ShirLee's Utah Real Estate - Online Blog

Economic Growth Forecast Improves For 2011

2011-03-30T09:15:00.001-06:00

FORECAST FOR ECONOMIC GROWTH
IMPROVES FOR 2011

Treasury Will Sell MBS

2011-03-28T11:41:00.000-06:00

Treasury Will Sell MBS

Highlights

The Jobless Claims four-week average declined to the lowest level since July 2008
The Treasury will auction $99 billion in 2-yr, 5-yr, and 7-yr securities this week
Gold prices rose to record levels near $1,435 per ounce
Portugal's sovereign debt rating was cut by S&P


This week: +0.05%		Dow: 12,200 +300

Last week: -0.10%		NASDAQ: 2,750 +100

With no major developments in Japan or the Middle East and little economic data on the schedule, mortgage markets had one of their quietest weeks of the year. The only significant market moving news was an unexpected announcement from the Treasury on Monday, which pushed mortgage rates a little higher. For the rest of the week, mortgage rates barely changed.

The Treasury announced on Monday that it will begin selling its remaining $142 billion in agency-guaranteed mortgage-backed securities (MBS) holdings. Beginning this month, the Treasury plans to sell up to $10 billion per month, as they wind down the emergency programs put in place in 2008 during the financial crisis. The expected increase in future supply pushed MBS prices lower. Mortgage rates, which are largely based on MBS prices, moved higher. The big question now is what the Federal Reserve plans to do with its larger $944 billion MBS portfolio. A similar announcement from the Fed would have a much larger negative effect on mortgage rates.

The housing sector data released last week was weaker than expected. February Existing Home Sales fell 10% from January. The inventory of unsold existing homes rose to an 8.6-month supply from a 7.5-month supply in January. Distressed sales accounted for 39% of all sales. Median existing home prices dropped 5% to the lowest level since April 2002. February New Home Sales fell 17%. As a result of price declines and continued low mortgage rates, home affordability is at the most favorable level in years, according to data from both the NAR and the NAHB.

Protect the Mortgage Interest Deduction - Contact Your Congressional Leader TODAY!

2011-03-28T07:01:00.005-06:00

CALL TO ACTION ALL HOMEOWNERS

You can shape legislation by being heard early and with strong conviction. This is one of those times. Congress needs to hear from you. Warning signs have appeared on Capitol Hill about mortgage interest deductibility (MID). Homeowners have taken big hits the past few years. We cannot have Congress adding to the injury.

What's at Stake:

House and Senate committees are already holding hearings to gather the perspective they need to craft a new tax system for the 21st century. These hearings will take most of this year.

Congressional leaders from both parties, as well as the Administration, continue to insist that “Everything is on the table,” including MID.

Changes to the MID in any form would have an adverse effect on the entire housing market, potentially lowering home values and slowing sales. Each change to the mortgage interest deduction opens the door for full elimination later on, and could have an even broader effect on local economies and jobs, such as in markets reliant on second homes.

SAMPLE LETTER TO SEND:

Message Subject: Subject: Co-Sponsor H.Res 25. Preserve, Protect, & Defend the Mortgage Interest Deduction.

Dear [Decision Maker) Personalize Decision Maker with your area's
As both your constituent and as one of the nation's homeowners, I remain steadfast in my belief that economic recovery depends in large measure on recovery in the housing market. That recovery is by no means complete and, in fact, the market is still quite weak.

I understand that throughout the spring and summer, Congress is likely to take many votes on huge bills that will affect economic, fiscal and tax policy. I urge you in the strongest possible terms to assure that each one of them will contribute to stabilizing housing markets and, just as important, do no harm. The simplest way for Congress to provide certainty to the housing market is to preserve the MID and oppose any legislation that would undermine it.

Please show your support of stable housing policy by cosponsoring H.Res.25, a bipartisan resolution offered by Rep. Gary Miller. Cosponsorship of this resolution will send a strong signal that Congress remains committed to a housing recovery.

H. Res.25 expresses the sense of Congress that the current law governing the MID must be retained. To restrict current law in any way would undermine progress in the still-fragile housing recovery.

Please join Mr. Miller and your colleagues in sending a strong signal that you support a stable housing market and that you support the current MID rules. Please co-sponsor H.Res. 25.

Sincerely,

Your Name
Address
City, State, Zip

Realtor Action Center

2010-04-19T23:07:00.012-06:00

Dear ShirLee,
Thank you for taking action recently on our Call for Action regarding the continuation of the National Flood Insurance Program and the continuation of the 502 Rural Housing Program.
Because of you and thousands of other members who supported the REALTOR^® Party in taking action, the House and Senate last night passed an extension of the flood insurance program through May, 31 2010. The lapse in flood insurance resulted in many delayed and even canceled transactions. While awaiting Congressional action (which did come), NAR worked with federal agencies, GSEs and bank regulators to clarify what lenders and insurers may and may not do to help work through the program's expiration. Be assured that NAR will work closely with key members of Congress to ensure the program is reauthorized and extended prior to the May 31 deadline.
Regarding 502 Rural Housing, the NAR CFA raised the visibility of this issue in Congress and spurred momentum on the legislation. NAR expects Congress to consider legislation to restore the rural housing 502 single family mortgage insurance program. The legislation will increase the upfront guarantee for the program, which will allow the loan program to be self-sustaining and placed on a more viable financial foundation. NAR will continue to work with the Senate to craft a companion to the House bill that will ensure the long-term viability of this critical program.
We appreciate your commitment and involvement on these important REALTOR^® Party issues and trust your continued support will follow in the months ahead on other NAR Calls for Action.
Sincerely,
NAR Government Affairs and Community & Political Affairs Divisions

ShirLee of Principal Realty Group, SLC, UT Earns NAR Short Sale and Foreclosure Certification

2010-04-02T04:10:00.001-06:00

ShirLee McGarry of Salt Lake City, UT,
Earns NAR Short Sales and Foreclosure Certification
Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

Salt City, State, January 28, 2010— ShirLee McGarry with Principal Realty Group, has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORS are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

# # #

Success - Free-Press-Release.com

Realtors, time to work together for the best interest of our industry and clients

2010-04-01T08:21:00.000-06:00

The REALTOR® Party

The REALTOR® Party: An energized movement of real estate professionals fighting to keep the dream of homeownership alive for this country.

Now more than ever, it is critical for REALTORS® across America to come together and speak with one voice about the stability a sound and dynamic real estate market brings to this country of ours. From city hall to the state house to the U.S. Capitol, our elected officials are making decisions that have a huge impact on the bottom line of REALTORS® and their customers. Through the support of people like you, the REALTOR® Party will continue to be there representing your interests.

Quite frankly, politics is business when you consider the types of changes that are now being contemplated by mayors, governors and Members of Congress across the country:

* What would happen to the real estate market in your community if the mortgage deduction was eliminated from the tax code?
* What would happen if your customers were unable to afford the property insurance they needed to qualify for a mortgage?
* How would the overhaul of health care impact the insurance coverage of the hundreds of the thousands of self-employed REALTORS® across the country?

Partisan politics must be a thing of the past. Our allies in local, state and federal government span the political spectrum — and we need to work with each one of them to make sure they continue to support the interests of the real estate profession. In fact, the REALTOR® party has been a leader in building the bipartisan relationships necessary on both sides of the aisle in jurisdictions in every state. We need to build on that success and your involvement now can help make that happen.

The time is now to come together and fight for the interests of homeowners and the real estate profession. Join the REALTOR® Party today.

I support the REALTOR Party goals and values and join with other REALTORS around the country working together in the best interest of our industry and our customers. I will:

* Vote for candidates at the local, state, and national levels who support the REALTOR Party and make the right decisions for my profession and my customers.

* Act when called upon to support the REALTOR Party at the local, state, and national level. I recognize the importance of REALTORS speaking with one voice, therefore I will participate in Calls for Action, and if a broker, I will join the Broker Involvement Program.

* Give to the REALTOR Political Action Committee (RPAC), and help RPAC build the bipartisan relationships necessary at all levels of government to ensure a sound and dynamic real estate market.

Signed:
ShirLee McGarry

I am also a contributing member of RPAC
WHY POLITICAL INVOLVEMENT?
Since 1969 RPAC has been promoting the election of pro-REALTOR^® candidates across the United States. During the last federal election cycle alone, RPAC contributed over $12 million to pro-REALTOR^® candidates to Congress, making it the number one trade association political action committee in the nation.
Why has RPAC been successful? In America the exercise of good government has its foundation in the participation of its citizens in politics. By definition of the work you do, REALTORS^® are contributors to the American dream- home ownership. REALTORS^® make it possible for people to bring value to their communities, their lives, to schools and to the future. Increasingly REALTORS^® are facing forces from many directions that threaten their ability to help bring about the American dream for more people. Increasing health care premiums, the economy, property tax burdens, rent controls, impact fees and the taking of private property for the public domain are only a quick handful of issues that somewhere, everyday REALTORS^® confront.
IF NOT YOU, WHO?That is why it is vitally important that REALTORS^® be politically active: to take on the responsibility of protecting the values and rights we hold dear. If not REALTORS^®, then who? No one knows a community better than a REALTOR^®. It would be difficult to believe that a local no-growth group would represent your real estate business interests, or that those employed by the local government know best how much and where to spend the tax dollar better than you do. REALTORS^® are the experts on their communities. REALTORS^® know the lay of the land, the families, the best schools, the neighborhoods, and the leaders. With REALTORS^® in virtually every community in the nation, you are in a strong position to be on the front line as either a proponent or a defender.
Failure to be involved politically can and likely will result in someone else filling the vacuum left by you. That may sound okay at first; because we are sure someone else will do the job and see things as we do. That is until one discovers that the voices being heard may be contrary to wise business planning and a threat to property owners and their rights. If you as a REALTOR^® do not speak out, get involved, and help shape your community, someone else will. It is a good bet that they won't be supportive of your position.
On the national level, we give our money to those in Congress who both understand and support REALTOR^® issues. We look to build the future by putting RPAC dollars in places that will help advance the interests of Real Estate professionals. RPAC is the only political group in the country organized for REALTORS^®, run by REALTORS^® and exists solely to further issues important to REALTORS^®.

8 Ways to Lose a Home to Foreclosure

2010-03-29T05:43:00.000-06:00

No matter how many good intentions potential homeowners have, it is possible that they can set themselves up to lose a home to foreclosure. After all, good intentions are not guarantees. It’s important to avoid each of the following scenarios if homeowners intend to keep their homes out of foreclosure. This is an active process, not just wishful thinking. Therefore, potential homeowners should be preparing the stage for successful homeownership and not just waiting for it to happen. The following points touch upon some of the many ways that homeowners lose their homes to foreclosure.

Selection of a Real Estate Agent
The selection of a real estate agent is critical. Prospective homeowners need to select an agent who has the time and energy to give them while searching for a home. Inexperienced agents who are just getting started might work harder to find you a home and get a sale. Busy agents might not have enough time to show you what you want to see. On the other hand, established real estate agents will be aware of many details that newer agents might not. If you already understand or have access to information about buying a home, go with the agent who can give you his undivided attention and who is willing to find the answers to your questions.

Failing to Familiarize the Details
It is important no matter what the purchase price of the home is to fully understand every detail surrounding the purchase. If you are a first-time home buyer, then ask lots of questions. It’s important to talk to other homeowners among family and friends and pick up some pointers for the purchase. Ask the real estate agent pertinent questions about each of the properties that you are considering. Find out how much the utilities are and where the closest stores, schools, and garages are. Realize that in addition to the monthly payment due to the mortgage, there will be an allotment for property taxes and homeowner’s insurance.

Not Checking Out the Neighborhood
All too often, prospective home buyers only look at the neighborhood surrounding the house on their way to look at the home. It is important to drive around the neighborhood in order to see what it is like. Take a drive at different times of the day and night in order to get a clear picture as to the potential crime element, the number of homes on the market, and potential changes in the neighborhood that could lower the value of the home once you purchase it. Look for the signs that will tell you whether or not the neighborhood is a stable and safe one.

Not Having the Home Inspected
In order to avoid excessive repairs once you move in, you should hire a home inspector and have the house thoroughly gone over. A qualified home inspector will be able to see problems that most prospective homeowners don’t readily see. While minor problems won’t be a reason to worry, major problems should be of concern. In many cases, the prospective seller might be enticed into lowering the purchase price in order to allow the homeowner to use the savings for repairs. Some of these repairs might be requires by law prior to the sale of the home. In fact, if the home does not meet up to the building code for the area, the new homeowner could be assessed certain costly fees until it does meet up to code.

Avoiding Traditional Mortgages
Nontraditional mortgages tend to get homeowners into financial trouble when they don’t fully understand the terms. Home buyers would do best to review the terms that apply to mortgages in order to get a better idea of what is available. All too often, nontraditional mortgages such as interest only, balloon, and ARMs are offered as a way to find lower monthly payments. However, it might be more prudent to obtain a traditional fixed rate mortgage that provides a steady monthly mortgage payment with no surprises.

Not Purchasing an Affordable Home
While it might be tempting to purchase the largest, most extravagant house on the block, it isn’t a wise idea. Larger homes are not only more expensive to purchase, but also, they are more expensive to maintain. Plus, the property taxes will be higher on such properties. Prospective homeowners should purchase a home that fits their needs. They can always trade up later should these needs change any. If a prospective homeowner purchase an extravagant home, eventually the cost of owning it is going to catch up to their finances and plunge them straight into debt and on the path to foreclosure.

Not Reserving Money for Emergencies
Avoid placing all of your savings as the down payment on the home. If you do so, you won’t have any flexible funds for those emergencies that are bound to crop up. Even if you obtain a home inspection, you are more likely than not going to find something that needs a bit of repair. While it is important to place a large sum of money down on the home in order to decrease the size of the mortgage that you have to take out, you should reserve some cash. Not reserving any funds for emergencies is one of the quickest ways to start amassing debt that erodes your financial security and places you at risk for a foreclosure proceeding.

Not Staying Out of Debt
Staying out of debt once you purchase the home is critical to keeping it out of foreclosure. Resist the urge to replace the carpeting, paneling, etc all at one time. In fact, avoid using the credit card at all unless it is for necessities. Not staying out of debt will only make it harder to meet those monthly mortgage payments and the rising cost of living. This isn’t to say that the homeowner cannot replace certain things about the home, just to do so in moderation. Debt free could mean foreclosure free.

http://articlet.com/article4656.html

Housing MarketTo Dip Again Mid Spring 2010

2010-03-26T07:32:00.004-06:00

In an article written by CNBC Real Estate Reporter Diana Olick, Predictions 2010: Real Estate, it is predicted that the residential housing market will dip again in mid-2010 before settling into a recover in the back half of the year.This is a result of the end of government programs that have been artificially keeping the housing (home buyer tax credit and Fed’s Fannie Freddie Mortgage Purchase Program) market afloat and will result in a slowdown in demand right at the height of the spring season. Foreclosures will also be on the rise and push more inventories onto the market, putting additional downward pressure on home prices.

It is also a general consensus by those in the industry that inventory will be a lot higher than the original speculation. What we call shadow inventory should be seen not just as homes the banks are holding on to or that are still in the foreclosure process, but homes where borrowers have stopped making payments and have not heard from the banks.

This will also be the end of historic lows on the 30-year fixed. It is noted that unless the government decides to extend its Fannie-Freddie purchase program or do something else to juice the credit markets, mortgage rates will rise steadily, probably leveling off somewhere around 6 percent.

http://www.cnbc.com/id/34110130/Predictions_2010_Real_Estate

A dark “Jot Cloud” is silently hovering above many unsuspecting homeowners

2010-03-23T10:37:00.001-06:00

A dark “Jot Cloud” is silently hovering above many unsuspecting homeowners who are defaulting on their mortgages today, which could come back to haunt them years from now to discover they still owe thousands of dollars on their short sale or foreclosed home, and a collection agency is coming after them to make it happen! What does this mean?

In the background, lenders have been quietly selling second mortgages and home equity lines left unpaid after foreclosures and short sales. According to Sylvia Alayon, a vice president with New York-based Consumer Mortgage Audit Center, “The only relief a consumer will have is entering into a debt negotiation plan or filing for bankruptcy.” The firm provides mortgage analysis to lenders, advocacy groups and attorneys.

If any of you have experienced being hounded by a credit collection agency, you know how they play the game. The buyers: collection agencies, which in many states have years to make a claim. If they win court judgments, these collectors could have years to pursue borrowers with repayment plans, and even garnish their wages. This practice by the mortgage industry certainly suggests an ominous, looming echo of today’s real estate meltdown. This will renew financial stress on tens of thousands of local consumers and could dampen economic recovery as debt collectors seek at least partial repayment of millions of dollars in unpaid home loans.

There will be a lot of unhappy people when this situation hits. As is known, history always repeats itself and so this is nothing new as this happened in the 90s. Just when you think you have done everything you can to do the right thing and eventually get back on your feet, your making money, and the economy has rebounded and is good, they hit you with the ax.
Alayon said most people are so stressed out and exhausted by trying to save their homes today that they are unaware that they could face another hit later. And many who are losing their homes don’t get the advice necessary to prevent future fallout, say nonprofit loan counselors.

Tens of thousands of people in California have this hanging over their heads and don’t even know it according to Scot Thomson, principal at for-profit Mortgage Resolution Services in Carmichael, CA. He fears a new wave of bankruptcies might flatten people just starting to recover from losing their homes.

An entire industry is gearing up to buy their debt at deep discounts and collect what they can, Alayons aid. “It is a big business and investors are coming out of the woodwork. It’s a very lucrative business,” she said. Real estate insiders and financial players know it as “scratch and dent.”

Homeowners should seek advice and nonprofit counselors can help. Although real estate agents who are certified with the SFR endorsement for short sale and foreclosure resource, they are not equipped to handle the repercussions. Realtors are set up to make the sale and deal with all the contract legalities within the real estate sales industry. However, it is their duty to inform their clients of the possible repercussions that could have an impact on their clients, years down the road so they can take the necessary steps to contact the professionals in the field of consumer credit that can assist them.

Today the government is already moving to limit potential damage to millions of home owners who are now struggling with home loans. The new Obama short sale program aims to prevent banks that hold second-lien loans from pursuing collections from homeowners after the short sale. This program goes into effect April 5, 2010 and works as follows: Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders “in exchange for release and full satisfaction of their liens.” This release applies only to short sales done through the administration’s Home Affordable Foreclosure Alternatives program.

As a Realtor, and a short sale and Foreclosure resource (SFR), I know that nothing in life is free. If you make a contractual agreement, somewhere, sometime down the line, there will be a settlement agreement and meeting of the minds. So I suggest that you explore all your options and protect yourself early on and be prepared for the consequences that will follow from the decision you make today. Get legal counsel at the beginning signs of financial troubles that will affect you for years to come. Contact a non-profit debt counseling service and an attorney for free advice at the onset.

Excerpts based on article distributed by McClatchy-Tribune Information Services. The Sacramento Bee (CA)

HOMEOWERS, Credit Scores Can Drop in Loan Modification Program

2010-03-20T02:32:00.004-06:00

If you are a homeowner and making your payments on time but are on the verge of default, and if you are considering the Obama’s administration’s loan modification program you need to know that enrolling in the program can reduce your credit score as much as 100 points. Why is this important? It will make it harder for you to get a loan and can present a problem when applying for a new job.

The question has been asked by many as to why should people’s credit be hurt even worse when they are trying to do the right thing? This is what is making homeowners around the county angry when a program that is supposedly designed to help, carries such a penalty.

However, foreclosure is worse on your credit than the loan modification, as a homeowner’s credit can be lowered as much as 150 points or more on a scale of 300 to 850 and is far more severe in a foreclosure situation, which tatters your credit for years. This is due to the results of many months of missed payments and the foreclosure itself.

If a home owner enrolls in the Obama administrations $75 billion “Making Home Affordable” program, you will enter a trial period in which you make at least three payments. During this time your credit score will take a dive during the trial phase. This occurs when the mortgage company notifies the three credit bureaus – Experian, Equifax, and TransUnion. If you fell behind prior to this on your loan, the damage was already done.

If you as a homeowner are having financial troubles but managing to pay your bills, a request for a loan modification is the first sign of difficulty. This results in a sharp drop in your credit score and the credit rating industry defends their reasoning saying that people who sign up for the loan modification would not be asking for help unless they were having severe money troubles and noted that they wouldn’t be going into the program if they were not in a financial bind and as a result, other lenders need to be made aware of that.

Since the Obama loan modification program was launched last year, 170,000 homeowners had completed the process as of February, 2010. Hundreds of thousands more are still in limbo. The consequences of the program have been plagued with problems and disappointing results and the credit score issues are a problematic consequence of the program.

Now here is another twist to the already tangled mess. The impact is far worse for borrowers who enroll in the Obama program and are then ruled ineligible. The other side of the coin is, if homeowners manage to get accepted into the Obama program and have their loans permanently modified, lenders update the credit bureaus. The new status neither hurts nor helps the borrower’s credit score.

It takes time to see credit scores increase. “The best way to build credit back is to continue to pay bills as agreed, to use credit wisely,” said Tom Quinn, vice president of scoring solutions at Fair Issac Corp., which designed the well-known FICO score system. “As time goes on, the score gradually increases.”

So be prepared to take a hit on your credit score and prepare for the change. Continue with your payments and eventually your credit score will start to repair itself as creditors report your payments to the credit bureau agencies. As with everything in the mix, it took a period of time to get where you are now from various circumstances that put you behind with paying your bills on time and it will take time to rebuild.

Based on article written by Alan Zibel, AP Real Estate Writer, On Friday March 19, 2010, 11:25 am EDT

New Guidelines Home Affordable Foreclosure Alternatives Program (HAFA),

2010-03-17T18:42:00.000-06:00

Home Affordable Modification Program: Overview

The Home Affordable Modification Program is designed to help as many as 3 to 4 million financially struggling homeowners avoid foreclosure by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. The program provides clear and consistent loan modification guidelines that the entire mortgage industry can use.

Borrower eligibility is based on meeting specific criteria To qualify under the new guidelines:

* The property must be the homeowner’s principal residence.
* The homeowner is delinquent on the mortgage or default looks likely. Homeowner is insolvent.
* The loan was made before Jan. 1 this year and is less than $729,750
* The borrowers’ total monthly mortgage payment exceeds 31 percent of their before-tax income.

After determining a borrower's eligibility, a servicer will take a series of steps to adjust the monthly mortgage payment to 31% of a borrower's total pretax monthly income:

First, reduce the interest rate to as low as 2%,
Next, if necessary, extend the loan term to 40 years,
Finally, if necessary, forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

Note: Servicers may elect to forgive principal under HAMP on a stand alone basis or before any modification step in order to achieve the target monthly mortgage payment.

If you have further questions or need any of the following documentation:

This information can be found on https://www.hmpadmin.com/portal/programs/hamp.html

Attorney answers Short Sale Questions

2010-03-17T18:06:00.000-06:00

This is an excellent link that explains about the HAFA and short sale program going into effect April 5th.

http://www.hafaprogram.com/?gclid=CJHhvPr8wKACFQ8bawodcmDFaAN

Utah fights Feds Over Land

2010-03-16T19:51:00.000-06:00

This is a must read http://connect2utah.com/content/fulltext/?cid=80221

THE KEY TO YOUR NEW HOME...

2010-03-16T10:41:00.000-06:00

On February 26th, 2010, the Salt Lake Board of REALTORS® reports that the sales of existing homes and condominiums climbed 16% in January. Comparing homes and condos sold in January of 2009 of 444 to 514 homes and condos sold in January 2010. This also reflects the fourth consecutive month of increasing sales on a year-over-year basis.

Bill Heiner, President of the Salt Lake Board of Realtors® stated that “Since October we have seen double-digit percent increases in sales in Salt Lake County.” Heiner also went on to say that that “the federal tax credit and falling home prices have helped to restore affordability to the market.” According to the SLB of Realtor’s sales report, the median price of all homes sold in January dropped to $213,550, down 7 percent compared to a median price of $230,500 in January of 2009.

There are still a great number of existing homes and condos for sale in Salt Lake County, about 7,300, based on sales trends over the past three months, the board says those listings represent a 2.45 months’ supply of inventory. The median number of days o the market for homes that sold in January was 78 days, down from the 96-days a year earlier. So things are definitely looking up and are good here in Utah.

Home Buyers Tax Credit

2010-03-10T11:49:00.000-07:00

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010. First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000. Current homeowners are also eligible for a tax credit of their own. Homeowners who have lived in their primary residence for 5 consecutive years of the past 8 are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500.

The following conditions apply:

The tax credit is only awarded on homes purchased for $800,000, or less
Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000.
Under the rules, as long as a written binding purchase contract is in effect on April 30, 2010, the buyer has until July 1, 2010 to close.

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by!

First Time Home Buyers 8K is going to pass you buy if you don't get out and buy a home now!

2010-03-09T10:16:00.000-07:00

Whoohoo! had another offer accepted today and this client is so happy and jumping for joy in being a first time home buyer and will make the deadline for the 8K tax incentive. Three days from start to finish! Come one those of you sitting on fence, time is very short - 52 days left as of today to be under contract! Let's get you qualified and find you a home. This opportunity will not come around again.

The Clock is Ticking.

2010-03-05T15:21:00.000-07:00

Home Equity Values to Drop another 3-5% in 2010

2010-03-02T05:09:00.001-07:00

According to the Salt Lake Board Executive Committee article sent to Realtors in Utah, it is noted that “More Americans and Utahns are finding they owe more on their mortgages than what their homes are worth,” according to a new report by First American CoreLogic.

The article goes on to say that in Utah 21.1 percent of all residential mortgages are now considered in a negative equity position as compared to 24% of all U.S. residential properties.

It seems that the negativity continues to be heaviest in five states: Nevada (70%); Arizona (51%); Florida (48%); Michigan (39%); and California (35%).

All of this negativity across the nation is a direct result of the pre-foreclosure activity, according to this report. “Once negative equity exceeds 25%, or the mortgage balance is $70,000 higher than the current property values, owners begin to default with the same propensity as investors.”

If you are thinking about selling your home it is very important that the listing price right. In Utah and according to a report commissioned by the Salt Lake Board, home prices in Salt Lake County will continue to fall another 3-5 percent this year.

Utah Real Estate Online

2010-02-24T06:03:00.008-07:00

Welcome to the first post for ShirLee's Utah Real Estate Online Blog. Here you will find useful real estate information for Salt Lake City and surrounding areas in Utah, current interest rates, and general articles of interest about the local and nationwide real estate market. You will also find great tips about gardening, cleaning, recipes, home repair and maintenance and more. I hope you will enjoy this blog and that through the years it will provide a wealth of information to all my clients past, present and future and to all homeowners nationwide. Listed below are a few of the categories addressed in individual posts:

ShirLee's Editorial
Community Spotlight
Home Buyer Articles
Seller Artiticles

National News
Local News
Real Estate

           Featured Listings
           Market Watch
   Current Interest Rates

Humor
Inspirational