-bedroom home in Washington Grove, Md., that will have monthly mortgage, tax, and insurance costs for around $150 less than the $1,900 he is paying to rent a slightly smaller house in Bethesda, Md. He qualified for a 30-year mortgage with a 3.95% fixed rate. Still, Mr. Young says he is cautious about owning his first home with the prospect of future price declines. "Buying a house is not a good financial decision, per se, but we needed a bigger place," said the 35-year-old scientist, "and we don't want to move every couple of years into a new rental."

Other cities where owning is now cheaper than renting include Detroit, Minneapolis, Orlando, Las Vegas, Miami, St. Louis, Chicago and Phoenix.

Monthly Costs: Rent vs. Own

Home ownership is also looking more affordable because after several years of declines, apartment rents will rise by around 4% this year, says Mr. Nadji. He says rents are poised "to pick up even more momentum across the country next year."

Even cities where it is still cheaper to rent than own have seen big boosts in affordability. In San Diego, the monthly cost of owning a home has averaged around 83% more than renting over the past two decades. During the third quarter, owning was 22% more expensive than renting, according to John Burns Real Estate Consulting.

A new development in Canonsburg, Pa. The inventory of homes on the market has fallen from levels seen a year ago, as prices and mortgage rates continued to decline.

Mortgage rates are a big reason why affordability continues to improve. In 1991, a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage. Today, it gets that homeowner a $350,000 loan, a 77% increase in borrowing power, says Dan Green, a loan officer with Waterstone Mortgage, in Cincinnati. At the same time, low mortgage rates aren't spurring sales because few analysts expect rates to rise anytime soon. The Federal Reserve in August said it would keep rates at ultralow levels for two years. In a normal interest rate cycle, "when they go low, they don't stay for very long, and people jump in," said Mr. Dales. "This time, there is no urgency."

Affordability could continue to improve as prices slide even lower in coming months. Price declines are likely because the share of "distressed" sales, including bank-owned foreclosures, tend to rise in the winter, when traditional sales activity cools. Banks are often much quicker to cut prices to unload properties quickly, which means that the greater the share of "distressed" sales, the more prices tend to fall.

One hopeful sign is that inventories have fallen from their bloated levels of one year ago. All 28 cities in The Wall Street Journal's latest survey saw homes listed for sale fall from one year ago, when markets were reeling with a substantial overhang of properties amid a big drop in demand. Visible inventory was down sharply in several markets, including by almost half in Miami and 40% in Phoenix.

Low inventories have spurred more bidding wars at the low end of the market as investors compete for homes that they can convert into rentals. In Sacramento, it would take just 2.5 months to sell the listed inventory at the current sales pace. Las Vegas has a 4.3 month supply of inventory, according to John Burns Real Estate Consulting. But the potential supply of homes is much bigger because banks have yet to process hundreds of thousands of potential foreclosures.

By Nick Timiraos
http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html?mod=wsj_share_tweet

Factoid of the Week

2011-11-28T11:06:00.001-07:00

According to Bank of America, Market and Homebuyer Insights from the third quarter of this year,

"it is anticipated that home purchases will make up about 57% of the market in 2012, up to 37% forecasted by year-end"

Bank of America: Source: MBA Mortgage Finance Forecase, published September 12, 2011 http://mortgagebankers.org/files/Bulletin/InternalResource/77875_.pdf

What to Expect at Closing

2011-11-21T13:51:00.001-07:00

You've survived house hunting and the bidding and negotiating on your new home, and now it's time to make it yours. But to do so, you have to sit down with various people, which may include the seller, your real estate agent, title and mortgage company officials and possibly your attorney at what's known in real estate lingo as the "closing table."

At closing, you will close on the purchase of your new home, and if you are taking out a mortgage, on your home loan, as well. The whole process may take about an hour. Here's what's expected of you:

Complete the walkthrough

Before the actual closing, you'll most likely have the opportunity to perform a walkthrough of the property and confirm that the condition of the home is as it should be, as specified in the sales contract.

Bring enough cash

At closing, you'll be paying for your share of the closing costs, and will be bringing the down payment, so be sure to bring a certified check or a cashier's check. Your lender will provide a lender's check for the remaining balance that's due on the home.

Your HUD Uniform Settlement Statement (which both you and the seller will sign) will detail the closing costs (plus all the monies involved in the transaction), as well as who is expected to pay them.

Show id

You will also be required to show proof of your identification, such as your driver's license or passport.

Proof of insurance

Bring a copy of and proof of payment for your homeowner's insurance, plus your flood insurance policy, if you have one. Your lender may want to review these before allowing you to close on the home.

Sign on the dotted line

To transfer ownership of the home, both the buyer and seller will be required to sign several documents.

You may be required to review and sign the purchase agreement, a promissory note for your loan, mortgage documents, title documents, the settlement statement and the truth in lending statement (which will outline the costs of your loan, your payment schedule and amount financed), while the seller will also sign the settlement sheet -- and, importantly -- the deed to the home to transfer ownership of the property to you. Copies of these documents will be filed at the county recorder's office, but be sure to keep your own copies as well.

Take the keys!

Once all the necessary paperwork is completed and everything is in order, you will be given keys to the home. While you will no doubt immediately change the locks upon moving in, the keys are the final sign that the home is indeed yours.

Taken From:
http://www.trulia.com/guide/home_buying/close_the_purchase/what_to_expect_at_closing/

Foreclosure Definitions and Terms

2011-11-14T10:44:00.001-07:00

Learn more about common definitions and terms used throughout the foreclosure process by mortgage lenders, investors, and real estate professionals.

Notice of Default (NOD): The initial document (non-judicial) filed by a trustee that starts the foreclosure process, usually after the occurrence of a default under the deed of trust, or mortgage. Both LIS and NOD are part of the PRE-foreclosure process.

Lis Pendens (LIS): Notification of pending lawsuit. The initial document (judicial) filed by an attorney or trustee that starts the foreclosure process after the occurrence of default under the deed of trust or mortgage. Both LIS and NOD are part of the PRE-foreclosure process.

Notice of Trustee's Sale (NTS): A filing by notice announcing a public auction.

Notice (Judgment) of Foreclosure Sale (NFS): An order signed by a judge, directing a "Notice of Sale" be published and that a referee (trustee) sell the property at public auction.

Real Estate Owned (REO): "Real Estate Owned" by the lender; the final step in foreclosure process. This document conveys property ownership back to lender.

Government-Owned (GOV): A foreclosed property offered for sale by the government. When a property purchased with a federally insured mortgage (i.e., FHA, VA) is foreclosed by the lender, the federal government pays the lender what is owed, takes possession of the property, and offers the property for sale.
Foreclosure: A legal procedure by which mortgaged property is sold, upon default, in order to satisfy a debt. Foreclosures generally are governed by state law, and rules may vary among states.

Deed of Trust: A type of security instrument where the borrower conveys the property's title to a third party (trustee) to be held "in trust" as security for the note.

Mortgage: A conveyance of an interest in real property, given as security for the payment of a debt. An agreement between two parties: borrower and lender.

Assignment of Deed of Trust or Mortgage: Assumption by a purchaser of liability for payment of an existing mortgage, or deed of trust. May or may not be accompanied by a release of liability of the original borrower.

Novation: The substitution of a new contract between the same, or different parties; a substitution, by mutual agreement, of one debtor for another, or one creditor for another. The result is that the old contract is extinguished, and a new contract is created, usually with the same content, but with at least one different party.

Declaration of Default: A document instructing the trustee (usually appointed by a bank) to prepare and record a Notice of Default (NOD), and if necessary, to sell the property at auction in order to satisfy the unpaid obligation or lien.

Full Reconveyance: A document prepared by a trustee, when an obligation secured by a deed of trust, or mortgage, is paid back in full. Once recorded, this reconveyance eliminates the lien from the property's title.

Junior Lien: A legal claim upon real property recorded subsequent to (after) another claim or legal obligation (for example, a senior lien would have priority in most cases).

Postponement: A verbal announcement made at the time and location of the scheduled trustee's sale, resetting the auction for a later date.

Publication Letter: A letter, when signed by the beneficiary (lender), authorizing the trustee to prepare, publish and record the Notice of Trustee's Sale (notice of auction).

Publication Period: A period beginning at the expiration of the default period, and ending when the trustee's sale has been conducted. During the publication period, the Notice of Trustee's Sale is published, posted and recorded.

Recession of Notice of Default: After an amount in default has been cured, or paid-back, this document, when signed by the lender and recorded by the trustee, removes the burden of the previously recorded Notice of Default.

Reinstatement Period: The time period beginning when the Notice of Default is recorded, and ending five business days before the trustee's auction sale. The default may be cured, or paid-back, at any time during this period by paying all delinquent amounts, including the trustee's fees and costs.

The information above was gathered from sources deemed reliable and is intended for informational purposes only. Please consult official assessment records. State and county terms and policies may vary so consult your local bylaws.

Taken From:
http://www.trulia.com/guide/foreclosure/foreclosure_basics/foreclosure_definitions_and_terms/

Happy (early) Thanksgiving!

2011-11-07T09:56:00.000-07:00

It's that time of year again! Time for our 16th Annual Pie Event! Look for your invitations in the mail this week. We have a great selection of pies from our neighborhood Kneaders Bakery & Cafe. And guess what? We are going to throw in something new this year! Some tastey Kneaders soft rolls! Believe me, you will be going home with some heavy items, both in weight and in quality! And don't forget, you MUST make your pie reservation online at www.williambustos.com/pieEvent .

Happy Thanksgiving! Thank you for your continued support. We hope to see you there!

How Much Can You Afford for a Home?

2011-10-31T11:12:00.000-06:00

How much you can afford is a main concern, if not the biggest question you'll have, when you begin shopping for a new home. If you are looking to buy a home, these steps will help you determine just how much you can spend on a home.

Calculate the mortgage payment
It's most likely that you'll need to take out a mortgage to buy a home - few buyers purchase a home completely with cash. If you'll be taking out a mortgage, use an online mortgage calculator like the one at Trulia to estimate how much your mortgage payments will be by typing in values like the price of the property, what percentage of the price you plan to pay in a down payment (e.g., $40,000 for a 20 percent down payment on a $200,000 home), the dollar amount of your loan, its annual interest rate, and private mortgage insurance, if any.
Visit a mortgage lender
Get pre-qualified for a mortgage loan, and if you can, get estimates from several lenders. The lender(s) will tell you how much you'll be able to finance through a loan and what your monthly payments will be. When you begin your home shopping in earnest, get pre-approved by a lender. When you are pre-approved by a lender, it means that the lender has agreed to lend you a specified amount under certain conditions (length of the loan, interest rate, etc.) This agreement gives you a definite idea of how much you are able to borrow.
Calculate your monthly housing costs
Once your know how much your monthly mortgage payment will be, calculate your monthly housing costs, which will include your mortgage payments, property taxes and homeowner's insurance. Ideally, these costs shouldn't exceed 28 percent of your gross income. To pad your estimations to cover any unforeseen expenses, you may want to try not to exceed 28 percent of your take-home pay (which is lower than your gross income) -- instead of basing your calculations on your income before taxes. So, if your monthly income is $5,000 after taxes, you could aim to keep your total monthly housing costs at about $1,400 a month ($5,000 x .28=$1,400).
Consider your debt
Take stock of your debt including car loans, student loans and credit cards -- and try to keep your total debt, or your debt to income ratio (including your mortgage debt) to no more than 36 percent of your gross income. (For more leeway, base your calculations on your net, or your after-tax pay.) So, with a take-home pay of $5,000, you may want to aim for a total debt of no more than $1,800 a month. ($5,000 x .36 =$1,800).
Factor in general expenses
This includes how much you may have to spend per month to heat, cool and maintain your new home (including cleaning and lawn services if you plan to use those), plus monthly commuting, food and entertainment costs. The amount you spend on these items per month will leave you with less income to put toward mortgage payments.
Determine the closing costs
Don't forget that you'll have to pay about 2 to 5 percent of your home's purchase price in closing costs (for a home inspection, lawyer's fees and discount loan points), so subtract this amount when calculating how much money you'll have for a down payment. (E.g., for a $100,000 home, you may have to pay $2,000 to $5,000 in closing costs.)
Don't leave yourself "house poor"
You'll want to have some savings on hand to pay for any decorating, furniture or fixes for your home. If you don't save extra cash for these items, you might find yourself sitting on the floor in your new house for quite some time. Ouch.

http://www.trulia.com/guide/home_buying/getting_a_loan/how_much_can_you_afford_for_a_home/

Ghouls Just Wanna Have Fun!

2011-10-26T16:58:00.002-06:00

Don't forget to visit these great Halloween activities before they're gone! There are many things going on around town. Go out, be safe, and have a lot of fun!

The Best Haunted Houses:

Strangling Brothers Haunted Circus, Draper, 98 East13800 So.

M-Th 7:30pm - 10pm, F-Sat. 7:30pm - 12am
Wait! Get coupons online@ www.stranglingbros.com

Castle of Chaos, SLC, 3300 So. 120 West

M-Th7:30-10pm, F-Sat 7:00-2
Phone: (801) 461-4444

Gardner Village, Midvale, 1100W. 7800 S.

Phone: (801) 566-0917
www.gardnervillage.com

Hogle Zoo, SLC, 2600 E. Sunnyside

Phone: (801) 582-1631
www.hoglezoo.org

"Enchanted Evening Explorations,"10/20-10/29. 7:30-9:30p
"Boo at the Zoo," 10/29. 9am-3p

Nightmare Mansion, SLC, 5600 S. Redwood

M-Th7:30-10pm, F-Sat., 7:30-12

801-461-4444
Wait! Get coupons online @ www.castleofchaos.com

Nightmare on 13th, SLC, 300W. 1300 S.

(801) 467-8100
M-Th, 7:30-10pm, F-Sat. 7:30-12

Wait! Get coupons online @ www.nightmareon13th.com

This is the Place State Park, SLC, 2601 E. SunnysideAve.

www.thisistheplace.org
Phone: (801) 582-1847

"Haunted Village" (10/12-10/31) M-Th7-10pm, F-Sat. 7-11pm

MALL TRICK OR TREATING - Valley Fair Mall801-969-6211 10/31 5pm-7pm

Check out these great corn mazes! Watch out, there will be a "bump in the night!"

Cornbelly's Maze & Pumpkin Fest, ThanksgivingPoint, Lehi

M-Th 4-10pm, F-Sat 3-11:30pm

Crazy Corn Maze, 8800S. 4000 West, West Jordan

M-Th 6-10pm, Fri 6-11:30pm, Sat. 3-11:30pm
Phone: (801) 569-2356

How to Pick the Right Moving Company

2011-10-25T16:01:00.001-06:00

Moving is overwhelming enough even without the stress of finding a trustworthy moving company to handle all of your worldly possessions.
However, if you follow a few simple guidelines, you'll be a long way toward finding a quality mover - the first three in this list are by far the most important; follow these tips and you'll weed out 80% of the lousy moving companies.

Get in-home visual estimates.
The moving companies should see exactly what needs to be moved so they can give you accurate quotes. If you complete an inventory over the phone or on the internet, you will invariably miss things, which will affect your ultimate moving costs - and you don't want to spend your moving day bickering over the final price.
Get several estimates from moving companies
This will give you a good idea of a going rate. Don't go with the first mover you like, and definitely avoid the movers that are much cheaper than the others. Which brings us to...
Don't fall for the low-ball quote
After you have several quotes in hand, only consider those in the same range as the others.
Here's what happens with a low-ball quote: on moving day the movers say the inventory was wrong and you have more stuff than was estimated, or they charge you for a bunch of packing materials that other companies either include for free (like moving blankets), or use sparingly (gobs of tape for closing a box, at $6 a roll - trust us, this adds up).
Before you know it, the charges add up to at least as much, or more, than you would have paid had you gone with one of the other movers you looked at.
Choose a mover with a local presence.
Whether it's a locally owned company or an agent of the major van lines, they'll be more likely to come out to your home for a visual estimate, and you'll be able to visit their offices to ensure that they look professional. And keep in mind that if you're moving locally, dealing with a local mover will make it easier to handle any damage complaints after the move.
Check the mover's licensing
If you're moving intrastate, check with your local state authority about how your state regulates movers. If you're moving between states, check with the Department of Transportation. Here's how to check out your interstate moving company.
Check with the Better Business Bureau for numerous unresolved complaints about a mover
Also, ask for references (business referrals can be more reliable than personal referrals because they often engage in repeat business with the company), and go online and search for the moving company's name and 'reviews.'
When the movers visit your home to give you a visual estimate, ask questions
Make sure that you are comfortable with the answers to these important questions. You want to feel that the movers aren't just saying what you want to hear to win your business - there's a good bet that those who do so won't do a good job for you.
Common things to watch for:
- Those that promise to deliver your things exactly when you want them. You should be given a window for when your items will be delivered, because precise delivery dates are beyond the control of most moving companies.
- Movers that don't explain your moving insurance options very well. Even if you don't want insurance, you should at least have a good idea of what it is before you turn it down - it can be confusing.
- Is the mover willing to match any ridiculously low price from other movers? If so, you'll probably face more charges later.

http://www.trulia.com/guide/home_buying/plan_your_move/how_to_pick_the_right_moving_company/

10 Tips to find the perfect home

2011-10-11T09:10:00.000-06:00

Now that you're ready to purchase a place, you want to make sure it's the right one for you. Follow these tips to find a home that's a perfect fit for you:

10 Tips to find the perfect home

Go for the long haul
When looking for a home, search for one that you could see yourself living in for several years -- at least five to seven years is ideal. Buying -- and moving -- to a new home takes a lot of time and effort, and can add up significantly in closing and moving costs, etc. Staying in place longer will help you avoid those added expenses. Plus, the extra time spent in your home could be just enough to help you ride out a downturn in the real estate market.
Leave room to grow
Aim for a home that can adapt to your needs as your life changes, say, if you have a new baby, or Junior moves back in after college. If you can't afford a place that's large enough to meet your anticipated future needs now, look for one that will allow you to build on later on.
Be flexible
Consider a place with rooms that can serve multiple functions, so the home remains highly functional for you through the years. For example, an open-floor-plan-style home is very adaptable. A kitchen that overlooks a family room is helpful when one's children are young (you can cook while watching the kids), while such a kitchen is also great for entertaining your friends once the kids leave the roost.
Go for your type
Think about what style of home fits you best -- house, condo, townhome, etc. -- they're not one size fits all. For example, a single-family home -- which sits on its own lot and must be maintained by the homeowner -- may be great for a person seeking privacy, but not so wonderful for somebody who doesn't want to worry about mowing the lawn, fixing the plumbing, etc. Meanwhile, a condo might be perfect for somebody who wants a "lock 'n' leave" lifestyle, but not for somebody who doesn't like sharing a wall with his neighbors.
Check the surroundings
When you purchase a home, you not only get a house, you also buy into a neighborhood. Think about whether that neighborhood will suit you. Sure, you might love the house itself, but will the loud neighbors next door or the school across the street become too bothersome for you? Also, do you like the feel of the neighborhood and does it offer everything you need? It's best to find a place in a community that you'll enjoy.
Buy what you can afford
It's easy to shoot for the sky and overspend when buying a home -- you understandably want the best your money can buy. Examine your finances, keeping in mind current and future expenses, and don't exceed your means. It's smarter to buy a home you can easily afford than one you have to stretch to get into. Stay down to earth, and you'll be better prepared should unexpected financial commitments and problems arise later down the road.
Think "home" first
When purchasing a home, don't imagine the dollar signs you'll see the day you sell it. A home is just that -- primarily a "home," and not an investment. So, buy a place that'd be great to live in first and think about its resale value second. Predicting real estate cycles and home appreciation is tough enough for the experts -- and much more for the average home buyer. Plus, while home renovations tend to add value to a residence, they rarely recoup more than what was spent on them.
Look at both old and new
It's nice to move into a place that's brand-new. But, new isn't always better. Consider both old and new. While you might not like a previous homeowner's decorating decisions, you might like the owner-installed upgrades -- like a finished basement and a backyard deck -- that a new home might not have.
Location, location
You've heard this tip before, but a home's location does matter. A house that's located on a busy, noisy street may be less enjoyable to you as a homeowner than one situated on a quiet, secluded cul-de-sac. Plus, a home on a cul-de-sac is likely to be worth more than a poorly located one when it comes time to resell. So consider a home's location before you're smitten by a spectacular interior.
When it comes time to sell
While you want to think of your place as a home first and not an investment, it doesn't make sense to purchase a white elephant, either. You should put at least some thought into how easy -- or difficult -- it'll be to resell the home one day. If a home is so unlike other nearby homes in terms of size, style, price, etc., you might want to skip it and look elsewhere -- it could become a burden should you want to someday move on.

http://www.trulia.com/guide/home_buying/find_a_house/10_tips_to_find_the_perfect_home/

HOME SALES SURGE 38% IN AUGUST; 22% RISE FOR SUMMER

2011-10-05T08:40:00.000-06:00

PRESS RELEASE

FOR IMMEDIATE RELEASE  27 SEPTEMBER 2011 For further information:
DeAnna Dipo
President
801.949.7182
deanna@deannadipo.com

Donna Pozzuoli
President Elect
801.580.8152
donnap@pru-utah.com

Dave Anderton
Communications Director
801.542.8854
dave@saltlakeboard.com

HOME SALES SURGE 38% IN AUGUST; 22% RISE FOR SUMMER, ACCORDING TO THE SALT LAKE BOARD OF REALTORS®

27 September 2011 (Sandy) – Sales by REALTORS® of previously-owned homes in Salt Lake County in August rose 38 percent compared to August 2010, according to the Salt Lake Board of REALTORS®. In August there were 1,099 home sales (all housing types) compared to 797 home sales in August 2010.

Sales of homes in the June-July-August summer period in Salt Lake County were up 22 percent compared to home sales in the same three months last summer. There were 3,224 homes sold by REALTORS® this summer compared to 2,634 home sales in the summer of 2010.

The dramatic increase in home sales this summer follows five months of declining home sales in the first part of this year due to last year's federal home buyer's tax credit, which inflated home sales. Also helping to boost home sales this summer was a rebound in Utah's job market, which over the past 12 months has added more than 30,000 new jobs to the state, a nearly 3 percent increase, according to the Utah Department of Workforce Services. "New jobs translate to more people and more houses," said DeAnna Dipo, president of the Salt Lake Board of REALTORS. "As the rest of the nation grapples with how to create more jobs, the Utah economic recovery is already underway."

Home sales in the first eight months of 2011 were up 2 percent compared to the same eight-month period a year ago (7,431 home sales compared to 7,312 sales last year).

The median home sales price (all housing types) in August declined to $185,000, a 15 percent decrease compared to a median price of $216,400 in August 2010.

The inventory of homes for sale in Salt Lake County in August fell to 6,805 active listings, a 23 percent decline compared to 8,859 active listings in August 2010. Based on pending sales, there is a 7.7-month supply of housing inventory for sale in Salt Lake County, down 17 percent compared to a 9.3-month supply of inventory last year at this time.
About the Salt Lake Board of REALTORS®
The Salt Lake Board of REALTORS® is the Wasatch Front's voice of real estate and the No. 1 source for housing market trends. Established in 1917, the Salt Lake Board of REALTORS® is a leader in protecting private property rights. As Utah’s largest real estate trade association, the Salt Lake Board of REALTORS® assists its members to better serve the public through continuing education, advocacy and a professional code of ethics.

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All about home inspections

2011-10-04T10:40:00.000-06:00

By Trulia Staff | Published: Oct 14, 2009 | 13 Comments

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When you are looking to purchase a home, it's a good idea to get it inspected first. Think of it as a test drive before you plunk down your life savings and most likely, commit yourself to lengthy mortgage. You want to make sure you're getting a quality home. Below is everything you need to know about getting a home inspection.

Why get an inspection?
A home inspection is the examination of a home, from top to bottom. Just like a routine physical that will alert you to any hidden health problems, an inspection will reveal if a home's structure or if any of its systems are in need of significant repair. Purchasing a home is a big investment -- you're likely to be spending thousands of dollars to buy your new home -- so, you'll want to be sure that your purchase is a smart one. (And that you don't buy the real estate equivalent of a lemon.)
In fact, 99% of all agents counsel their clients to have a home inspection performed of homes they are looking to buy.
Hire a professional
When you hire an inspector, look to hire the best -- it only make sense, since buying a home can be an expensive endeavor.
Look to get a professional who's knowledgeable about a home's system -- that person is likely to be a licensed professional engineer (PE). You can search for a PE in your area on Nabie.org, the website for the National Academy of Building Inspection Engineers. You may also want to check up on inspectors you're considering on sites like the Better Business Bureau and Angie's List.
What does a home inspector check?
A home inspector will conduct a visual inspection of the home, from the roof to the foundation. He will examine the roof, attic, insulation, the home's heating and air-conditioning systems, the plumbing and electrical systems, walls, ceilings, floors, windows, the basement and the foundation. The exterior of the home will also be inspected, taking into account factors like the condition of the driveway, fences, sidewalks, grading of the property, etc.
How long will it take?
The average inspection of a single-family home should take two to three hours, according to hud.gov, the website for the U.S. Department of Housing and Urban Development.
What is the cost?
The fee for a home inspection can vary widely, depending on your home's location, size, age and the services being performed -- e.g., if there is a septic system that needs to be inspected, or if the home is being checked for radon. Typically, a home inspection for a single-family house will fall within the range of $300 to $500, according to hud.gov.
How do I get the results?
A quality home inspector will provide a printed (not hand-written) copy of the results. Ask any inspector you're thinking of hiring about what kind of report he will provide and exactly what will be covered in the report. The report should note what systems in the home are defective and what needs repair. Also ask how long it will take for your inspector to get the report to you.
What should the results tell me?
Your inspection report should reveal the overall condition of the home, what repairs are needed, the severity of the needed fixes and their potential cost. You can then use the results of the inspection to determine your next step -- e.g., if you're happy with the home as it is, or if you want to negotiate with the seller to complete some fixes or lower the price on the property.

http://www.trulia.com/guide/home_buying/make_an_offer/all_about_home_inspections/

New mortgage limits: Another hurdle for the housing market?

2011-09-08T09:03:00.001-06:00

Lower conforming loan limits could increase mortgage rates and further depress home prices.

By Meg Handley of U.S. News & World Report

Prospective homebuyers and sellers could run into additional roadblocks in coming months as new mortgage regulations set to take effect this fall filter into the system. Although the new limits on conforming loans — mortgages eligible for government guarantees — won't officially roll out until Oct. 1, buyers and sellers alike could feel the pinch of even tighter credit availability much sooner as lenders start gearing up for lower loan caps.

"As these regulations are rolled out, every individual lender takes a different amount of time to implement and get the changes into the pipeline," says Mona Marimow, senior vice president at LendingTree.com. "Many lenders might start implementing and affecting their rates prior to the October 1 rollout."

To shore up a faltering housing market, Congress increased the maximum loan amount that government-sponsored enterprises Fannie Mae and Freddie Mac could guarantee, to a high of $729,750 in some markets. That made it easier for borrowers in pricier markets to get loans because lenders and investors were guaranteed to receive payment regardless of whether the homeowner defaulted.

Now, as the government begins to gradually reduce its footprint in the housing market, limits on government-backed loans are scheduled to reset to prior levels — a high of $625,500 in some markets — which experts say could ultimately lead to higher mortgage rates and more downward pressure on home prices.

The brunt of the impact will fall on middle-of-the-market buyers and sellers in pricier housing markets, says Paul Bishop who heads up research at the National Association of Realtors. "The biggest change could potentially happen in higher-cost areas, because for a number of buyers in higher-cost areas [such as] New York, Washington, Los Angeles, a home that would require a mortgage above $625,000 is not an unusual purchase," Bishop says. "It's really going be a hit for those buyers in those areas right at the middle of the market, and what we've seen over the last several months is that the middle segment of the market have really been the weakest."

Prospective borrowers could face higher mortgage interest rates for loans that exceed the new caps — also called jumbo loans — which would increase the overall cost of owning a home. That, in turn, would likely discourage the house hunters the economy desperately needs to jump-start the housing market.

"It's a concern for homebuyers thinking about whether they want to move forward in an economic environment where there's one more type of uncertainty in the decision making process," Bishop adds.
House hunters might also be drawn to less-expensive properties as a result of the change, which could exacerbate existing weakness in the middle-priced segment of the market. "When you consider the new jumbo rate plus you have to put a greater amount down, it's going to have implications for consumers who are probably going to decide to take a home with a lesser value," Marimow says.
But buyers aren't the only ones who will feel the ripple effects of a drop in conforming loan limits. Sellers, too, are likely to feel the impact, especially if their asking price is above the new limits. "If home sellers want to make their sale attractive to potential buyers, then there may be some downward pressure, such that it's more likely that the buyer walking in the door would be able to get a conforming loan at the new level," Bishop says. That means that if normally a house might sell for $750,000, for example, the seller might find it in their best interest to push down the price to accommodate buyers seeking mortgages under the new limits.

That's not good news for the housing market or the U.S. economy, neither of which can afford fresh obstacles to recovery. "At this point, the timing in reduction of any loan limits is probably not good in any real way, simply because the housing market is struggling," Bishop says. "In terms of the big picture, it's still fragile, but we would like to see that move forward because history shows the rest of the economy really doesn't recover in any meaningful or robust way unless the housing market is also on stable footing."

Nevertheless, consumers can start preparing for the shift now, ahead of the Oct. 1 transition. "The good news is that there is information being shared about this now," Marimow says. "This is the right time to be talking about it because once the changes do take effect, the people who are affected will already not have other options."

The best thing consumers can do now is evaluate their needs and do their research, especially in an environment as frenetic as this one. "Consumers should look for a closing guarantee and lenders that are going to be able to lock in your rate as quickly as possible, because your rate could float even over the time [it takes] to close your loan," Marimow says. "You truly need to shop around as much as you can to make sure you're comparing and contrasting to know you're getting the best one."

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Why you should, or shouldn't, buy a foreclosure

2011-08-23T09:51:00.001-06:00

By Trulia Staff |

Home buyers may be able to get deals on foreclosures, which are often discounted in price, but buying foreclosures can be risky. It's essential to understand the pros and cons of buying a foreclosure before making a purchase.

First of all, there are several types of properties that are generally known as "foreclosures." A "pre-foreclosure" is a home which is in danger of falling into foreclosure, but is still owned by the homeowner. A "foreclosure" is a property that will be sold or repossessed by a creditor or a lender to recover the amount owed on it.

While pre-foreclosures are available for purchase from a homeowner, foreclosures can be bought at auction or as "bank-owned properties" (also known as "real-estate owned" properties) from a lender.

Pros of buying a foreclosure

You may be able to purchase a home at a lower-than-market-value price. If the home is in pre-foreclosure, the homeowner is looking to sell the home to avoid going into foreclosure. These homeowners are usually in a hurry to sell, putting buyers at an advantage.

Banks are also often willing to offer foreclosures at a discount -- the longer they hold these properties, the more it costs them in terms of taxes, maintenance, etc.

Foreclosures can be found at all sorts of price points (starter homes, luxury homes, etc.) and sometimes are only in need of minor repair or upgrades.

With some sweat equity, repairs and upgrades, a homeowner can turn a foreclosure into a home and see some appreciation in the property's value.

Cons

Since foreclosures are often offered at significant discounts, you may face steep competition and bidding from other buyers.

Foreclosures aren't always offered at a large discount. Homeowners in the pre-foreclosure stage may price a home higher than it is worth in the hopes of paying off a mortgage, taxes, etc. Banks are looking to recoup at least what's owned on the house, so they may only offer a slight discount.

If you are buying a foreclosed home at an auction, you may have to pay cash (the same day!) and may not be able to inspect the home before purchase.

Some lenders don't offer loans for distressed properties.

Foreclosures may need serious and costly repair. The previous owner might not have been able to afford fixes for the property and may have allowed it to fall into disrepair.

Foreclosures are often vandalized and looted; it's not uncommon to find major appliances missing, holes kicked in the walls and other vandalism.

Foreclosures tend to sit vacant for periods of time, which causes major maintenance issues. If a home is not maintained, its pipes could freeze, vermin and bugs could settle in and mold could grow.

You need to do your research -- a foreclosure can have liens attached to it. You may find yourself having to pay costly old debts associated with the property.

Foreclosures often are sold as is and banks often aren't interested in making or footing the bill for repairs.

At times, foreclosure buyers have to start eviction proceedings and pay legal fees to get the previous tenants/owners out of the home.

Purchasing a home from a lender can be a lengthy and time-consuming process that's full of red tape.

http://www.trulia.com/guide/home_buying/find_a_house/why_you_should_or_shouldnt_buy_a_foreclosure/

July home building slips after early-summer bump

2011-08-16T13:36:00.000-06:00

Published: Tuesday, Aug. 16, 2011 6:50 a.m. MDT

By Derek Kravitz, Associated Press

WASHINGTON — Builders broke ground on fewer single-family houses in July, leaving home construction at depressed levels.

The Commerce Department said Tuesday that builders began work on a seasonally adjusted 604,000 homes last month, a 1.5 percent decrease from June. That's half the 1.2 million homes per year that economists say must be built to sustain a healthy housing market.

Single-family homes, which represent 70 percent of home construction, fell 5 percent.

Apartment building rose more than 6 percent. Building permits, a gauge of future construction, declined 3.2 percent.

Though new homes represent just 20 percent of the overall housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and about $90,000 in taxes, according to the National Association of Home Builders.

Cash-strapped builders are struggling to compete with deeply discounted foreclosures and short sales. A short sale is when a lender allows the owner to sell for less than what is owed on the mortgage.

New-home sales fell in June to a seasonally adjusted pace of 312,000 homes per year. That's less than half the 700,000 per year that economists consider to be healthy.

One reason for the slow pace is that previously occupied homes are a better deal than new homes. The median price of a new home is more than 30 percent higher than the median price for a re-sale. That's more than twice the markup in healthy housing market.

The weak housing industry is also holding back the U.S. economy. In past modern-day recessions, housing accounted for 15 percent to 20 percent of overall economic growth. This time around, between 2009 and 2010, housing contributed just 4 percent to the economy.

U.S. homebuilders are just as pessimistic about the depressed housing market as they were two years ago.
The National Association of Home Builders said Monday that its survey of industry sentiment was unchanged at 15 this month. The index has been below 20 for all but one month during the past two years. The index is just seven points above the lowest reading on record, in January 2009.

Any reading below 50 indicates negative sentiment about the housing market. The index hasn't reached 50 since April 2006, the peak of the housing boom.

Automakers rebound in July to lift factory output – Aug. 16, 2011
Home building jumps in June after dismal spring – July 19, 2011
Home building jumps in June after dismal spring – July 19, 2011
Homebuilders missing out on economic recovery – May 17, 2011
Construction of new homes plummeted in April – May 17, 2011

http://www.deseretnews.com/article/700171216/July-home-building-slips-after-early-summer-bump.html

Getaways vs Investments, Where are They?

2011-08-09T09:59:00.001-06:00

August 3, 2011 by Jessica Lautz, Survey Research Manager

Filed under: Investment and Vacation

Primary, vacation, and investment buyers differ in the type of property they purchase:

80 percent of primary residence buyers typically buy a detached single family residence. Primary residences are popular among vacation home buyers, as 70 percent purchase a vacation home, however 21 percent of vacation buyers purchased a condo or a duplex for their getaway. Investment buyers are the most likely of all buyers to purchase a condo—29 percent did so.
Nearly half of primary residence home buyers purchased a home in the suburbs, compared to one-third of investment buyers, and less than a quarter of vacation buyers. Vacation home buyers were more likely to purchase in a rural area and a resort area than other buyers. Investment buyers were more likely to purchase in a small town or urban areas than vacation buyers.
Investment home buyers typically purchased a home 19 miles from their primary residence, while vacation home buyers are looking for an escape farther away at 375 miles.
For more information on the Investment and Vacation Home Buyers Survey, click here.

http://economistsoutlook.blogs.realtor.org/2011/08/03/getaways-vs-investments-where-are-they/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+RealtororgResearchHeadlines+%28REALTOR.org+Research+Headlines%29

Top 10 ways to increase your home's value

2011-08-02T14:00:00.000-06:00

By Trulia Staff | Published: Oct 14, 2009

If you have the bug to sell your home, you may want to grab a tool belt first. Why? In today's hyper-competitive real estate market, agents often tell their clients that it's a "price war and a beauty contest". So in addition to being the best priced home on the block, you need to be sure that your home also delivers a knock out first impression.
A terrific way to position your home to attract the maximum number of suitors is to provide buyers with a home that is in turn-key condition. A turn-key home is one that a buyer can move into without inheriting a list of unfinished projects. So what are the top 10 ways to increase your home's value? Let's take a look:

Siding and exterior paint
One of the fastest ways to make a better first impression with buyers is to paint the exterior of the home and, if needed, to replace the siding. A fresh coat of paint will freshen up the exterior and modernize the appearance. Just be sure to use colors that will appeal to the largest number of buyers (sherbet orange is probably not a good choice). To experiment with different colors and schemes, try using virtual painting programs available at many paint manufacturing websites like Benjamin Moore Paints
Windows and doors
By replacing old windows and doors with stylish and efficient alternatives, you may be able to attract buyers who may otherwise pass on your home only because it is a little more mature than its competitors. Although the choices can seem endless, by carefully reviewing the homes that are actually selling, you should be able to narrow down your choices. Also be sure to keep your proof of purchase since the IRS is now providing up to a $1500 tax credit for windows and doors installed before the end of 2010.
Landscaping and lighting
Investing in new sod, bark, rock, shrubbery, and trees can turn a tired looking front yard into an inviting space literally overnight. If you don't have a green thumb, check out landscaping.com for ideas. In addition, consider how your home looks after dark when many buyers are still cruising the streets. Installing new lighting fixtures can both enhance the home's ambiance at night and modernize the exterior during the daylight hours. For hundreds of ideas visit LightingDirect.
Flooring
Your home's floors need to be clean, modern, and stylish. They should tie the home together and flow seamlessly from one room to the next. So how can you be sure you don't pick a carpet or floor covering that buyers will hate? Ask for advice from flooring experts like Shaw and become an open house junkie.
The kitchen
If your kitchen needs a face lift, consider updating the cabinets and countertops as well as the plumbing fixtures. However keep in mind that your home only has to be comparable to your neighbors' homes - it doesn't necessarily have to surpass them. For instance, purchasing granite counters may not impress value shoppers and may turn them off if they believe they will have to pay more for the home because of the higher cost. Want ideas on kitchen designs that will impress a buyer? Check out HGTV for inspiration.
Bathrooms
Let's face it, we all spend a lot of time in the bathroom. So it's no wonder buyers want their new bathrooms to be user friendly. New toilets, tubs, and cabinetry can be a big investment, but small projects like cleaning or replacing tile grout, re-caulking, and repainting can make old bathrooms sparkle. Pay special attention to the little things like chipped sinks and tubs, exhaust fans that may need cleaning, and dated light fixtures. For ideas and design tips visit KitchenBathIdeas.
Lighting
If swag lamps are still hanging in your living room, it may be time to update your home's lighting scheme. A well lit home can accent the best features of each room and provide buyers with a classic case of the warm and fuzzies. For instance, under-cabinet lighting in the kitchen can show off a unique view of the counters, while canned lighting in the living room can be used to highlight décor and design elements that might be missed otherwise.
Interior painting
Look inside almost any model home and you will quickly find that white is out and color is in. Of course, that doesn't necessarily mean you can grab the nearest color wheel and paint brush and go to town. Colors still need to match each other and blend in with the décor of the home. Try to use accent walls to punch up the impact of your colors and visit local design centers for more ideas.
Roof and foundation systems
To ensure that you receive top dollar for your home and avoid a deal breaking inspection report, now may be the time to get these areas of your home in order. Lenders often want to know that a roof will last at least another 3-5 years and that the foundation is keeping the entire home off the ground without any apparent failures.
Deep cleaning
The least expensive thing any seller can do before marketing their home is perform a deep cleaning of every surface in the home. A bucket, some soap and water, and a few rags can transform nearly any home into a show-ready model home. But don't skimp. You need to dig in and get dirty, and yes, that means you have to clean under the stove and refrigerator. Not sure how to start? Visit The Housekeeping Channel for guidance.

Overwhelmed? Don't be. Pick one or two items on this list that fits your budget and jump in. Work your way down the list, and you will know that you have made every attempt to put your home in the best position possible to impress a buyer.

http://www.trulia.com/guide/home_selling/increase_your_homes_value/top_10_ways_to_increase_your_homes_value/

07/07/2011 REALTORS PROVIDE JULY CHRISTMAS

2011-07-28T09:43:00.002-06:00

The Salt Lake Tribune reported in its July 7th edition that 70 families at The Road Home shelter discovered that "Christmas can come in July."

"The families, among the homeless being aided by The Road Home shelter, were provided with basic daily living necessities and enjoyed games, crafts, a carriage ride, lunch and a visit from Santa, thanks to the Salt Lake Board of REALTORS."

The article also mentioned that the Salt Lake Board of REALTORS makes a cash donation each year from proceeds of a charity dinner and auction. In 2010, $22,000 was raised.

http://www.slrealtors.com/private/news/inthenews/

HOME SALES DOWN IN MAY; PENDING SALES SHOW SHARP INCREASE, ACCORDING TO THE SALT LAKE BOARD OF REALTORS®

2011-07-19T08:57:00.000-06:00

30 June 2011 (Sandy) – Home sales in Salt Lake County in May were down, but pending sales for the month were up 58 percent, according to the Salt Lake Board of REALTORS®.

In May, there were 1,026 closed home sales, a 20 percent drop compared to 1,278 closed sales in May 2010.

The good news, however, is pending sales (signed purchase contracts on a home) rose to 1,135 contracts in May, up 58 percent compared to 720 pending sales in May 2010.

“May’s pending sales numbers will translate to increased home sale closings in June,” said DeAnna Dipo, President of the Salt Lake Board of REALTORS®. “Home sales in May were down because home buyers last year at this time were still closing on sales after signing purchase contracts for the $8,000 federal home buyer tax credit. This inflated last year’s home sale numbers.”

The federal home buyer tax credit required home buyers to have purchased — or entered into a binding contract to buy — a principal residence on or before April 30, 2010. If home buyers entered into a binding contract by April 30, 2010, they still could close on the sale of the home on or before Sept. 30, 2010.
The median home sales price (all housing types) in May declined to $186,200, a 6.9 percent decrease compared to a median price of $200,000 in May 2010. Based on sales trends over the past year, there is an 8.8-month supply of housing inventory

http://www.slrealtors.com/news/press/

How to afford a down payment

2011-07-11T14:13:00.000-06:00

By Trulia Staff | Published: Oct 14, 2009 | 4 Comments

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Saving for a down payment for a home is a big commitment -- and a tough one. You may be required to have as much as 20 percent down to purchase your own place -- if you were to buy a home for $200,000, that means you'll need to have at least $40,000 to purchase it. Here are suggestions on how to make coming up with all that cash easier.

Reduce your living expenses
You could eat out less and eat at home more often, rent movies instead of going to the theater (not buying popcorn at the movies alone can save you a few bucks) and brew your own cup of joe at home instead of hitting a local café. If you spent just $5 less a week than you normally do, you'd save $260 a year. That's more than $1,000 in four years. If you can get around without a car, think about selling it -- you'll gain cash through the sale, and you can stop paying automobile insurance.
Bank it
Try putting your savings into a separate bank account or CD that you'll tap only for a down payment. Think about having a certain amount automatically withdrawn from your paycheck each week and deposited into your account.
Look for federal/state assistance
There are both federal and state assistance programs for those looking to purchase a home. Go to the U.S. Department of Housing and Urban Development (HUD) website for more information. HUD can also set you up with a housing counselor who can give advice on how to pay off debt and save for your down payment.
Put away the credit card
Try to pay cash only for many of your purchases. If you don't have your credit card with you when you shop, you'll avoid the temptation of making unneeded purchases -- or ones you can't afford.
Move in with mom and dad
Stop paying rent and move in with mom and dad, or bunk with a friend or another family member. By not forking over a regular payment to a landlord, you'll save a chunk of change.
Clip coupons
You may be only saving pennies on each purchase, but those cents do add up -- especially when you can double your coupons at your local grocery store.
Look for extra cash
If you can, take on an extra job to build up extra savings for that down payment. You can also try selling unneeded possessions at a garage sale or through online selling sites.
Get help from family and friends
The federal government allows you to receive up to a certain amount ($13,000 as of Jan. 1, 2009) from a single donor tax-free each year. So if family members and friends are willing to gift you some cash for your down payment, it's literally free money. (And you have some very nice family and friends.) Check the Internal Revenue Service's website for details.

http://www.trulia.com/guide/home_buying/getting_a_loan/how_to_afford_a_down_payment/

In confusing market, is it time to rent or buy?

2011-07-05T12:43:00.003-06:00

Published: Monday, June 13, 2011 5:42 p.m. MDT

By Lois M. Collins, Deseret News

They took their time choosing the place. "We didn't want to pick just anything," she says. "We figured in this market we could get something nice, just what we wanted."

Realtor Carolyn Kirkham just came off the slowest winter of her 20-year career, and she's having as busy a spring as she can recall. The recession, she says, has been surreal. "If you had told me in 2006 when real estate was peaking that we would have this downturn that would go on for five years, I'd never have believed it."
In 2003, she bought the Tudor and ended up renting it to Cerise. She has watched him work and work and set money aside.

Last week, she wrote offers in a single day on homes for two young couples who'd been saving and had found their dream homes — "affordable properties in lovely neighborhoods." She also learned that Cerise was moving. The man who'd been adamant that he would not ever put himself in a financial bind where he couldn't afford his house, who wanted to be able to place a hefty down payment on one he simply couldn't resist, had found a home three miles away. He'd looked at 25 to 30 homes.

It's a fact that the very downturn that has so many people upside down in homes, owing more than they're worth, has also put home ownership within reach for many first-time homebuyers who could not possibly afford to take the plunge were not prices and interest rates so low.

"It's a double-edged sword," says Salt Lake Board of Realtors spokesman Dave Anderton. "If you own, value has dropped and prices are still falling. … But the first-time homebuyer can afford a home and might be able to get into a mortgage that is comparable to rent."

The National Association of Homebuilders just released a survey of more than 2,000 likely voters on the value of home ownership. It found that ups and downs notwithstanding, home ownership is "still very much a part of the American dream." And Americans who don't own a home, especially those under 50, want to buy one. It's as important as being successful at work and being able to pay for a college education. Home ownership edges out retirement savings as a "best investment."

"An overwhelming number of Americans say owning a home is worth the ups and downs of the housing market," the survey found — a sentiment shared by both renters and those who currently owe more than their home is worth.

For the credit-worthy who are not house-encumbered, Kirkham says, this is a time of great joy.
Nearly three years after Nicki and Robert Wilkinson moved in a hurry from St. George to Stansbury Park after he was transferred, they are again buying a home.

She easily lists the pros and cons she sees: When you buy, "at least the money goes somewhere, building equity, rather than rent money out the window." But buying with assurance also requires a certain suspension of skepticism they're not quite ready for: "We don't know what his schooling is going to mean. We don't know what the economy is going to do. We wonder if the value in owning a home will be strong in a few years, or if it's going down more. Those are questions we think about," she says. What if, she adds, they end up moving somewhere else when he graduates?
And here's the other challenge: Finding the right home at the right low price and great interest rate. The home that would make them forget those questions and plunge in.

The housing market is in a state of flux. By the U.S. Census annual reckoning, across the Salt Lake metro area (Tooele, Salt Lake and Summit counties), 68.8 percent of households in 2005 were folks paying a mortgage or owning outright, Wood says. By 2008, it jumped to 72 percent. In 2010, it was back down to 65.5 percent — the lowest rate he could find dating back at least 25 years.

"That's probably going to drift down some more," he predicts. "But if you look at the state, you get a different picture. In Salt Lake County, which is most of that metro area and the largest city, over half the people rent. … The rest of the state has a heavier concentration of home ownership."

Seven years ago, adults as young as 23 and 24 were buying homes. Now, with uncertainty, dropping prices, a weaker job market, more unemployment, trouble qualifying and generally "a lot of uncertainty," Wood says people are postponing home ownership. That discussion will continue over the next generation, he says, "with a continuation in the rise of rental vs. single-family homes. And rental will take an ever-increasing share."

Recession is hard on the rental market, forcing rents down, but that's probably changing, he notes. If you bought an average-priced house with a 3.5 percent down payment and interest just under 5 percent, with tax and insurance it would cost about $1,050 a month. "That's where a three-bedroom apartment is, and some are more than that."

But it's still a "shadow market," with condos and homes that weren't built as rentals now used that way in unknown numbers — "a market in transition," Wood says. And some can't qualify to buy, while others "don't want to test the market because their situation's uncertain."

That's not the case, though, for Becky and Bryan Hirst, who just bought a house.

"Owning a home has always been our dream," says the mother of three. But circumstances, from being in college to job layoffs, a tough economy and medical bills made it so "we weren't ever able to own a home before."

Now, with "jobs as stable as anybody's at this point and interest rates and house prices going down," they bought a home in Hyde Park, closing on it on their 15th anniversary.

They took their time choosing the place. "We didn't want to pick just anything," she says. "We figured in this market we could get something nice, just what we wanted."

Realtor Carolyn Kirkham just came off the slowest winter of her 20-year career, and she's having as busy a spring as she can recall. The recession, she says, has been surreal. "If you had told me in 2006 when real estate was peaking that we would have this downturn that would go on for five years, I'd never have believed it."
In 2003, she bought the Tudor and ended up renting it to Cerise. She has watched him work and work and set money aside.

Last week, she wrote offers in a single day on homes for two young couples who'd been saving and had found their dream homes — "affordable properties in lovely neighborhoods." She also learned that Cerise was moving. The man who'd been adamant that he would not ever put himself in a financial bind where he couldn't afford his house, who wanted to be able to place a hefty down payment on one he simply couldn't resist, had found a home three miles away. He'd looked at 25 to 30 homes.

It's a fact that the very downturn that has so many people upside down in homes, owing more than they're worth, has also put home ownership within reach for many first-time homebuyers who could not possibly afford to take the plunge were not prices and interest rates so low.

"It's a double-edged sword," says Salt Lake Board of Realtors spokesman Dave Anderton. "If you own, value has dropped and prices are still falling. … But the first-time homebuyer can afford a home and might be able to get into a mortgage that is comparable to rent."

The National Association of Homebuilders just released a survey of more than 2,000 likely voters on the value of home ownership. It found that ups and downs notwithstanding, home ownership is "still very much a part of the American dream." And Americans who don't own a home, especially those under 50, want to buy one. It's as important as being successful at work and being able to pay for a college education. Home ownership edges out retirement savings as a "best investment."

"An overwhelming number of Americans say owning a home is worth the ups and downs of the housing market," the survey found — a sentiment shared by both renters and those who currently owe more than their home is worth.

For the credit-worthy who are not house-encumbered, Kirkham says, this is a time of great joy.
Nearly three years after Nicki and Robert Wilkinson moved in a hurry from St. George to Stansbury Park after he was transferred, they are again buying a home.

They had little time to prepare for the move, and when their home didn't sell, "we put renters in it. Up here, we kept thinking, 'We'll buy, we'll buy,' " says Nicki Wilkinson. "But we didn't get around to it until now. With the prices so low, we wanted the tax advantage and to be able to do what we want with our home. You can't when you're renting."

The freewheeling, anything-goes world of finance where very nearly anyone with a pulse could get financing is gone. When the housing market crashed, 22 percent of homeowners found themselves backward in their loans, owing more than they were worth. Anderton said an official with the Utah Association of Realtors told him that of 14 listing appointments recently, he got one listing. "Looking at the numbers, the others couldn't afford to sell their homes." They were underwater. And people who take less because they have to — to relocate, for instance — do a disservice to the old neighborhood. It lowers home values and "comparables."

As tough as it is to qualify for mortgage financing, things may get worse, Anderton and others warn. The federal government is proposing a rule that to get the most favorable interest rate, one needs a down payment of at least 20 percent. Some banks favor 30 percent.

If the 20 percent requirement were in place in 2010, research says 40 percent of all mortgage originations would have failed last year, Anderton says. "If it passes, it will devastate an already weak housing market." The rule would have a huge unintended consequence: It could move home ownership to being "limited to the elite."

That wouldn't be helped by a tea party proposal to eliminate Fannie Mae and Freddie Mac, either, he says. "Who's going to offer a 30-year mortgage? Basically, home ownership and private property rights would be only for the elite."

Those who didn't have $60,000 to $100,000 to get their loan would face higher mortgage interest rates.
Salt Lake County builders say they don't see demand for new homes increasing any time soon.
Since the start of the recession in December 2007, about 34,000 homes had been foreclosed here.

Builders, meantime, have pretty much sold their inventories of new construction. And finally, home prices are increasing, according to the Salt Lake Board of Realtors, in areas that include Draper, West Jordan, Sandy, Herriman, Salt Lake City and Murray.

That's all occurring at the same time that at least 10 Utah communities saw increases in the percentage of homes being rented rather than purchased.

Using census data, USA Today recently showed a rental increase from 10 percent in 2000 to 15 percent in 2010 in South Jordan, for example. In Salt Lake City, where the share of rental homes tops 50 percent, community and economic development director Frank Gray told a Deseret News reporter that foreclosures bear much of the blame. Instead of houses being sold to homeowners, investors are buying them and turning them into rentals.

The rental-growth trend is expected to continue, at least in the short-term.

In 2000, 28.4 percent of Utahns rented, according to L. Paul Smith of the Utah Apartment Association, an industry group with 2,500 landlord members who among them own 75,000 rental units. Now the percent rented here is 29.6 percent.

It doesn't account for everyone, he says. "When the economy is bad, housing is bad for everyone, and some don't rent or buy, but move in with mom. It's not like when the economy is bad for home construction, it's really good for rentals. It's not."
The top reason people rent, Smith says, is flexibility. And that has added value in a bad economy, because if you lose a job, it's easier to get out of a lease than a mortgage. Home ownership is not something to undertake unless you plan to stay in a home at least five years, he says. "If you don't know for sure you will be employed and where, it's much less risky to rent a home."

Will VanderToolen, director of counseling services for AAA Fair Credit Foundation, says renting no longer costs less than buying. "If you are able to qualify for credit today, a lot of you can purchase a home and, even after the payment, taxes and insurance, you can pay less than you would for an equally sized apartment. It hinges on your credit."

Buyers have changed as drastically as the market itself. Fewer individuals are using real estate as a personal investment, though "if you have the money for it, it's not a bad time" to do that, he says.

One massive change is in mortgage defaults. "Individuals seem willing to walk away if they're underwater," VanderToolen says. Adds Wood: "Unfortunately, most of those who bought from 2005 on are underwater in their loans unless they made a pretty hefty down payment."

VanderToolen finds the willingness to walk away astounding, likening it to what happens when you leave the dealership in a shiny new car. The value of the car drops and "you're upside down in it. Shouldn't you immediately walk away from that, too? Just let it destroy your credit?" But nobody does that. "Why are we doing it with our homes?"

AAA Fair Credit Foundation offers homeowner-related classes, including homebuyer education, foreclosure prevention and post-purchase classes, all certified by Housing and Urban Development.

Those underwater may not be touching the bottom of the pool yet. Some experts say housing prices aren't done dropping. Zillow predicted Utah's housing market will drop for at least another 1.5 years. Nationally, it's predicting a 1 percent drop every month for the next year. Foreclosures continue.

But, "if you can hang on in the long term, the best thing is to buy when prices are going down, like now," says Smith. "If you need to get the money out in two or three years, gosh, it's not a good risk. There's no data that suggests we're going to be done with this in two or three years."

Right now, VanderToolen says, it may still be less expensive to rent. But it may not. And rent can go up, while fixed-rate mortgages won't. There's also "the possibility of eviction if the owner decides to do something else." The question of rent or buy becomes intensely individualized. "Let's look at your financials and ask some questions," VanderToolen says. "How confident do you feel" about the future?

Email: lois@desnews.com

Twitter: Loisco

Facebook page: Lois M. Collins

Increase in share of homes being rented in 10 Utah cities

2011-06-30T08:16:00.001-06:00

By Lisa Riley Roche, Deseret News

SALT LAKE CITY – Ten Utah communities showed an increase in the share of homes being rented rather than owned, part of a national trend identified through a new USA Today analysis of census data.

The national newspaper's analysis published Tuesday found more than 500 midsize and large cities throughout the county saw a boost in home rentals between the 2000 and 2010 census counts.

The percentage of occupied homes that are rented went from just under 34 percent in 2000 to nearly 35 percent in 2010, the newspaper found, with Florida, California and Arizona having the most cities where the share of rented homes grew by at least 5 percentage points.

In Utah, South Jordan saw the biggest boost in homes rented, from just over 10 percent in 2000 to more than 15 percent in 2010, USA Today reported, with West Jordan, Orem and Sandy all increasing more than 4 percent.

"We track what's going on in the country," South Jordan's community director, George Shaw, said. "Mortgages are harder to get. People don't have work. When they don't have work, they don't have money to put down on mortgages."

What's happening around the country is that many homes foreclosed upon, almost 4 million in the past five years, according to USA Today, end up being rented out instead of sold because of the drop in housing prices.

The latest report on housing prices from Standard & Poor's released Tuesday found that nationally, those prices declined 4.2 percent in the first quarter of 2011. Among the 20 cities covered by the report, only Seattle and Washington, D.C., posted gains.

The Utah Association of Realtors, using a different measure, reported the median price of Utah homes sold in April 2011 was $170,481, down 6.9 percent from April 2010.

In Salt Lake City, where the share of rental homes jumped to more than 50 percent between 2000 and 2010, an increase of almost 3 percent, foreclosures bear much of the blame and may be contributing to even higher numbers, the city's director of community and economic development, Frank Gray, said.

"More and more, we're seeing the majority of foreclosures are not being purchased by homeowners, they're being purchased by investors who turn them into rentals, as least until the market comes back," Gray said.
Gray said there are also other factors at work, including younger workers who are less interested in settling down than previous generations. And, for those who do want to buy, it's harder to qualify for a mortgage after the housing market collapse, he said.

Whatever the reasons for the shift to renting, Gray said city residents shouldn't be worried about the impact on their community

"It's still the same family moving into those houses. They're still taking care of them," he said. "It's just a matter of how you make your payment. Do you make it to a bank or do you make it to a landlord?"

Kenny Parcell, president of the Utah Association of Realtors, said depending on the neighborhood, more renters can mean lower property values.

But, he said, that's not automatic. "You could go by some homes and never guess they were rentals," said Parcell, a Utah County-based Realtor.

While it's a tough time to be selling houses with so many would-be buyers waiting for the market to shift, Parcell said it could be worse.

"In Utah, we're doing extremely well," he said. "We're nowhere near as bad as some of those" places that are seeing bigger drops in prices.

Shaw said for the first quarter of 2011, almost a third of all single family homes in the Salt Lake Valley were built in South Jordan. Still, he said, the number of rented homes "at least for the foreseeable future, is a trend that's going to continue to grow."

Contributing: Randall Jeppesen

http://www.deseretnews.com/article/705373649/Increase-in-share-of-homes-being-rented-in-10-Utah-cities.html?pg=1

How much can you afford for a home?

2011-06-20T09:21:00.000-06:00

By Trulia Staff

|Published: Oct 14, 2009 |

Calculate the mortgage payment
It's most likely that you'll need to take out a mortgage to buy a home - few buyers purchase a home completely with cash. If you'll be taking out a mortgage, use an online mortgage calculator like the one at Trulia to estimate how much your mortgage payments will be by typing in values like the price of the property, what percentage of the price you plan to pay in a down payment (e.g., $40,000 for a 20 percent down payment on a $200,000 home), the dollar amount of your loan, its annual interest rate, and private mortgage insurance, if any.
Visit a mortgage lender
Get pre-qualified for a mortgage loan, and if you can, get estimates from several lenders. The lender(s) will tell you how much you'll be able to finance through a loan and what your monthly payments will be. When you begin your home shopping in earnest, get pre-approved by a lender. When you are pre-approved by a lender, it means that the lender has agreed to lend you a specified amount under certain conditions (length of the loan, interest rate, etc.) This agreement gives you a definite idea of how much you are able to borrow.
Calculate your monthly housing costs
Once your know how much your monthly mortgage payment will be, calculate your monthly housing costs, which will include your mortgage payments, property taxes and homeowner's insurance. Ideally, these costs shouldn't exceed 28 percent of your gross income. To pad your estimations to cover any unforeseen expenses, you may want to try not to exceed 28 percent of your take-home pay (which is lower than your gross income) -- instead of basing your calculations on your income before taxes. So, if your monthly income is $5,000 after taxes, you could aim to keep your total monthly housing costs at about $1,400 a month ($5,000 x .28=$1,400).
Consider your debt
Take stock of your debt including car loans, student loans and credit cards -- and try to keep your total debt, or your debt to income ratio (including your mortgage debt) to no more than 36 percent of your gross income. (For more leeway, base your calculations on your net, or your after-tax pay.) So, with a take-home pay of $5,000, you may want to aim for a total debt of no more than $1,800 a month. ($5,000 x .36 =$1,800).
Factor in general expenses
This includes how much you may have to spend per month to heat, cool and maintain your new home (including cleaning and lawn services if you plan to use those), plus monthly commuting, food and entertainment costs. The amount you spend on these items per month will leave you with less income to put toward mortgage payments.
Determine the closing costs
Don't forget that you'll have to pay about 2 to 5 percent of your home's purchase price in closing costs (for a home inspection, lawyer's fees and discount loan points), so subtract this amount when calculating how much money you'll have for a down payment. (E.g., for a $100,000 home, you may have to pay $2,000 to $5,000 in closing costs.)
Don't leave yourself "house poor"
You'll want to have some savings on hand to pay for any decorating, furniture or fixes for your home. If you don't save extra cash for these items, you might find yourself sitting on the floor in your new house for quite some time. Ouch.

http://www.trulia.com/guide/home_buying/getting_a_loan/how_much_can_you_afford_for_a_home/

Fixed mortgage rates drops for 7th straight week

2011-06-13T19:11:00.000-06:00

By DEREK KRAVITZ

The Associated Press

First published Jun 02 2011 09:15AM
Updated Jun 3, 2011 07:22AM

Washington • Fixed mortgage rates slid for the seventh consecutive week, but the lowest rates of the year have done little to lift the struggling housing market.

Freddie Mac says the average rate on the 30-year loan fell to 4.55 percent from 4.60 percent. The average rate on the 15-year fixed mortgage, a popular refinance option, slipped to 3.74 percent from 3.78 percent. Both are lows for the year.

Rates tend to track the yield on the 10-year Treasury note, which has dropped over fears that higher energy prices could slow economic growth this year.

Most people are unable to take advantage of the lowest mortgage rates because they can’t meet tougher lending requirements. And those who could afford to refinance likely did so last year, when rates fell to the lowest levels in decades.

Sales of new and previously occupied homes rose in April. But sales for well below healthy levels. Waves of foreclosures have pushed prices down. Many would-be buyers are holding off, worried that home prices have yet to hit bottom.

Home prices fell in the first three months of this year to the lowest levels since before the housing bust. Prices are expected to keep falling until the glut of foreclosures for sale is reduced, companies start hiring in greater force, banks ease lending rules and more people think it makes sense again to buy a house. In some markets, that could take years.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage stayed flat at 3.41 percent. The five-year adjustable rate loan hit 3.25 percent in April, the lowest rate on records dating back to 2005.

The average rate on a one-year adjustable-rate loan rose slightly to 3.13 percent.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan in Freddie Mac’s survey was 0.6 and it was 0.7 for the 15-year fixed loan. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.

Salt Lake planners exploring streetcar idea

2011-06-07T09:58:00.000-06:00

Salt Lake planners exploring streetcar idea

June 6th, 2011 @ 5:47pm

By John Daley

SALT LAKE CITY -- A project is the works to help connect several downtown destinations with an extensive streetcar system.

The project, which has already begun in Sugar House, has city planners in Salt Lake City exploring the idea.
Downtown Salt Lake already has several transit options, including a light rail and commuter rail, which provides access for many residents along the Wasatch Front. However, city officials believe a streetcar system would better connect several downtown destinations.

"The big picture is to try and connect this area around the Intermodal Hub with the core of downtown," said DJ Baxter, executive director of the Redevelopment Agency of Salt Lake City.

Initial planning has the streetcar system running along 200 South, starting at the Intermodal Hub area, ending at the downtown Harmons. This first section would link prominent landmarks like the Capitol Theatre and downtown hotels with TRAX and FrontRunner.

"A streetcar would probably provide a lot more pedestrian- friendly options for people when they come downtown," said Jason Mathis, executive director of Downtown Alliance. "They can just park once and get around the downtown area with a simple, easy system that they understand."

A streetcar system is cheaper than light rail, could have many more stops and provides a permanent investment that has helped drive development in other cities.

Eventually, other lines could extend east to the University of Utah, south to the Granary District and north to Davis County.

"The vision for the streetcar is not to have one or two lines here and in Sugar House. It has to be a connected network," Baxter said. "Salt Lake City originally had a streetcar system of 145 miles of track, just within our city boundaries. The way that track was laid out was to connect all the city's neighborhoods to downtown. We can replicate that."

The cost of the first line is roughly $40 million, but a funding source has yet to be identified.

E-mail: jdaley@ksl.com

http://www.ksl.com/index.php?nid=148&sid=15861587

The Million-Dollar Sale

2011-06-01T12:37:00.000-06:00

Million-dollar homes selling well in Utah

April 21st, 2011 @ 7:47pm

By Keith McCord

SANDY -- The real estate industry has seen some rough times the last couple of years. Buying and selling has certainly been a challenge.

Just this week, we learned that Utah is 4th in the nation when it comes to the number of foreclosures. But there is a sector of the housing market that's still strong -- and the price tags are big.

"There is a segment of the market that hasn't been affected by the economy, and they are just taking advantage of the pricing right now," said Deanna Dipo, president of the Salt Lake Board of Realtors.
She's talking about big homes, custom-built with all the bells and whistles, sitting on a couple of acres: Million-dollar homes.

The highest priced home sold along the Wasatch Front in 2010 went for just over $6 million. In 2009, $3.5 million was the highest price.

Believe it or not, homes in this price range are selling well in Utah, and have been for the last couple of years.

According to the Salt Lake Board of Realtors, 91 million-dollar-plus homes sold along the Wasatch Front last year, up 12 percent from 2009. So far this year, 15 have sold.

"The price per square foot has dropped," Dipo explained. "Our pricing has stabilized here in Utah, so the high-end properties are definitely of value."

That's encouraging for someone like Sandy resident Jesse Riddle.

"We built this home about 14 years ago as our dream home," he said. "We have a beautiful home, custom design."

But his four children are grown now, and the Riddles are ready to downsize. With their home, there's plenty to downsize from -- the pool, sport court and lighted football field notwithstanding.

The activity in high-end homes is not just a Wasatch Front phenomenon. Seven-figure priced homes are up 4 percent nationally as well, an indication that properties like Riddle's are somewhat insulated from the economic downtown.

"I just think there are a lot of people in a position financially that are really taking advantage of our market, just buying properties that they couldn't have otherwise in the past," Dipo said.

Email: kmccord@ksl.com

Elimination of police fee could mean property tax increase in Salt Lake County

2011-05-23T17:04:00.000-06:00

May 23rd, 2011 @ 4:53pm

By Dennis Romboy

SALT LAKE CITY — Homeowners in unincorporated Salt Lake County can expect a property tax increase in the next year.

But as unpleasant as that sounds it could actually save them money.

Salt Lake County public meetings

Public meeting times and locations:
• June 7, 6-8 p.m., Kearns Library, 5350 S. 4220 West
• June 8, 7-9 p.m., Peruvian Park Elementary, 1545 E. 8425 South
• June 13, 7-9 p.m., Whitmore Library, 2197 E. Fort Union Blvd.
• June 14, 7-9 p.m., Emigration Fire Station, 5025 E. Emigration Canyon Road
• June 15, 6:30-8:30 p.m., Bingham Lions Club, 89 Hillcrest St. (Copperton)
• June 16, 7-9 p.m., Webster Community Center, 8952 W. 2700 South
• June 21, 7-9 p.m., S.L. County Council Chambers, 2001 S. State
• June 29, 7-9 p.m., Salt Lake Christian Center, 4300 S. 700 East

County officials are looking for ways to offset the legislatively mandated elimination of the dreaded Unified Police Department fee. Raising property tax appears to be the most likely choice among limited options.

"We'll deal with the cards we have," said Salt Lake County Mayor Peter Corroon. "Right now we have two cards in our hand and we'll use those cards to provide the services."

The county has scheduled eight public meetings in June to gather input from residents on how to play those cards. In addition to a property tax hike, the county could dip into sales tax revenue and cut police services. It can't raise sales tax because it is already at the cap allowed by state law.

"When it's all said and done, they're not going to be paying any more," said Councilman Jim Bradley.

Using volatile sales tax may be risky and taking officers off the street isn't appealing either, said County Council Chairman Max Burdick.

The police fee currently generates about $12 million annually, with the owner of a $220,000 home currently paying about $266 year. Raising property taxes would lower homeowners' out-of-pocket expense to about $218 a year, he said.

"We'll see some areas where (raising) property tax will be a better deal," Burdick said.

The Utah Legislature earlier this year prohibited local governments from charging fees for services such as police and fire protection. The county has until Dec. 31, 2012, to remove the fee, but Corroon said it intends to do it this year.

In 2009, lawmakers granted the county authority to create the Unified Police Department with the understanding it be revenue neutral. But a $13 million budget shortfall due largely to slumping sales tax revenue prompted the County Council, with Corroon's support, to organize a service district for collecting fees to fund the police department. The department covers unincorporated Salt Lake County, Herriman, Holladay and Riverton.

Residents and businesses loudly complained about the fee, some even balked at paying it.

"It is very good public policy to have a fee," Bradley said. "Unfortunately, it's very bad politics."

Email:dromboy@ksl.com

http://www.ksl.com/?nid=148&sid=15669457

Foreclosures Drop 30 Percent Since Last April

2011-05-17T10:01:00.000-06:00

05.13.2011 by Jessica Gail

(KCPW News) Utah continued to have the fourth highest foreclosure rate in the nation in April, according to the latest RealtyTrac report, but the number of foreclosures went down. Dave Anderton with the Salt Lake Board of Realtors believes the report shows Utah’s economy is on the upswing.

“It shows me that foreclosures have crested and we’re finally coming off that peak from 2010 when they were at all time highs in Utah and the nation,” he says. “The economy is getting better and I think people are starting to buy homes again as we see jobs increase in Utah especially.”

The number of foreclosures in Utah fell nearly 14 percent since March of this year, and nearly 31 percent since April of 2010, the report says. And nationwide, foreclosure activity was at a 40-month low. But it’s not all good news.

“We have about 50,000 people in the state that are 30 days or more late on their mortgage and at some stage in the foreclosure process,” says Anderton. “It’s a lot of people, it’s certainly high if you look at our historical foreclosure rate over the past 30 years.”

RealtyTrac says one out of every 322 homes in Utah received a foreclosure filing in April. In Nevada, which tops the list, it’s one out of 97.

http://kcpw.org/blog/local-news/2011-05-13/foreclosures-drop-30-percent-since-last-april/

Builders Rethink Housing Designs

2011-05-09T18:34:00.002-06:00

Daily Real Estate News | May 9, 2011 | Share
With new-home sales down drastically the last few years, builders are scrambling to re-evaluate what buyers today want in new homes. Changing demographics and tighter lending standards are influencing buyers’ purchasing decisions when home-shopping and changing their priorities, industry experts say.

“There is a lot of pressure today to retool,” says Steve Brooks, CEO of Grand Homes. “We have to redesign houses and figure out what kind of product people would want to buy.”

For example, more younger buyers are bypassing the typical suburban tract of homes and showing a stronger preference for urban-style homes closer to the city.

“Trying to keep doing the same cookie-cutter houses is going to be increasingly difficult,” says James Gaines, an economist at the Real Estate Center at Texas A&M University. “Home builders worry that the demand pool for the suburban home with the quarter-acre lot and the fenced back yard will be shrinking.”

Younger buyers also are saying they don’t need a ton of extra space in a home and that they want spaces configured differently in homes, builders say.

For example, the living room is on it’s way “out,” builders say, as more home owners instead show a preference toward a game room or media room. Plus, more home owners are finding they don’t need a fourth bedroom, which was once in high demand.

However, not all builders believe the “buying small” trend will last.

“With our typical single-family buyers, we’re not seeing them willing to give up much room,” says Bill Darling, a builder in Plano, Texas. “We have seen them willing to put fewer bells and whistles in the homes.”

Some builders are focusing on ways to cut maintenance costs of home ownership too by setting out to build more homes that are more energy efficient.

Source: “Stumped Builders Adjust Their Designs,” RISMedia (May 9, 2011)

Home Selling Tips in a Down Econom

2011-05-02T19:40:00.000-06:00

Selling a home can sometimes be frustrating, especially in a down economy. But it doesn’t have to be. Expert Realtor® Lee Dworshak in Rancho Palos Verdes, CA explains succinctly how it’s done:

“If you’ve decided to sell your house during these tough economic times, take heart, it can be done. Although you can’t change the economic crisis our nation is currently in, you can be proactive and informed about what to expect so your house can stand out from the others on the market. When attempting to sell your house today, some of the most common obstacles you’ll face are: dropping home values, a record number of foreclosures, and a shortage of buyers due to the current credit crunch. At a time when you need every edge you can get, every little bit of extra effort helps.

Proper pricing is critical to selling your house in the kind of market we’re in. Although it might be difficult, this means pricing your home for what it’s worth and that isn’t necessarily the same price as what you paid for it or what you think it is worth. You’ll also want to check with your mortgage lender to determine your mortgage balance (if there is one). Then you can just subtract your asking price and closing costs from your mortgage balance to determine how much money you stand to make (or lose) on the sale of your home. If you’re hiring a real estate agent, they’ll be able to help you come up with an appropriate price for your house. If you’re not, check out the price listings for other comparable homes in your area, and consider your home’s appraised value.

Stage your home effectively. Sometimes the difference between getting an offer and not getting an offer depends upon the way you present your home to potential buyers. The basics of home staging are depersonalizing and de-cluttering: packing up personal photographs, family heirlooms, and everything else that might prevent buyers touring your home from imagining how it could be theirs. Focus on transforming your home back into a house; a product optimized for sale. For more help, hire a home staging expert.

Hire a Realtor and market your house as widely as possible: word of mouth, newspaper and local magazine ads, the internet, open house, flyers, etc. Remember that the more leads you get out of advertising, the more likely you’ll get the response you’ve been looking for.”

Click here to read more blog posts by Lee Dworshak.

Realtors: Sign up for your own free Featured Blog on Realtor.com.

Taken from:

http://www.realtor.com/blogs/2011/05/02/home-selling-tips-down-economy/

Read more: Home Selling Tips in a Down Economy | REALTOR.com® Blogs

Show Your Support for FHA

2011-04-25T18:41:00.000-06:00

By: Jeannette Bernay

Published: November 2, 2010

FHA supports home values by providing a steady source of mortgage financing for families across the country, but critics worry it has taken on too much risk.

The Federal Housing Administration is playing a critical role in the recovery of the housing market by providing mortgage insurance at low rates in many markets, often where the private sector doesn’t want to go. Without it, there would be fewer home buyers, so it’s important for current home owners to support the program.

FHA there in tough times

FHA’s mortgage insurance program comes at a cost during challenging economic times. In 2009, FHA’s financial cushion fell below where it’s required to be. However, FHA has never required a federal bailout in its 75-year history. And its independent auditor predicts FHA won’t lose money because it had $32 billion in reserves in 2010 to pay its mortgage insurance claims.

To shore up its reserves, FHA decreased the insurance premium home buyers pay at closing to 1% and increased the annual premium from .55% to .85% or .90% in 2010.

FHA critics say

Critics want FHA out of the mortgage insurance business. They say:

Loan limits are too high. FHA’s mission is to help low- and moderate-income households become home owners. The current loan limits are $729,750 in high-cost areas.

FHA takes on too much risk. They worry FHA will need a government bailout.

FHA borrowers fail too often. FHA borrowers whose loans were insured before 2007 are failing to make monthly payments and the current lack of other mortgage options has more poor-quality borrowers flocking to FHA.

The federal government doesn’t belong in the market. In the aftermath of the mortgage crisis, FHA opponents think the federal government should reduce its support of home ownership and let the private sector provide mortgage insurance.

FHA supporters say

FHA has been a major source of mortgage insurance at a time when the private sector almost pulled out of the market, supporters say. There’s more proof that FHA won’t need a bailout.

FHA has weathered the financial storm. FHA is rebuilding reserves and has enough cash set aside to cover future losses despite the current historic decline in the housing sector.

Tougher rules mean fewer foreclosures. New FHA lending rules make it tougher for borrowers to qualify, which should reduce the number of bad loans going forward so the reserves are built back up. You now need a credit score of at least 580 if you’re buying a home with a 3.5% downpayment—or a score of at least 500 to buy with 10% down using an FHA loan.

“No down” is long gone. A significant portion of the loans that went bad for FHA were from seller-funded downpayment assistance programs. FHA borrowers can’t use those programs any more.

Loan limits help those in areas with high home prices. Any reduction in the loan limits would dry up the flow of mortgages in areas with high home prices, which could slow or halt the housing recovery.

Helping the housing recovery

Before FHA was created in 1934, there was no such thing as a 30-year, fully amortizing home loan. Home owners who couldn’t refinance after the first five years of the loan (which was almost impossible after the depression hit) had to pay off their loan.

Back then, home buyers needed a 20% downpayment to buy a home. Saving that much money was a great barrier to home ownership. Today’s FHA allows borrowers with good credit to buy a home with as little as 3.5% down and to refinance easily.   It’s a popular program in a tough mortgage market.

In 2009, FHA insured one-third of the home purchase mortgage market, almost 1 million transactions. First-time home buyers bought 80% of those homes.

“In this economy,” according to Nicolas P. Retsinas, director of Harvard University’s Joint Center for Housing Studies, “it’s difficult for families to save due to low wages, and it’s difficult to have a pristine credit rating. Without FHA, they would have no place to go to get home financing.”

FHA is also a much-needed source of funds for current home owners who want to refinance. The more than 800,000 borrowers who refinanced with FHA in 2009 saved an average of $130 a month, for an estimated total annual savings of $1.3 billion, FHA data shows.

How to support FHA

FHA frequently appears on the Congressional agenda. If you want to see it continue to help Americans affordably and safely purchase and refinance homes, contact your U.S. Representatives and Senators and let them know you support FHA.

Jeannette Bernay has been in the real estate industry for over two decades. She lives in western Washington State on an 8-acre lot shared with her two horses, two dogs, and three cats.

http://www.houselogic.com/articles/show-your-support-for-FHA/

Fannie Mae offers buyer's incentive, consider buying one of our qualifing REO property.

2011-04-18T08:56:00.000-06:00

Special Offers

HomePath® Buyer Incentive

Fannie Mae is currently offering buyers up to 3.5% in closing cost assistance through June 30, 2011.
The HomePath property buyer must meet the following qualifications to be eligible:

Buyers and/or selling agents (the agent representing the buyer) must request the incentive upon submission of initial offer in order to be eligible.
The initial offer must be submitted on or after April 11, 2011 and close by June 30, 2011. If an initial offer was made prior to the effective date, the offer is not eligible for the incentive.
The sale must close on or before June 30, 2011. No exceptions will be made to this deadline.
Only buyers purchasing a HomePath property as their primary residence may receive up to 3.5% in closing cost assistance. Second homes and investment properties are excluded from the incentive.
Buyer must sign the Owner Occupant Certification Rider to the Real Estate Purchase Addendum.
If a buyer's total closing costs are under 3.5%, the difference will not be available as a credit to the buyer.

Note: Fannie Mae can give no assurance on the time required to close, but initial offers submitted after May 15, 2011 are particularly questionable for closing by the incentive deadline of June 30, 2011.

In a few states, a bonus promotion may be available to selling agents who close on an owner occupant property meeting the above terms & conditions.

Retail and public entities are eligible for the incentive; however pool and auction sales are not eligible.

The incentive may not be available for a property where Fannie Mae acquired the property in connection with financing under a reverse mortgage. Ask the listing agent for details

Fannie Mae reserves the right to remove any property from promotion or end the promotion at any time. Any dispute over the payment of the incentive shall be resolved by Fannie Mae in its sole discretion.

Buyers should consult their lenders for guidance on financing. Lenders and mortgage products may impose their own limitations on the use of the 3.5% incentive. For example, the lender may consider the incentive a Seller Contribution and limit the amount to 3.0%. In those instances, the remaining 0.5% will no longer be available to the buyer.

http://www.homepath.com/incentive/index.html

IN THE NEWS.

2011-04-11T20:00:00.000-06:00

KSTU-FOX News reported that the median home price in Salt Lake County in February fell to $180,000, down 13 percent compared to a median price of $206,500 in February 2010. February's median home price was the lowest on record since January 2006.

There are roughly 7,000 existing homes listed for sale in Salt Lake County, down 14 percent compared to more than 8,100 listings in February 2010. Based on current home sales trends over the past 12 months, there is approximately a 9-month supply of existing housing inventory in Salt Lake County.

Salt Lake Board of Realtors

Southern Utah housing market sees bright spot

2011-04-05T09:23:00.000-06:00

ST. GEORGE -- Sales of new homes tumbled 11.2 percent between December and January as home builders struggle to compete in markets saturated with foreclosed homes.

Economists call it a worrisome sign, because it follows the worst year for new home sales in nearly 50 years. But there may be a bright spot on the horizon for real estate, at least in Southern Utah.

It isn't hard to find a brand new house for sale in St. George. In fact, "for sale" signs seem to be everywhere after the region suffered greatly in the nationwide housing crisis.

But there is one market in Southern Utah that is suddenly booming.

"Now that the markets have dropped so much, a lot of bank-owned properties have appeared," said broker Rich Potter.

Potter's firm represents seven banks trying to sell foreclosed properties in Southern Utah, and there are a lot of buyers.

For example, five offers were made on a 3-bedroom townhouse in just 48 hours.

"These smaller homes under $200,000, priced well, get multiple offers all day long," Potter said.

In most cases, those offers are much higher than the asking price and offers are coming in cash. Potter is seeing most would-be buyers coming from the Wasatch Front -- interested in a weekend home in St. George.

Other potential buyers are interested in the bank-owned properties, including vacant lots, as an investment.

"They want to invest in something they can see, touch, feel and use instead of something they watch on a computer screen," Potter said.

Potter hopes the foreclosed sales will clear the way for new home sales to start picking up.

"We've noticed from the activity in the supply and demand the market has bottomed out," Potter said. "I've actually noticed a slight increase in a couple of subdivisions."

It's an optimistic sign after a couple of terrible years for real estate in Southern Utah.

E-mail: spenrod@ksl.com

February 24th, 2011 @ 8:30pm

By Sam Penrod

Board of directors message

2011-03-28T16:56:00.002-06:00

Home sales across the United States were down nearly 10 percent in February due to unnecessarily tight credit and contract cancellations, according to the National Association of REALTORS.

Lawrence Yun, NAR chief economist, said the numbers reflect a gradual but uneven recovery and that sales trends are better measured over several months, not just a single month.

First-time home buyers accounted for 34 percent of all homes sold in February, up from 29 percent in January. All-cash sales were a record 33 percent in February, up from 32 percent in January.

Investors accounted for 19 percent of sales activity in February, down from 23 percent in January.

The national median home price (all housing types) was $156,000 in February, down 5.2 percent below February 2010. Distressed homes accounted for a 39 percent market share in February, up from 37 percent in January.

HOME SALES RISE 7% IN JANUARY

2011-03-21T18:11:00.000-06:00

28 February 2011 (Sandy) – Sales of previously-owned homes in Salt Lake County in
January increased 7 percent compared to the same month a year earlier, according to
the Salt Lake Board of REALTORS®.

In January, 561 existing homes (single-family, condominiums, townhomes) were sold in
Salt Lake County, an increase of 7 percent compared to 525 home sales in January 2010.

“January was the first month since May 2010 to show a year-over-year increase in home
sales,” according to DeAnna Dipo, President of the Salt Lake Board of REALTORS®.
“January’s increase is significant because it did not include housing incentives like the
$8,000 federal tax credit. This shows Salt Lake City’s economy is continuing to make a
comeback.”

The median sales price of homes sold in Salt Lake County in January was $196,000,
down 8 percent compared to a median price of $214,000 in January 2010. January’s
median home price was the lowest on record since April 2006.

There are roughly 6,600 existing homes listed for sale in Salt Lake County, down 37
percent compared to the summer of 2007 when more than 10,530 homes were listed
for sale.

Based on current home sales trends over the past six months, there is approximately a
10-month supply of existing housing inventory in Salt Lake County.

ACCORDING TO THE SALT LAKE BOARD OF REALTORS®

Housing Market Statistics

2011-03-14T10:32:00.000-06:00

The Salt Lake Board of REALTORS® announced that 1,934 existing single-family homes were sold in Salt Lake County in the fourth quarter of 2010, down 21 percent compared to 2,450 sales in the fourth quarter 2009.

“It’s no surprise that home sales were down compared to last year,” said DeAnna Dipo, President of the Salt Lake Board of REALTORS®. “Last year at this time the $8,000 federal tax credit created a surge in home sales. However, the most recent fourth quarter sales numbers are up 12 percent compared to home sales in the fourth quarter of 2008 - when the Great Recession was at its strongest point. This indicates the worst of Salt Lake’s housing downturn is over.”

Although single-family home prices in Salt Lake County were down 4 percent in the fourth quarter, there were a number of cities that saw house price gains. They included: Draper (84020) up 7 percent; West Jordan (84081) up 6 percent; Sandy (84092) up 12 percent; Herriman (84096) up 10 percent; Salt Lake City (84103) up 18 percent; Murray (84107) up 7 percent.

Salt Lake Board of Realtors®

Loan Programs Target Job Creation

2011-03-10T17:38:00.000-07:00

SALT LAKE CITY — Recent reports from the Utah Department of Workforce Services indicate that the state's job count expanded by 1.5 percent from January 2010 compared to the same month this year.

The Utah economy continues to show year-over-year employment gains, with all growth occurring in the private sector, said DWS senior economist Mark Knold.

One of those companies adding jobs is Utah-based Backcountry.com. The online outdoor retailer has hired almost 100 new workers in the past 12 months, according to chief financial officer Scott Klossner.

Backcountry.com currently employs over 800 people in Utah and plans to add even more as the company implements its plans to grow its already $200 million annual revenue business. To do so, Klossner said the company will use a line of credit obtained from JP Morgan Chase Bank.

The global banking giant has developed lending programs to give companies incentives to expand their operations and workforces, thereby growing the economy nationally and locally.

"We think good things are happening when banks are lending and companies are growing," said Craig Zollinger, president and chief executive officer of JP Morgan Chase Bank, Utah.

For larger companies, the "Building our Strength" program is geared to help businesses like Backcountry.com increase productivity and expand their reach, resulting in the need for more workers. For smaller firms, the "Loan for Hire" program offers special lending terms and lower interest rates to companies who invest in their business and "ultimately grow and you're hiring people," Zollinger explained.

"(The program) is an incentive to invest in your business and ultimately help grow the economy and put people back to work," he said.

In 2010, Chase lent $732 million to Utah businesses, governments and non-profit organizations, a double-digit increase from 2009, according to Mary Jane Rogers, Chase vice president of communications and government relations. Lending to Utah's small businesses — those with less than $20 million in annual sales — increased by 75 percent from 2009, she added.

Klossner said the program gave his company a "greater capability to grow both here and internationally."

"We have plans to … grow at 20-plus percent over time," he said. "We'll probably grow at least 15 percent in headcount and revenue (over the next year or two)."

He said that growth will be made possible because of programs from lenders like Chase, that infuse the financial capital needed for companies to move their businesses into the future.

"For a company of our size to go forward, it's absolutely imperative that there are lending resources out there from an economic standpoint," Klossner said. "We look at cash as one of the major resources that we simply must have to grow and go forward."

March 10th, 2011 @ 3:14pm

By Jasen Lee

In bust’s aftermath, $200,000 is home sweet home

2011-03-01T09:08:00.001-07:00

Trent Nelson | The Salt Lake Tribune A home on the market in Kearns, where the median home sales price in Q4 2010 was $138,000.00. The home, at 5761 Field Drive, was photographed Wednesday, Feb. 16, 2011, and was listed for $194,900.

At the height of the Wasatch Front’s real estate market, finding a home in great condition for around $200,000 wasn’t all that easy. In fact, depending on the neighborhood, it could be difficult — even impossible.

But after three years of post-bubble price declines, something in that price range in move-in condition is vastly easier to come by.

Today, the median selling price in Salt Lake County is around $200,000, meaning half the homes sell for more, half for less. And as Salt Lake Board of Realtors President DeAnnaDipo demonstrated on a recent tour of homes for sale, you can get a nice house and neighborhood for that amount of money.

—

Destination Sugar House • At the market’s zenith, those who wanted to buy in popular areas such as Sugar House in Salt Lake City faced slim pickings in the low $200,000 range. The patch of neighborhoods, roughly bordered by 900 East, 1700 East, 1700 South and 2700 South, has always been sought after, with homes typically selling at a premium.

Dipo remembers well the frustration of buyers in 2006 and 2007. “It was hard to find anything nice, updated and clean in Sugar House even for $285,000,” she said.

But on a recent weekday, Dipo showed a home at around 900 East and 2700 South that was all that — in fact the interior looked much like a model home. It was bright, airy, clean and tidy, and the asking price was $219,000.

Before the downturn, “this could have sold for as much as $300,000,” Dipo said. Although the home was built in 1915, it’s been remodeled and updated, with features such as granite counter tops. It has 2,160 square feet, a large lot, a two-car detached garage, an outdoor patio with fireplace and a separate mother-in-law apartment with small kitchen.

Even though it’s in great condition, Dipo said the home’s seller probably will still have to come down a bit on price — probably to about $200,000 — because of its location on a busier street. Many potential buyers are fearful prices will continue to deteriorate and are trying to get the best deal possible to hedge against further declines.

—

Resistance is futile • Despite these realities, Dipo said, there are some sellers still trying to find someone willing to pay what their home might have been worth a year ago, two years ago or even three. That’s why she can’t help swinging by a Sandy home that has languished on the market at $300,000.

“They’ll never get that much,” she said during a walk-through. In fact, she believes it will end up selling at right around the low to mid-$200,000s.

There’s nothing wrong with the property, she explained. It has a nice roomy backyard with a deck, waterfall and gazebo. But it’s just priced much too high, especially for its average interior condition and amenities, she said. There are too many other competing properties with similar amenities that are in top condition and priced more realistically.

“It needs to be cleaned up and they need to drop the price. It’s a price war and a beauty contest right now, and if you want to sell, you have to be priced right and look good.”

—

It’s all about cost • In Draper, Dipo arrives at a home that looks great —inside and out. Listed at $209,900, it is smaller than most on her tour, coming in at only about 1,673 square feet. But it’s tidy, looks new and is in a great neighborhood.

However, in this market even that combination doesn’t mean a home will sell quickly or near the asking price.

“This is a perfect listing,” she said. “But it probably needs to be priced at $200,000 or even a bit under that amount before it will sell.”

Like other homes Dipo inspects this day, the veteran Realtor wonders how much, if any, the homeowner can budge on the asking price without having to bring cash to the table at closing or without having to resort to a short sale, in which a lender agrees to accept less than it is owed. Many homeowners are in a tough spot in that regard, she said.

—

In a bind in Kearns • More and more in this market, Dipo finds sellers who would consider themselves lucky to be able to sell their properties for just enough money to cover their mortgages. But in real estate, it doesn’t matter how much you want to sell your home for or how much you owe the mortgage company. All that matters is what a buyer is willing to pay for it.

In Kearns, Dipo finds a listing at $194,900. The recently divorced seller needs to sell, and he owes about as much as he’s asking, so further price cuts are out of the question without him bringing cash to the table or trying to negotiate a short sale.

Although the home is priced much lower than it would have been at the market peak in 2007, it’s still far above this neighborhood’s median selling price of $138,000 — which is down from just over $172,000 the year before. Most buyers in this area seem to be looking for homes priced at $150,000 or less, and there are less expensive properties in comparable or even better condition.

That is why the seller is offering a lease-to-own option and even seller financing — someone who couldn’t qualify for a home loan could take over his payments. But so far, no takers.

—

The new market reality • In Salt Lake County, two-thirds of closings are for homes priced at less than $250,000. And in South Jordan, a home backing up to a golf course is priced competitively at $220,000.

The latter, in a planned-unit development, is in beautiful shape and completely updated. But nowadays, that’s only half the battle. Buyers want to feel that they are getting a deal, and although Dipo believes this home is a good bargain, it may not be good enough. That means the sellers might have to sweeten the offer somehow.

“Buyers are really uneasy — they are worried prices are going to fall,” Dipo said. “So they press for the best possible deal they can get. And in this market, they are probably going to get it.”

lesley@sltrib.com

—

Looking for a home for around $200,000?

The west side of the Salt Lake Valley remains the most affordable, specifically the communities of West Valley, Magna and Kearns. But for the first time in years, you also will be able to find attractive properties in this price range on the east side, as well.

—

Looking for a home for around $200,000?

What is the best way to find homes in this range?

Start your search online at www.utahrealestate.com or any number of other sites.

Try driving around the area you want to buy in, looking for homes that might not be listed.

Enlist the help of a Realtor.

—

How do you find homes in this range?

Start your search online at utahrealestate.com or any number of other sites.

Try driving around the area you want to buy in, looking for homes that might not be listed.

Enlist the help of a Realtor.

By LESLEY MITCHELL

The Salt Lake Tribune

Published: February 28, 2011 06:38AM
Updated: February 26, 2011 12:42AM

http://www.sltrib.com/sltrib/money/51259142-79/price-dipo-200000-homes.html.csp

Utah's Economy picking up "steam."

2011-02-21T09:23:00.001-07:00

Disappearing 'ghost trains' is a good sign for the economy
February 15th, 2011 @ 6:47pm
By John Hollenhorst

NORTHERN UTAH -- All across the West, "ghost trains" are vanishing.

Thousands of railcars and locomotives that stood idle -- in some cases for several years -- are getting back in service. It's a strong indication the economy is waking up.

Billionaire Warren Buffet, who now owns a railroad himself, recently said railroad shipping is the most important statistic for predicting where the economy is going. By that measure, the economy seems to be coming out of The Dead Zone.

"We've seen a 10 to 15 percent increase in the amount of (freight) containers moving, just through Utah," said Dan Harbeke, director of public affairs for Union Pacific, the nation's largest railroad. "That's a strong sign for the Utah economy (and) for the broader economy at large as well."

A year ago, a good example of a "ghost train" sat on a siding in the remote desert 60 miles west of Salt Lake City. There were 200 boxcars representing $12 million worth of hardware, parked in the desert and going nowhere.

By the Numbers:

2009

2,100 idle locomotives

71,000 idle railcars

2011
900 idle locomotives
28,000 idle railcars

Estimated savings: $5 billion

The railroad industry uses the term "in storage" for boxcars and locomotives that sit unused. It essentially means there isn't enough business to keep them moving. Railroad companies park the railcars and engines on sidings in out-of-the-way places where they won't interfere with moving trains.

In Spanish Fork, a train stretching a mile-and-a-half with 130 refrigerator cars sat unused for three years. It became a target for vandals, arsonists and graffiti artists. It finally disappeared just over two weeks ago as the refrigerator cars were put back in business.

The ghost train in the desert is gone, too. The 200 boxcars that were parked on the Marblehead siding in Tooele County are now back in service.

Across 23 states, Union Pacific trains are picking up steam, giving a hint of significant economic recovery as they carry raw materials to industry and products to consumers. The company's freight revenues had a major recovery last year and the trend continues into this year.

"We finished 2010 about 10 percent up," Harbeke said, "and we're up about 10 to 15 percent now over 2010."

At the depth of the recession two years ago, Union Pacific had a huge capital asset wasting away. An average boxcar is worth $60,000. A locomotive is valued at $2 million. In June of 2009, the company had 2,100 locomotives sitting idle. Today, that number has dropped to 900. During the same period, idle railcars dropped from 71,000 to 28,000. In Utah, alone, idle railcars dropped from 3,100 to 1,300.
In the last year, Union Pacific was able to bring 3,500 employees back to work.

The slump two years ago also forced Union Pacific to put 5,000 workers on furlough. "Since that time," Harbeke said, "in the last year we brought back 70 percent of those employees, back to work."

In the year just ended, Union Pacific posted the biggest profit in its history, a history that reaches back to Golden Spike days in the 1860s.

Company officials attribute part of their record profits to the improving economy, a portion of it to new efficiencies within the operation and some of it to business customers switching from other forms of shipping.

"We can move one ton of freight 500 miles on one gallon of diesel fuel," Harbeke said, "and that translates to cost savings" for customers.

The apparent financial recovery does not seem to be confined to any particular part of the economy. Union Pacific hauls thousands of different commodities ranging from coal, steel, lumber and chemicals to finished products for the consumer market.

"We've seen a steady increase across, not just one sector of our business," Harbeke said, "but all sectors."

Taken from ksl.com at http://www.ksl.com/?nid=148&sid=14386882

Businesses are looking at Utah for economic salvation.

2011-02-14T20:39:00.002-07:00

Why Businesses Are Looking At Utah

UTAH PROMISES ECONOMIC SALVATION AS THE NEW LAND OF OPPORTUNITY

By Dave Anderton
Salt Lake REALTOR® Magazine
December 2010
All Rights Reserved

Forbes magazine said it best: Companies are getting the message that Utah is the right place for business.

You don’t have to look far to see the proof. Adobe, Twitter, eBay, Microsoft, and Janicki Industries have all announced plans to expand to Utah. Goldman Sachs, which made Salt Lake City its regional headquarters a decade ago, announced earlier this year it would hire nearly 400 more employees at salaries averaging $75,000 a year.

In national surveys, the accolades keep coming.

In October, Forbes Magazine placed Utah at the No. 1 spot in its annual ranking of “Best States for Business,” a first for the state.

The rankings are a product of an intensive effort by Utah Gov. Gary Herbert to spread the news that Utah is a friend to business. While many states are reeling from a recession refusing to loosen its grip, it appears Utah offers economic salvation.

In the past year, the state’s economic team contacted nearly 300 West Coast companies, according to Derek Miller, deputy director of the Governor’s Office of Economic Development. Each month a delegation sits down with out-of-state executives as part of a campaign wrapped in low taxes, less government intrusion and educated workers.

“What we tell companies on the West Coast is ‘Go east young man,’” Miller said “If you are looking to expand, this is where you need to look.”

Simply put, when times were good Utah didn’t spend all of its money. Instead, Miller said, the state saved.

Translation – Utah is not raising taxes and is not cutting services. In addition, Utah companies are once again hiring. In October, the state added 16,500 new jobs, a 1.4 percent increase from a year earlier and nearly three times the national job growth rate of 0.5 percent, according to the Utah Department of Workforce Services.

According to the Economic Development Corporation of Utah, a public/private partnership working with local government to attract and grow companies, 18 companies in fiscal year 2009-2010 made the decision to come to or expand in Utah, adding 4,000 jobs to the state.

In November, Newsweek heralded Utah as the “Promised Land” in a story titled “How Utah Became the New Economic Zion.”

“Defining itself against the liberal left coast is an act of jujitsu,” Newsweek said. “Utah’s biggest potential liability—its conservative, religious populus—becomes an indisputable strength. Utah’s people are, indeed, an employer’s dream. They are healthy, hard workers (pouring in 48 hours a week on average), and exceedingly stable, with the highest birthrates in the nation.”

Jeff Edwards, president and CEO of EDCU, said out-of-state businesses comment most about Utah’s quality workforce. “A majority of companies say Utah has been a great experience,” Edwards said. “The workforce is reliable. They’re smart. They show up to work on time and they don’t have hangovers on Monday.”

In November, The Wall Street Journal profiled Salt Lake City in a story that focused on the state’s economic incentives, quoting out-of-state employers who praised Utah for its pro-business strategy.

In December, Gov. Herbert was featured on National Public Radio in a series called “Show Me the Recovery.” In the segment, Herbert noted that Utah had lowered its income tax rate from 7 percent to 5 percent, put more emphasis on education and maintained fiscal prudence as a government.

“We've been recognized as one of the fiscally fittest states in America, Herbert told NPR. “We still have a AAA bond rating, one of only a handful of states to have that.”

Utah’s high-profile rankings have increased the media spotlight. Miller noted that a reporter from Germany saw the Wall Street Journal article and traveled to Utah in search of story explaining why Utah, of all places, was bucking the national trend.

Last summer Kiplinger’s Personal Finance magazine ranked Salt Lake City as one of its “10 Best Cities For The Next Decade.” It was the first time Salt Lake made the list.

Two years ago, Jenney Nalevanko, who helped produce the Kiplinger story, moved with her fiancé to Salt Lake City from Washington, D.C. She told Salt Lake REALTOR magazine that the state’s recreation opportunities and its economic energy played a big role in deciding to live in Salt Lake City.

“Salt Lake had great appeal to me, since I snowboard and enjoy hiking as well,” Nalevanko said. “We’ve found a great work/life balance here. Utah has a very attractive climate for businesses.”

What about Utah’s misconceptions? Nalevanko said the state continues to suffer from three stereotypes: One, only Mormons live in Utah. Two, you can’t get a beer in the state. And three, the state is covered in snow all the time. Those mistaken impressions were erased for Nalevanko once she moved to Utah.

“Salt Lake City proper is extremely liberal in my opinion,” she said. “Although Salt Lake is considered the epicenter of the Mormon faith, it’s fast becoming the epicenter of the outdoor industry.”

In spite of some ongoing misconceptions, Edwards believes the state is increasingly seen as a place of economic stability. “There’s a lot of chaos going on out there,” Edwards said. “Some are in dire straits.”

Edwards likens Utah to the 1980 U.S. Olympic Hockey Team, which defeated the favored Soviet Union Team in a match that has been described as the “greatest sports achievement of the 20th century.”

“We were the underdogs, the guys who didn’t have any chance,” Edwards said. “We are now up there with Virginia, North Carolina and Texas. Those are the big leagues with amazing economies. To be ranked with those guys for a small place like Utah is just amazing.”

Dave Anderton is a former newspaper journalist and is currently the managing editor of Salt Lake REALTOR® Magazine and the communications director of the Salt Lake Board of REALTORS®.

Fourth Quarter Report

2011-02-08T10:50:00.000-07:00

BOARD OF DIRECTORS MESSAGE

The Salt Lake Board of REALTORS® reported that 1,934 existing single-family homes were sold in Salt Lake County in the fourth quarter of 2010, down 21 percent compared to 2,450 sales in the fourth quarter 2009.

Although single-family home prices in Salt Lake County were down 4 percent in the fourth quarter, there were a number of cities that saw house price gains. They included: Draper (84020) up 7 percent; West Jordan (84081) up 6 percent; Sandy (84092) up 12 percent; Herriman (84096) up 10 percent; Salt Lake City (84103) up 18 percent; Murray (84107) up 7 percent.

In 2010, there were 10,362 existing home sales (single-family, condominiums, townhomes, twin homes, recreational) in Salt Lake County, an 8 percent decrease compared to 11,205 total sales in 2009. In 2010, there were 8,523 single-family homes sold, a 4 percent decrease compared to 8,903 single-family homes sold in 2009.

In 2010, there were 1,752 condominiums, townhomes and twinhomes sold in Salt Lake County, a 23 percent decrease compared to 2,262 condo sales in 2009.

From the Salt Lake Board of Realtors

The median sales price of all housing types sold in Salt Lake County in 2010 was $208,000, down 4 percent compared to a median price of $216,000 in 2009. The median sales price for single-family homes sold in 2010 was $220,000, a 6 percent drop compared to a median sales price of $233,900 in 2009.

The median sales price for condominiums, townhouses and twin homes sold in 2010 was $162,000, a 5 percent decrease compared to a median sales price of $169,900 in 2009.

FEWER HOMES SOLD BUT PRICES STABLE IN NOVEMBER

2011-02-01T13:45:00.001-07:00

The Salt Lake Board of REALTORS® reported that sales of existing homes and condominiums in Salt Lake County fell 35 percent in November compared to the same month a year earlier (732 vs. 1,120 sales last year). Sales of homes in the first 11 months of 2010 were down 8 percent compared to the same 11-month period in 2009.
The median price of homes (all housing types) sold in November was $200,000, down 1 percent compared to a median price of $202,350 in November 2009.
“While home prices have stabilized, sales have continued a downward trend since June, shortly after the expiration of the federal homebuyer tax credit,” said Bill Heiner, president of the Salt Lake Board of REALTORS®. “We expect some price gains going forward, but with so many foreclosures and short sales, overall prices will remain flat.”

Source: Salt Lake Board of Realtors 29 Dec 2010

UTAH NOTABLES & NATIONAL RANK

2010-12-13T13:10:00.000-07:00

Utah’s biggest potential liability—its conservative, religious populous becomes an indisputable strength. Utah’s people are, indeed, an employer’s dream. They are healthy, hard workers (pouring in 48 hours a week on average), and exceedingly stable, with the highest birthrates in the nation. The large number of young Mormons who spend two years on a conversion mission also means a huge swath of the population earned its sales stripes in hostile terrain.

* #1 "Best State for Business and Careers" & "Most Fiscally Fit State" Forbes
* #1 "Expected Economic Recovery" & "Economic Outlook" American Legislative Exchange Council
* #1 "Number of Research Produced Business Start Ups" University of Utah
* #1 "5% Annual Household Income Increase"

* #2 "3.5% annual economy expansion"

* #4 "1.5% employment increase"

* #5 or Better "1950 to 2009 Percent of Change Non-Farm Employment"

* #8 or Better "AAA Bond Rating"

Published in the Deseret News

HOW UTAH BECAME THE NEW ECONOMIC ZION!!

2010-12-06T16:12:00.000-07:00

While nearly every local economy succumbed to the frozen credit markets, failing to grow much during the last two years, UTAH HAS FLOURISHED! It set its own records for new companies (more than 40) and capital investment (nearly $2 billion). That has helped sustain an average of 3.5 percent annual growth during the last five years, more than any state other than energy-rich North Dakota.

The 75-mile corridor stretching from Ogden in the north to Provo in the south, has absorbed massive new data centers for eBay, Twitter, and Oracle; splashy new offices for Disney Interactive, EA Sports and a commitment from Adobe—the makers of Flash and Acrobat—to build a thousand-person software-development campus, where the minimum average salary will be $60,000.

Newsweek Nov 8, 2010

INTERESTING INFORMATION ABOUT UTAH!

2010-11-22T10:32:00.000-07:00

Utah has climbed to the top spot in Forbes magazine's annual ranking of "The Best States for Business and Careers."

The magazine's "Best States" ranking measures six categories for business, including costs, current economic climate, growth prospects, labor supply, quality of life and regulatory environment. Forbes noted that while states across the nation have suffered as a result of the national economic downturn, some states, like Utah, have weathered the downturn better than others.

Deseret News

Salt Lake County Distressed Property Statistics

2010-11-17T16:13:00.000-07:00

Really interesting information:) This lists how many homes in Salt Lake County are in default, bank-owned or in short sale. Please click on the image to view full-scale.

UTAH Ranks 23rd in Monthly Housing Costs

2010-11-08T11:16:00.001-07:00

When it comes to monthly housing costs, Utah is in the middle of the pack. Utah ranks No. 23 among all states in housing costs, according to the U.S. Census Bureau.

The median monthly housing cost for Utahns living in owner-occupied housing units with a mortgage was $1,445. That's $60 lower than the U.S. monthly median cost of $1,505.

New Jersey carried the highest monthly median housing cost at $2,401. California was second at $2,317. Hawaii was No. 3 at $2,282.

West Virginia was the most affordable state with a monthly housing cost of $895.

Executive Committee Message
SL Board of Realtors

10% JUMP IN EXISTING-HOME SALES

2010-11-01T09:36:00.002-06:00

10% Jump in September Existing-Home Sales
Existing-home sales rose again in September, affirming that a sales recovery has begun, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 10 percent to a seasonally adjusted annual rate of 4.53 million in September from a downwardly revised 4.12 million in August, but remain 19.1 percent below the 5.60 million-unit pace in September 2009 when first-time buyers were ramping up in advance of the initial deadline for the tax credit last November.
Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. “A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions,” he said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.35 percent in September from 4.43 percent in August; the rate was 5.06 percent in September 2009.
The national median existing-home price for all housing types was $171,700 in September, which is 2.4 percent below a year ago. Distressed homes accounted for 35 percent of sales in September compared with 34 percent in August; they were 29 percent in September 2009.
NAR President Vicki Cox Golder said opportunities abound in the current market. “A decade ago, mortgage rates were almost double what they are today, and they’re about one-and-a-half percentage points lower than the peak of the housing boom in 2005,” she said. “In addition, home prices are running about 22 percent less than five years ago when they were bid up by the biggest housing rush on record.”
To illustrate the jump in housing affordability, the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was five years ago. “In fact, the median monthly mortgage payment in many areas is less than people are paying for rent,” Golder said.
Housing affordability conditions today are 60 percentage points higher than during the housing boom, so it has become a very strong buyers’ market, especially for families with long-term plans. “The savings today’s buyers are receiving are not a one-time benefit. Buyers with fixed-rate mortgages will save money every year they are living in their home – this is truly an example of how home ownership builds wealth over the long term,” Golder added.
Total housing inventory at the end of September fell 1.9 percent to 4.04 million existing homes available for sale, which represents a 10.7-month supply at the current sales pace, down from a 12-month supply in August. Raw unsold inventory is 11.7 percent below the record of 4.58 million in July 2008.
“Vacant homes and homes where mortgages have not been paid for an extended number of months need to be cleared from the market as quickly as possible, with a new set of buyers helping the recovery along a healthy path,” Yun said. “Inventory remains elevated and continues to favor buyers over sellers. A normal seasonal decline in inventory is expected through the upcoming months.”
A parallel NAR practitioner survey shows first-time buyers purchased 32 percent of homes in September, almost unchanged from 31 percent in August. Investors were at an 18 percent market share in September, down from 21 percent in August; the balance of purchases were by repeat buyers. All-cash sales were at 29 percent in September compared with 28 percent in August.
Single-family home sales increased 10 percent to a seasonally adjusted annual rate of 3.97 million in September from a pace of 3.61 million in August, but are 19.5 percent below the 4.93 million level in September 2009. The median existing single-family home price was $172,600 in September, down 1.9 percent from a year ago.
Existing condominium and co-op sales rose 9.8 percent to a seasonally adjusted annual rate of 560,000 in September from 510,000 in August, but are 16.2 percent lower than the 668,000-unit level one year ago. The median existing condo price was $165,400 in September, down 6.2 percent from September 2009.
Existing-home sales by region:
Northeast – increased 10.1 percent to an annual pace of 760,000 in September but are 20.8 percent below September 2009. The median price in the Northeast was $239,200, which is 1.4 percent below a year ago.
Midwest – jumped 14.5 percent in September to a level of 950,000 but are 26.4 percent below a year ago. The median price in the Midwest was $139,700, down 5.2 percent from September 2009.
South – sales rose 10.6 percent to an annual pace of 1.77 million in September but are 14.9 percent lower than September 2009. The median price in the South was $149,500, down 2.6 percent from a year ago.
West – increased 5.0 percent to an annual level of 1.05 million in September but are 16.7 percent below a year ago. The median price in the West was $213,600, which is 4.9 percent lower than September 2009.
Source: NAR
Daily Real Estate News
October 25, 2010

Bank of America

2010-10-25T10:42:00.000-06:00

Bank of America starts thaw in foreclosure freeze

October 18th, 2010 @ 7:44pm

By ALAN ZIBEL

AP Real Estate Writer
WASHINGTON (AP) - The pace of U.S. home foreclosures may not slow much after all.
Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.
Ally Financial Inc's GMAC Mortgage unit is also resuming foreclosures once documents are fixed. Gina Proia, a spokeswoman for Ally, said that "as we review the affected files and take any remediation needed, the foreclosure process then resumes."
Analysts expect other lenders to correct problems with the way they handled documents and proceed with a wave of foreclosures that have depressed the housing market. They are likely to follow because foreclosure practices were similar from bank to bank, said banking analyst Nancy Bush of NAB Research.
"We'll be back to square one by the end of the year," she said.
The bank's move could mean that the costs of the foreclosure-document mess will wind up being less than some investors had feared just days ago. Bank shares sank last week after JPMorgan Chase & Co. said it set aside $1.3 billion in the third quarter to cover legal expenses that include the foreclosure document problems.
Shares of Charlotte, N.C.-based Bank of America had been flat earlier Monday but jumped on the news. They rose 36 cents, or 3 percent, to close at $12.34.
Bank of America Corp. said it's confident of its foreclosure decisions. The bank is still delaying foreclosures in the 27 states that don't require a judge's approval. It said it's still reviewing its cases in those states.
The bank's move comes two weeks after it began halting foreclosures nationwide amid allegations that bank employees signed but didn't read documents that may have contained errors. These employees have earned the nickname "robo-signers."
The company said it plans to resubmit documents with new signatures in the 23 states that require judicial authorization to restart the foreclosure process. It will delay fewer than 30,000 foreclosures.
"The basis for our foreclosure decisions is accurate," Dan Frahm, a Bank of America spokesman, said in announcing the bank's new approach.
Bank of America had been the only lender to halt foreclosures in all 50 states. Other companies, including Ally Financial Inc.'s GMAC Mortgage unit, PNC Financial Services Inc. and JPMorgan, have halted tens of thousands of foreclosures after similar practices became public.
Analysts at FBR Capital Markets said in a note to clients that the bank's announcement demonstrates that the foreclosure document issue may be "overblown."
Still, more problems surfaced Monday that suggest the controversy may be far from over.
A deposition released by the Florida attorney general's office revealed that the office manager at a Florida law firm under investigation for fabricating foreclosure documents signed 1,000 files a day without reviewing them. The manager also would allow paralegals to sign her name for her when she got tired, the deposition said.
Cheryl Salmons, office manager at the Law Offices of David Stern, would sign 500 files in the morning and another 500 files in the afternoon without reviewing them and with no witnesses, former assistant Kelly Scott said in a deposition released by the Florida attorney general's office.
Jeffrey Tew, an attorney for Stern's firm, didn't immediately return a phone call.
Government-controlled mortgage buyers Fannie Mae and Freddie Mac have stopped referring foreclosures to Stern's firm while they review the firm's filings.
In some states, lenders can foreclose quickly on delinquent mortgage borrowers. By contrast, the 23 states in which Bank of America is restarting foreclosures use a lengthy court process. They require documents to verify information on the mortgage, including who owns it.
Those states are:
Connecticut, Delaware, Florida, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.
AP Writer Mike Schneider contributed reporting from Orlando, Fla.

(Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

FORECLOSURES AND INSURING REO SALES

2010-10-22T11:18:00.002-06:00

Please click on the article to view in a larger format.

AN UPLIFTING ARTICLE

2010-10-18T11:06:00.000-06:00

As the holidays approach, I am once again reminded of how fragile life is and that at the end of the day it is really about your attitude and how to choose to deal with your trials. I hope that you enjoy this article as much as I did, and that your Holiday season will be everything you hope for it to be.

Author finds humor, joy in personal tragedy

October 17th, 2010 @ 10:00pm

By Jennifer Stagg

SALT LAKE CITY -- When something bad happens, we can sometimes think our lives are over. But a man who was paralyzed from the neck down after a devastating accident says his "life is good."
Jack Rushton says when tragedy strikes, you have a choice.
"You can either be miserable and overly sensitive to the things that happen, or you can see the absolute fun in living in this condition," he says.

Jack has every excuse to be depressed.
"You can either be miserable and overly sensitive to the things that happen, or you can see the absolute fun in living in this condition." -Jack Rushton"I always consider Aug. 1, 1989 my new birthday," he says. "I tell everybody I'm 21 years old."
That's the day he nearly died in a surfing accident. Jack was riding a wave with his son when his head struck a submerged rock, snapping his spinal cord.
He was instantaneously paralyzed from the neck down.
"I tried to swim but I knew I couldn't move my arms or legs," he says. "I saw green, swirling sea water all around me and then I blacked out."
Jack woke up two hours later, surrounded by doctors and family. When he realized he would never be able to move, eat, or do anything on his own again, he says he wanted his life to end -- until he turned the decision over to God.
"The burden of paralysis was removed, and the depression, the sorrow, the hopelessness just evaporated," he says.
That burden was replaced with a desire to live -- along with a spry sense of humor. Jack shared an experience with a little boy at an elementary school he visited.
"He looked into my eyes and he said, ‘Hey mister, what happened to your face?' I said, ‘My face? I thought that was the only thing that was halfway working,'" he says. "I tried to run over the little kid. I didn't really, but you know."

Jack has to rely on his wife for everything and he can laugh at his lack of control.
"I don't wear man clothes anymore, I wear outfits," he says.
No trial is too difficult, no sorrow unbearable, Jack says, if you have love and laughter.
"We do not need to let the circumstances of life keep us from achieving our true potential," he says. "It was a hard lesson for me to learn, but I can truly say that I am a happy person and it is good to be alive.
Jack's book is called "It's Good to be Alive: Observations from a Wheelchair." It's available at most major book stores.

E-mail: jstagg@ksl.com

10 reasons why it's GOOD to own a home!

2010-10-11T07:46:00.000-06:00

Wow, something positive! Thought I would share this with each of you.

ENOUGH WITH THE DOOM AND GLOOM ABOUT HOMEOWNERSHIP! Brett Arends explains why owning a home is a good thing.

So here are 10 reasons why it's good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer's market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We're four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor's Case-Shiller Index, which tracks home prices in 20 big cities. Will prices fall further? Sure, they could. You'll never catch the bottom. It doesn't really matter so much in the long haul.

2. Mortgages are cheap. These are the lowest rates on record. As recently as two years ago they were about 6.3%. If inflation picks up, you won't see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refinance.

3. You'll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you'll get a tax break on capital gains–if any–when you sell. Sure, you'll need to do your math. You'll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

4. It'll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You'll feel better about your own place if you own it than if you rent.

5. You'll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you're better off buying.

6. It offers some inflation protection. No, it's not perfect. But studies by Professor Karl "Chip" Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That's valuable inflation insurance, especially if you're young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

7. It's risk capital. No, your home isn't the stock market and you shouldn't view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities–for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.

8. It's forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won't. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn't a cost. You're just paying yourself by building equity. As a forced monthly saving, it's a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That's below last year's peak, but well above typical levels, and enough for about a year's worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out.

Hope you all enjoy your week.

William

This article was recently in the Wall Street Journal, written by Brett Arends

FORECLOSURES VS. SHORT SALE

2010-10-04T12:24:00.009-06:00

Click on article for full view

I just earned my CDPE designation, which stands for The Certified Distressed Property Expert.
While attending this class we were given this list, which shows the difference between Foreclosures and Short Sales properties.

Please call me with questions, I look forward to hearing from you.

William
801-918-3737

Salt Lake Economic Update

2010-09-28T16:03:00.000-06:00

Despite high unemployment rates, low consumer confidence and a sluggish housing market, the latest recession has been declared officially over by the National Bureau of Economic Research.

Now, William Wheaton, professor of economics at Massachusetts Institute of Technology, believes the housing market is due to take off, calling it "a sleeping giant that is about to wake up."

Wheaton argues that because there has been so little new-home construction that demand exceeds the level of building and it will soon absorb excess inventory.

Here in Utah, James Wood, director of the Bureau of Economic Business Research, estimates that 20,000 new households are being created statewide because of marriages, divorces and unmarried children leaving home. But the inventory of housing units is only increasing at 10,000 units.

"Housing construction will not only rise, but it will stay high for a while, which didn't happen in previous recoveries," Wheaton said.

Source: Board of Directors,Salt Lake Board of Realtors

City Creek: A new center changes downtown Salt Lake City

2010-09-20T15:43:00.000-06:00

Niagara Falls, the Hollywood Walk of Fame and the Great Smoky Mountains will all share one thing in common with City Creek when the 23-acre outdoor center opens on March 22, 2012. Namely, City Creek will join a handful of locations that draw more than 10 million people each year.
That’s more than 27,000 visitors every day, nearly double the number of people that currently visit Utah’s five national parks combined, according to Jim Buchanan, research coordinator for the Utah Office of Tourism.

City Creek’s visitor numbers may be hard to swallow, but not for Nicolai Schultz, development manager for Michigan-based Taubman Centers Inc., one of the development partners of City Creek. In an interview with Salt Lake REALTOR Magazine, Schultz said City Creek will be one of the nation’s largest mixed-use redevelopment projects. And he points to Temple Square – the state’s No. 1 tourist attraction and the nation’s 16th most visited tourist destination, according to Forbes Magazine. About 5 million people each year make a visit to Temple Square, more people than visit the Grand Canyon.

Source: http://www.slrealtors.com/

New on the Market: Bank-owned Salt Lake Starter Home

2010-09-16T15:11:00.000-06:00

5937 W China Clay Dr

A TRUE GEM!!

•Completely remodeled interior

•New carpet & paint

Shows a 10+

•Beautiful kitchen

•Bank-owned

•100% finished basement

•Built in 1979

•MLS#988619
•$145,000

For more information or to schedule a showing, please contact one of our Buyer's Specialists at 801.879.8895.

Check out the latest available info from The Utah Association of Realtors

2010-08-30T17:27:00.002-06:00

QUARTERLY HOME SALES IN UTAH

2010-08-25T08:30:00.000-06:00

Housing Inventory Climbs in July

2010-08-16T15:17:00.000-06:00

Daily Real Estate News

August 9, 2010

Nationwide Housing Inventory Climbs in July

The nationwide inventory of homes for sale increased in July, a month when the number of the homes on the market usually declines.

ZipRealty Inc. says the supply of homes in the 26 major metropolitan areas in which it does business rose 2.6 percent compared to June. This was the seventh straight month-over-month increase. Zelman & Associates research firm says listings have typically declined in July by 0.8 percent.

Western markets saw the high increase with homes for sale up 9.6 percent in Las Vegas; 7.9 percent in Orange County, Calif.; and 6.3 percent in San Diego and the San Francisco Bay area.

Source: The Wall Street Journal, Nick Timiraos (08/06/2010)

Best Cities to Live

2010-08-13T14:02:00.001-06:00

According to Money Magazine, both South and West Jordan have been named two of the best cities to live in the U.S. Click on the link below to read the article from the Salt Lake Tribune.

www.sltrib.com/sltrib/news/49960162-78/cities-jordan-list-south.html.csp

THINKING YOU MIGHT NEED TO DISPUTE YOUR PROPERTY TAXES?

2010-08-09T16:06:00.003-06:00

It's that time of year again. By now you should have received your Property Tax Notice in the mail. The notice is to inform you of the amount that your property will be taxed for the year 2010. Property tax is an ad valorem tax, which is determined by the County Assessor's estimated value of your property. With the decrease in overall real estate values, you may want to dispute the County Assessor's estimate of your property value.

If you should find yourself in a position where you desire to dispute the County Assessor's determination of your property value, I would be willing to assist you with a current market analysis, contact information, and/or appropriate forms. In order to dispute your property tax, you must file an appeal within 30 days of receipt of your notice (some notices will indicate September 15th, 2010). The specific deadline will be printed on your notice. We need to see a copy of your tax notice and your request must be submitted by August 21, 2010.

Second Quarter 2010 Home Sales

2010-07-30T13:29:00.001-06:00

THE SALT LAKE BOARD OF REALTORS REPORTS 11% RISE

IN SECOND QUARTER HOME SALES

29 July 1010 (Sandy) - The Salt Lake Board of Realtors reported that second quarter existing home and condominium sales in Salt Lake County increased 11 percent compared to the same quarter last year (3,469 sales vs. 3,135 sales).

Sales were strongest throughout many ZIP code areas including: West Valley City (84123) up 54 percent; Cottonwood (84121) up 46 percent; South Jordan (84095) up 14 percent; and the Avenues (84103) up 12 percent.

For the first half of 2010, sales of all residential properties were up 15 percent compared to the same six-month period in 2009 (5,672 sales vs. 4,942 sales). June home and condo sales were down 16 percent compared to June 2009 (1,040 sales vs. 1,241 sales).

Property Type:

There were 2,825 single-family homes sold in Salt Lake County in the second quarter, up 10 percent compared to 2,563 single-family homes sold during the same period in 2009.

Condominiums, townhomes, and twin homes accounted for 615 sales in the second quarter, up 9 percent compared to 565 sales a year earlier.

Median Price:

The median price of all residential properties sold in Salt Lake County in the second quarter was $205,900, down 7 percent compared to a median price of $222,000 a year ago.

The median price of single-family homes sold in the second quarter was $219,900, down 8 percent compared to a median price of $239,000 last year.

The median price of condominiums, townhomes, and twin homes sold in the second quarter was $161,500, down 6 percent compared to a median price of $172, 240.

Prices fell in most ZIP code areas, but there were some areas that saw modest price increases. They included: Harvard/Yale (84105) up 6 percent; Taylorsville /Kearns (84123) up 4 percent; and Holladay (8424) up 2 percent.

Information obtained from www.slrealtors.com

JUST LISTED: A STEAL IN EAGLE MOUNTAIN

2010-07-26T17:29:00.000-06:00

Unheard of: Only $48.00 per square foot
4086 sq ft 2-Story house with 100% finished basement
Open, spacious floorplan
Granite countertops, travertine tile, breakfast bar, and upgraded cabinets
Master bedroom features huge fireplace and master bath
Large rec room and theatre room in basement
Seller financing is available

Current Interest Rates

2010-07-16T17:52:00.001-06:00

Utah Mortgage Rates 07/16/2010

Loan Type Today +/-

15 yr fixed 4.25

30 yr fixed 5.00

5/1 ARM 3.25

Rates may contain points.

As you can see, interest rates are remaining low to drive up demand in home purchases. If you are hesitant to buy a house due to the economy, the rates should help alleviate some concerns. While the economy is far from being fully recovered, the rates at which banks are offering loans will not last forever. Now is as good a time as any to at least consider seeing how much you qualify for and what the terms would be.

SALT LAKE COUNTY MARKET STATISTICS FOR JUNE 2010

2010-07-06T08:07:00.001-06:00

2010-06-28T12:42:00.006-06:00

Below are all the different timeframes and locations for fireworks displays along the Wasatch Front.

FIREWORKS SCHEDULE WASATCH FRONT

SALT LAKE COUNTY

SALT LAKE CITY

Saturday July 3rd: 10:00 Sugarhouse Park

SANDY

Saturday July 3rd: 10:00 P.M. SouthTowne Promenade 10000 South 175 West

WEST JORDAN

Saturday July 3rd: 10:15 P.M. Veterans Memorial Park 1985 West 7800 South

MAGNA

Saturday July 3rd: Dusk Magna Copper Park

UTAH COUNTY

LEHI

Saturday July 3rd: 10:00 P.M. 3303 N. Thanksgiving Way

PROVO

visit www.freedomfestival.org for more info

DAVIS COUNTY

KAYSVILLE

Saturday July 3rd: 10:00 Davis Applied Technical College

CENTERVILLE

Friday, July 2nd: 9:40 P.M. Founders Park 300 North 100 East

LAYTON

Monday July 5th: 10:00 P.M. Ed Kenley Amphitheater

CLEARFIELD

Saturday, July 3rd :10:00 P.M. Fisher Park 934 South 1000 East

NORTH SALT LAKE

Saturday July 3rd: Dusk Eaglewood Golf Course

Understanding Short Sales

2010-06-21T16:42:00.000-06:00

In the real estate world, the term Short Sale is picking up steam. The problem is that not everyone fully understands what this term means, and if it applys to them. Allow me to spend some time explaining what this term means and how it might apply to you as a buyer or seller.

The term short sale means a seller's (homeowner) lender is willing to consider an offer on a home that is less than what is owed to pay off the principal balance, which is often the case when someone sells their home. What this means as a buyer is that there is potential to get a property at what appears to be a good price. As a seller, it means that if you are able to sell the home, you actually would not receive any money at closing. (Since the home will sell for less than what was owed on the home, there will be no equity.)

The biggest and most frustrating thing most people most often deal with, whether they are the buyer or the seller, is the amount of time it takes to complete a short sale purchase. The reason short sales take longer than typical home purchases is the amount of review the lender must make. Remember, the bank is the one who is actually taking the loss on the property. They will conduct a thorough review of the homeowners' financial condition, the real estate market condition and outlook, as well as other factors they deem necessary to make a qualified judgment.

Short sales, especially in this market, might be necessary if you are trying to sell your home. I would advise speaking with me if you are considering this path. For the reasons mentioned above, I believe it is in your best interest to be as fully informed as possible. Feel free to pose any questions you might have, and myself or my team will promptly get back to you.

TAX CREDIT EXTENSION TO SEPT 30th?

2010-06-18T09:33:00.001-06:00

The U.S. Senate has approved a plan to give homebuyers until September 30th to qualify for the federal tax credits which were set to expire on June 30th. Only those who went under contract by the original April 30th deadline will be able to qualify. The reason for the extension is that banks were overwhelmed by the number of loan reviews that had to make. --CreditUnionsOnline.com

The U.S. House of Representatives must now approve the bill before it can be signed into law. It should pass quite easily. The goal of the extension is to keep the momentum going from the original tax credit offer to first-time buyers and current owners.

If you qualified for this and thought you might not be able to close by June 30th, you should be in luck. Stay tuned and we will keep you posted.

2010 SLC 1st Quarter Market Statistics (Click to enlarge)

2010-06-11T11:53:00.003-06:00

SLC Market Statistics (click on image to enlarge)

2010-06-04T13:14:00.009-06:00

$8,000 Tax Credit for Buying a Home

2010-04-20T11:25:00.000-06:00

It's not too late to get your tax credit for purchasing a home.

The $8,000 first-time home buyer and $6,500 repeat home buyer tax credit deadlines have been extended!!

You have through the end of April to qualify for the credits. You must have a signed and accepted contract dated on or before 4/30/2010 and the deal must close by 6/30/2010. Additional limitations apply. For additional details, visit the following link: http://www.federalhousingtaxcredit.com/

We are ready to help you get into your new home! This is a great time to consider buying.

Contact our office to inquire about the tax credit: 801-879-8895.

Thanks for reading!

William Bustos
"Setting Higher Standards"

Bank of America Reducing Principal on Troubled Mortgages?

2010-04-13T12:36:00.000-06:00

Charlotte, N.C. » Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure.
The bank, the largest mortgage service provider in the country, said Wednesday that beginning in May it will forgive up to 30 percent of some customers' total mortgage balance. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is worth.
The plan is the newest provision of an agreement the bank reached 18 months ago to settle charges over high-risk loans made by Countrywide Financial Corp. The loans were made before BofA acquired the mortgage lender in mid-2008. Bank of America has since stopped making those loans.
BofA is the nation's largest bank, and it's among the first to take a systematic approach to reducing mortgage principal when home values drop well below the amount owed.
BofA will first offer to set aside a portion of the principal balance, interest free. That principal can be forgiven over five years, if homeowners don't miss any payments. The maximum decrease in principal will be 30 percent. The forgiveness allows a homeowner to bring a mortgage balance back down to 100 percent of the home's value.

BofA estimates that about 45,000 customers will qualify for its plan. The offer will cut total reduced principal by about $3 billion. That could lower the bank's earnings, which have already been hurt by consumers' continuing defaults on mortgage and credit card loans.
Even so, "the move helps create the best prospect of avoiding a further downward home price spiral, which would result in even deeper losses," said Howard Glaser, a mortgage industry consultant, in an e-mail. Investors appeared pleased with the news, sending BofA shares up more than 2 percent.

Reposted from the Salt Lake Tribune (http://money.sltrib.com/story.asp?ID=8472681)

For assistance in selling or buying, call or text me directly: 801.918.3737 or send me an email: william@williambustos.com
Thanks for reading!
William Bustos
http://www.williambustos.com/
"Setting Higher Standards"

Home & Condo Sales Up 16% in January

2010-04-12T10:48:00.002-06:00

According to the Salt Lake Board of Realtors, sales of existing homes and condos climbed 16% in January. There were 514 homes/condos sold in January 2010 compared to 444 sales in January 2009. January was the fourth consecutive month of increasing sales on a year-over-year basis. The median price of all homes sold in January dropped to $213,550, a 7% dip compared to $230,500 in January 2009. Currently, there are 7,300 existing homes/condos for sale in Salt Lake County. Based on sales trends from the past 3 months, the current listings represent a 2.45 month supply of inventory. The median number of days on market in January was 78, down from 96 days in January 2009.
(Data courtesy of The Enterprise Newspaper Group)

From these numbers, it seems as though the market is improving, ever so slightly and slowly, although it remains in a delicate state. Still, we are optimistic that Utah residents will continue to weather the storm and come out ahead.

For assistance in selling or buying, call or text me directly: 801.918.3737 or send me an email: william@williambustos.com

Thanks for reading!

William Bustos
www.williambustos.com

"Setting Higher Standards"

Steps to Prevent Foreclosure

2010-04-06T10:43:00.003-06:00

Are you having trouble keeping up with your mortgage payments?
Have you received a notice from your lender asking you to contact them?

If you are having a hard time making your mortgage payment, read the following steps to help:

1) Don't ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your home.

2) Contact your lender as soon as you realize you are having a hard time.
Lenders do not want your home. They have options to help borrowers through difficult financial times.

3) Read and respond to all mail/email from your lender.
The first notices will offer good information about foreclosure prevention options to help you weather financial problems. Later mail may include important notice of pending legal action. Failure to open and read correspondence will not excuse foreclosure in the court system.

4) Know your mortgage rights.
Find your loan documents, read them and know what your lender may do if you can't make your payments.

5) Understand foreclosure prevention options.
Valuable information regarding foreclosure prevention (aka loss mitigation) options can be found at the following website: www.fha.gov/foreclosure/index.cfm

6) Contact a housing counselor.
Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need assistance. Contact a housing counseling ageny near you by calling 2-1-1 to be directed to free housing counselors.

7) Prioritize your spending.
Review your finances and find ways to cut spending in order to make your mortgage payment. Look for optional expenses to cut, such as Internet, cable TV, gym memberships, etc. Delay payments on "unsecured" debt until you have paid your mortgage.

8) Use your assets.
Assets, such as a second car and jewelry, can be sold for cash. Get a second, part-time job to bring in additional income. Although these efforts may not significantly increase your available cash, they demonstrate to your lender that you are making sacrifices to keep your home.

9) Avoid foreclosure prevention companies.
You don't need to pay fees for foreclosure prevention help. Use that money to pay your mortgage. There are for-profit companies that will contact you offering to negotiate with your lender. These companies charge a large fee for services your lender or a housing counseling agency will provide for free.

10) Don't lose your house to foreclosure recovery scams.
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, do not buy into it. This is one of the latest scams. Never sign a legal document without reading and understanding all of the terms and conditions. It is also recommended to get professional advice from an attorney or a housing counseling agency prior to signing any such documents. For additional information regarding Foreclosure Recovery Scams, click on the following link: http://utahforeclosureprevention.com/avoiding%20scams.html

For additional information regarding the foreclosure process and foreclosure prevention, click on the following link: http://utahforeclosureprevention.com/

For assistance in selling your home, call/text me directly: 801-918-3737
or send me an email william@williambustos.com

Thanks for reading!

William Bustos
"Setting Higher Standards"

Gov't unveils plan to shrink some home loans

2010-03-26T09:01:00.000-06:00

After months of criticism that it hasn't done enough to prevent foreclosures, the Obama administration is announcing a plan to reduce the amount some troubled borrowers owe on their home loans.

The multifaceted effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration, a government agency that insures home loans against default.

That would be funded by $14 billion from the administration's existing $75 billion foreclosure-prevention program. But it could spark criticism that the government is shouldering too much risk by taking on bad loans made during the housing boom. In addition, their existing mortgage companies will be able to receive incentives to lower their principal balances.

The program also includes assistance to help unemployed homeowners keep paying their mortgages.

But the administration cautioned that the plan isn't intended to stop all foreclosures or assist all troubled homeowners.

A Treasury Department document said, "investors and speculators should not be protected under our efforts, nor should Americans living in million dollar homes or defaulters on vacation homes."

"Some people simply will not be able to afford to stay in their homes because they bought more than they could afford," the document said. Zandi, chief economist at Moody's Analytics, estimated the plan could help between 1 million and 1.5 million homeowners avoid foreclosure. That compares to 4.5 million that are already in foreclosure proceedings or 90 days delinquent on their mortgages, he said. There are another 10 million homeowners who owe more than their homes are worth, Zandi estimates.

"The changes are wide-ranging and significant and have the real potential for bringing the foreclosure crisis to a much quicker end," Zandi said.

The plan is the latest effort by the Obama administration to tackle the foreclosure crisis which has continued to grow under its watch. Home foreclosures have soared despite the administration's effort to prevent foreclosures, a complex and problem-plagued endeavor involving more than 100 mortgage companies. Only 170,000 homeowners have completed that process out of 1.1 million who began it over the past year.

"We remain dubious about government mortgage modification efforts," wrote Jaret Seiberg, an analyst with Concept Capital's Washington Research Group. "So far none have lived up to expectations and we see little reason to believe the latest effort will turn out any different."

The plan announced Friday will also require the mortgage companies participating in the administration's existing foreclosure prevention program to consider slashing the amount borrowers owe. They will get incentive payments if they do so.

It also includes three to six months of temporary aid for borrowers who have lost their jobs. And there will be additional payments designed to give banks an incentive to reduce payments or eliminate second mortgages such as home equity loans -- a problem that has blocked many loan modifications.

The four big holders of second mortgages -- Citigroup Inc., Bank of America Corp., Wells Fargo & Co. and JPMorgan Chase & Co. -- have now joined the government's program to modify second mortgages. That program was delayed for months but with Citi on board, the major players in the industry are now on board.

Critics have complained that the Obama administration has done little until now to encourage banks to cut borrowers' principal balances on their primary loans. Nearly one in every three homeowners with a mortgage are "under water" -- they owe more than their property is worth -- according to Moody's Economy.com

Source: Associated Press 3/26/10

Salt Lake Board 2010 Market Forecast

2010-03-17T12:41:00.003-06:00

Between 2007 and 2008 home sales dropped 42 percent, falling from 15,300 home sales to 8,800 home sales.

However, in 2009 home sales increased to 9,100 sales, a 3 percent increase compared to 2008. The increase in home sales in 2009 suggests that 2008 was the bottom of the downturn. In 2010, as many as 10,000 homes could be sold in Salt Lake County, a nearly 10% increase compared to sales in 2009. Since the peak, single-family home prices have retreated 13%.

Local housing prices will continue their drift downward in 2010, falling another 3% to 5%, the report noted.

At the end of the fourth quarter, the median price of a single-family home in SL County was $222,000, down 13% compared to $255,000 at the peak of the market (third quarter 2007).

IRS Clarifies What's Needed to Claim Tax Credit

2010-03-12T09:26:00.001-07:00

The IRS has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties' signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn't common.

The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law....The IRS encourages those buyers to sign the settlement statement prior to attaching it to the tax return."

For repeat buyers, the IRS is seeking documentation that home buyers have lived in the previous property for a consecutive five of the past eight years. Proof can include property tax records, home owner insurance records, or mortgage interest statements.

Source: Washington Post (02/20/10)

Could the Tax Credit Be Extended Again?

2010-03-05T10:15:00.002-07:00

The pressure is increasing on Congress to renew the home buyer tax credits for a third time.

The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A few month later in 2009, Congress expanded the credit to a maximum of $8,000 that didn't have to be paid back.

At the end of last year, Congress extended the benefit again until April 30 with an extra two months on top of that to close. A new credit of $6,500 was added for move-up buyers, too.

Now representatives of the housing industry are lobbying for another extension. Some experts, including Mark Zandi, chief economist at Moody's Economy.com, who supported the earlier credits, thinks the time has come to let it go.

"It's worn out its benefit," he says. "If you extend it again, it isn't going to do much, and what you're doing is providing a tax break to folks who bought anyway."

Source: The Wall Street Journal, Nick Timiraos ( 2/22/2010)

Bernake presses for low rates amid signs of a weak rebound

2010-02-26T09:47:00.002-07:00

New signs emerged Wednesday that the economic rebound is sputtering. Sales of new homes hit a record low last month. And mortgage giant Freddie Mac signaled it will need more federal aid -- and might never repay it.

Against that backdrop, with the government also trying to prop up the housing and job markets, Federal Reserve Chairman Ben Bernanke reiterated the need to continue record-low interest rates for "an extended period."

Bernake told Congress that low rates will help ensure that the recovery will last and help ease the sting of high unemployment. He offered no new clues about when the Fed would eventually raise interest rates. Most economists think it's months away.

Underscoring the fragility of the housing market, the government said new-home sales nationally dropped 11% last month, to a seasonally adjusted annual pace of 309,000 units. That's the lowest level in the nearly 50 years records have been kept.

In Utah, new home construction also was down, although not as sharply. Along the Wasatch Front, builder took out 285 permits last month for the construction of new homes, down from 345 in December, according to Construction Monitor, which tracks building activity throughout the West. Although down on a monthly basis, building levels in January were nearly double the low of 152 permits in January 2009.

Source: The Salt Lake Tribune, Combined News Services

Real Estate Sales Up, Prices Not So Much

2010-02-19T09:06:00.003-07:00

"Sales soar, prices skid," was the headline in the Salt Lake Tribune's Jan. 28 issue. The story featured the association's quarterly Housing Market Report, which tracks home values and sales in nearly 100 ZIP codes across the Wasatch Front.

Sales of single-family homes were up 36% in the fourth quarter. "Realtors point to lower prices, federal homebuying incentives worth as much as $8,000 and low mortgage rates as factors in the rising sales, a trend they expect to continue in 2010," the story said.

Source: www.slrealtors.com

Housing Rebounds

2010-02-12T09:49:00.001-07:00

The Deseret News featured a story on Wasatch Front home sales and values in its Jan. 28 edition. The article quoted Bill Heiner, president of the Salt Lake Board of Realtors. "Nearly every ZIP code in Salt Lake County saw double-digit increase in home sales," Heiner said. "Existing home sales are surging because of more affordable home prices and the federal government's homebuyer tax credit."

New on the Market: West Valley Rambler

2010-02-05T09:22:00.004-07:00

Adorable West Valley Rambler

.12 Acre Lot w/ huge backyard

Built in 1996

Interior is in mint-condition

Brand new carpet

Beautiful custom 2-tone paint throughout

Vaulted Ceilings

Open, spacious floor plan

Updated kitchen w/ new dishwasher, side x side fridge, all new faucets & much more!

Spacious Master bedroom w/ crown molding

MLS#937438

Call our office at 801-879-8895 for more information or to schedule a showing!

Utah Economic Statistics

2010-01-29T09:06:00.002-07:00

Here are some interesting Utah statistics I picked up from the 2010 Utah Economic Forescast.

Rate of Growth-According to the U.S. Census Bureau, Utah ranked second among states, behind Wyoming, with a population growth rate of 2.1% from 2008 to 2009. The U.S. rate of growth was 0.9%.

Median Age-Utah was the youngest state in the nation with a 2008 median age of 28.7, compared to the national median of 36.8.

Long-Term Projections-The State's population is projected to grow to 3.7 million in 2020, 4.4 million in 2030, 5.2 million in 2040, 6.0 million in 2050, and reach 6.8 million in 2060. The growth rate, which will exceed that of the nation, will be sustained by a rapid rate of natural increase.

West Valley City home prices more affordable

2010-01-22T09:16:00.002-07:00

One of the most affordable housing markets in the Salt Lake area has become even more so after a two-year slide in home values along the Wasatch Front.

Median home prices in West Valley City are down more than 12 percent from a peak of $191,540 in 2007, according to data from the SL Board of Realtors. That means today's median selling price of about $167,000 represents a price rollback to 2006 levels.

The price declines continue to make the area a haven for low-to-moderate-income buyers, many of whom are buying a home for the first time.

Source: The Salt Lake Tribune by Lesley Mitchell 12/30/2009

Home Sales Rebounding

2010-01-15T13:40:00.002-07:00

Home sales in Salt Lake County are finally surpassing levels on a year-over-year basis. For all but one month in 2008, monthly homes sales showed double-digit declines. That all started to change in the summer of 2009 as June and July home sales rebounded by 7% and 6% respectively.

Then, as the deadline for the federal home buyer tax credit neared, home sales skyrocketed. In October, home sales were up 25% on a year-over-year basis. In November, they climbed by more than 77%. In addition, November's sale were up 15% compared to sales in November 2007.

Congress has since extended the tax credit to April 30, 2010. The uptick in the home sales last year will be amplified through 2010 with annual sales rising by 10% compared to 2009 according to economist James Wood.

Source: Salt Lake Board of Realtors, Dave Anderton, 2010 Salt Lake Housing Forecast

Just Listed: Hillside Holladay

2010-01-12T10:56:00.002-07:00

Beautiful Home in Canyon Cove with incredible mountain & valley views.

Remodeled, mint-condition interior

Custom kitchen w/ cherry wood cabinets & granite countertops

Upgraded flooring

Large main floor family room & den

Great ski, empty-nester home

Beautiful floor plan

Give us a call for more details, 801-879-8895.

More Credit Defaults Predicted

2009-12-18T12:33:00.001-07:00

Mark Greene, the CEO of credit-scoring formula maker FICO, predicts that the next six months will lead to more mortgage and credit card defaults.

Greene points to 10 percent unemployment and depressed home prices as the reason why no bailout can effectively help the 30 percent of home owners who are underwater on their mortgages. He says the reality of this is so clear to many home owners that they are changing their priorities and paying off car loans and credit card debt before they pay the mortgage.

“I’m a notch less sanguine than some financial observers are,” said Greene, in an interview with Bloomberg. “We still have a very considerable period of working out credit issues.”

Source: Bloomberg, Alexis Leondis (12/11/2009)

Foreclosures Decline for Fourth-Straight Month

2009-12-14T08:39:00.001-07:00

Foreclosures declined 8 percent in November compared with October, but were still up 18 percent from November 2008.

This was the fourth-straight month that U.S. foreclosures have declined since hitting an all-time high in July, according to online foreclosure marketer RealtyTrac.

Default notices, an indicator of coming foreclosures, also were down 8 percent from October, but up 22 percent from November 2008. Bank repossessions were flat from the previous month and down 2 percent from November 2008.

"We don't really believe the underlying problems have been resolved," said Rick Sharga, senior vice president for RealtyTrac. Many borrowers, he told the Associated Press, "simply aren't going to qualify" for government and mortgage servicer help.

States with the highest foreclosure rates are:
Nevada
Florida
California
Arizona
Idaho
Michigan
Illinois
Utah
Maryland
New Jersey

Four states account for more than 50 percent of actual foreclosures: California, Florida, Illinois, and Michigan.

Source: RealtyTrac, (12/10/2009)

Just Listed: Gorgeous, Executive Draper Home

2009-12-07T09:02:00.003-07:00

The search is over! You will find every amenity you've been looking for in this gorgeous Draper home! The home features an open, spacious floor plan with amazing upgrades and custom detail throughout! The home has a dramatic entry way which leads to a huge great room with a notable floor-to-ceiling stone fireplace. If that doesn't impress your guests, the gourmet kitchen and custom woodwork throughout will! The main-floor master suite features its own fireplace and deluxe master bath. For more information or to schedule a showing, please contact William Bustos. You will not be disappointed!

14th Annual Thanksgiving Pie Event

2009-11-27T11:52:00.007-07:00

Thank you to all our clients who attended our Pie Event this year! We love being able to see you during the holiday season! Thank you for all your continued support. Your referrals have been greatly appreciated throughout the years. Hope everyone had a great Thanksgiving! The Lambert Family

William & Ariana, his daughter

The Banquet Room at Marie Callender's

Lots of pies..............yummm!!!!

Bustos Real Estate Blog

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Mortgage interest and points

Real estate taxes

Moving expenses

Capital gains tax exclusion

Home Sales to Rise 15% in 2012

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"Origination" points

"Discount" points

Housing Forecast

REO and Short Sales?

Housing Market Perceptions

Do I Rent or Do I Own?

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Salt Lake: City No.3: Healthiest Housing Market

Forbes Again Ranks Utah #1 State for Business and Careers

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What to Expect at Closing

Foreclosure Definitions and Terms

Happy (early) Thanksgiving!

How Much Can You Afford for a Home?

Calculate the mortgage payment

Visit a mortgage lender

Calculate your monthly housing costs

Consider your debt

Factor in general expenses

Determine the closing costs

Don't leave yourself "house poor"

Ghouls Just Wanna Have Fun!

How to Pick the Right Moving Company

Get in-home visual estimates.

Get several estimates from moving companies

Don't fall for the low-ball quote

Choose a mover with a local presence.

Check the mover's licensing

Check with the Better Business Bureau for numerous unresolved complaints about a mover

When the movers visit your home to give you a visual estimate, ask questions

Common things to watch for:

10 Tips to find the perfect home

10 Tips to find the perfect home

Go for the long haul

Leave room to grow

Be flexible

Go for your type

Check the surroundings

Buy what you can afford

Think "home" first

Look at both old and new

Location, location

When it comes time to sell

HOME SALES SURGE 38% IN AUGUST; 22% RISE FOR SUMMER

All about home inspections

Why get an inspection?

Hire a professional

What does a home inspector check?

How long will it take?

What is the cost?

How do I get the results?

What should the results tell me?

New mortgage limits: Another hurdle for the housing market?

Lower conforming loan limits could increase mortgage rates and further depress home prices.

Why you should, or shouldn't, buy a foreclosure

Pros of buying a foreclosure

Cons

July home building slips after early-summer bump

Getaways vs Investments, Where are They?

August 3, 2011 by Jessica Lautz, Survey Research Manager

Top 10 ways to increase your home's value

Siding and exterior paint

Windows and doors

Landscaping and lighting

Flooring

The kitchen

Bathrooms

Lighting

Interior painting

Roof and foundation systems