Short Sales 2010 Statistics

SHORT SALES STILL IN THE FUTURE FOR 2011

Here is a great article looking at the statistical data we have for short sales.

Recent data from the national Association of Realtors® has shown that the first half of 2010 has shown a slight increase in short sales among at risk properties. A 2.3% increase is the average for the nation. While some areas have higher amounts, many areas are showing less than 1% increase.

Short sales have been promoted as an option to avoid foreclosure. Homeowners negotiate with the bank to sell their homes for less than the market value or the amount owed. As a way to keep more distressed homes from entering the market, lenders were encouraged to use this tool.

However, market statistics are showing that the process is not being utilized to its fullest, nor is it preventing foreclosures from occurring. These same statistics show that foreclosure notices reached over 1.9 million in the first 6 months of 2010 and that 1.6 million properties were affected.

Lenders are always leery to use this form of loss mitigation, and often the process is slow and grueling. Sales often take to long and the homes enter foreclosure proceedings. Many people find that negotiating with the lender, even with assistance, can be difficult.

Analysts are predicting that the later half of 2010 should show a large increase in the number of short sales that are approved. As banks and private lenders prepare to close their books for the year, the prospect of having too much inventory is frightening. In an effort to prevent this, it is anticipated that short sales will have a significant rise.

Current figures show that the remainder of 2010 does not look good for the real estate market. Year end sales are often lower, even during good times. One of the only ways to keep the foreclosure numbers down is to approve the short sales.

There are many Realtors® that are now specializing in this type of transaction. Distressed property specialists are the titles they are using. These Realtors® know and understand the process of the short sale. It is with great hopes that these experienced sales people will be able to change the course of foreclosures and encourage the use of short sales.

Short selling was, in the past, a very rare transaction. Now, with housing prices as low as they are and the amount owed against the homes so high, this process may be the only salvation an upside down mortgage holder has to avoid the foreclosure process. 

Article By Shaun Greer

If you need assistance with your distressed property, please give us a call today at 801.856.6594. We are standing by to assist you with your real estate needs. We specialize in distressed properties and are certified SFR SPECIALISTS.

Thanksgiving Facts and Trivia...

Happy Thanksgiving to All

• The Wampanoag Native American Indians shared an autumn harvest feasts with the Plymouth colonists in 1621 that is known today as one of the first Thanksgiving celebrations.

• In the middle of the Civil War, 16th President Abraham Lincoln proclaimed Thanksgiving Day to be a national holiday.

• Contrary to popular belief, even though wild turkeys were around during the first Thanksgiving feast, they were not served.  

By Long Island Press on November 24th, 2010


THANKSGIVING TRIVIA:

1. Thanksgiving Day is celebrated on the fourth Thursday in November in the United States.
2. Thanksgiving Day is celebrated on the second Monday in October in Canada.
3. The Plymouth Pilgrims were the first to celebrate the Thanksgiving.
4. The pilgrims arrived in North America in December 1620.
5. The Pilgrims sailed across the Atlantic Ocean to reach North America.
6. The pilgrims sailed on the ship, which was known by the name of 'Mayflower'.
7. They celebrated the first Thanksgiving Day in the fall of 1621.
8. They celebrated the first Thanksgiving Day at Plymouth, Massachusetts.
9. The drink that the Puritans brought with them in the Mayflower was the beer.
10. The Wampanoag Indians were the people who taught the Pilgrims how to cultivate the land.
11. The Pilgrim leader, Governor William Bradford, had organized the first Thanksgiving feast in the year 1621 and invited the neighboring Wampanoag Indians also to the feast.
12. The first Thanksgiving feast was held in the presence of around ninety Wampanoag Indians and the Wampanoag chief, Massasoit, was also invited there.
13. The first Thanksgiving celebration lasted three days.
14. President George Washington issued the first national Thanksgiving Day Proclamation in the year 1789 and again in 1795.
15. The state of New York officially made Thanksgiving Day an annual custom in 1817.
16. Sarah Josepha Hale, an editor with a magazine, started a Thanksgiving campaign in 1827 and it was result of her efforts that in 1863 Thanksgiving was observed as a day for national thanksgiving and prayer.
17. Abraham Lincoln issued a 'Thanksgiving Proclamation' on third October 1863 and officially set aside the last Thursday of November as the national day for Thanksgiving. Whereas earlier the presidents used to make an annual proclamation to specify the day when Thanksgiving was to be held.
18. President Franklin D. Roosevelt restored Thursday before last of November as Thanksgiving Day in the year 1939. He did so to make the Christmas shopping season longer and thus stimulate the economy of the state.
19. Congress passed an official proclamation in 1941 and declared that now onwards Thanksgiving will be observed as a legal holiday on the fourth Thursday of November every year.
20. Benjamin Franklin wanted the turkey to be the national bird of the United States. But it was Thomas Jefferson who opposed him. It is believed that Franklin then named the male turkey as 'tom' to spite Jefferson.
21. The annual Macy's Thanksgiving Day Parade tradition began in the 1920's.
22. Californians are the largest consumers of turkey in the United States.
23. When the Pilgrims arrived in North America, the clothing of the Native Americans was made of animal skins (mainly deer skin).
24. On December 11, 1620 the first Pilgrims (or Puritans, as they were initially known) landed at Plymouth Rock.
25. By the fall of 1621 only half of the pilgrims, who had sailed on the Mayflower, survived. The survivors, thankful to be alive, decided to give a thanksgiving feast.

By Long Island Press on November 24th, 2010

WE GO UPDATE FROM UDOT

Here is an update with the Flex Lane project at 5400 South. Please make sure and observe the Do Not Turn on Red Signal to avoid head on crashes. Have seen many cars demolished so far since this has gone into effect so be careful and drive defensively!

5400 South Flex Lanes

UPDATE:

Sunday work on the 2200 West and 5400 South intersection has been canceled due to expected bad weather.

The WE GO! Public Information Team

1-877-550- WEGO(9346)

www.udot.utah.gov/wego

wego2010@gmail.com

Secret Teaching

To live in the world without becoming aware of the meaning of the world is like wandering about in a great library without touching the books.

               ...The Secret Teachings of All Ages

Explanation of Loan Modification

What Is A Loan Modification, And Who Qualifies.

Have you been hearing a lot about loan modifications? The term seems to pop up everywhere these days. But what really is a loan mod, and who can qualify for one? 

A loan modification is an agreement that is negotiated with your lender that changes the terms of your current loan. It can alter the characteristics of the loan term, rate, balance, and penalties. Lenders can be willing to negotiate when you are facing financial difficulties and can not find other financing alternatives. You must be able to show your lender why it would be in their best interest to agree to a modification.

A lender may be willing to reduce the interest rate, monthly payment or change other terms. It is important to understand that a loan modification is not reported to the credit agencies and will not have an adverse impact on your credit scores. Today lets take a look at what characteristics the banks are looking for when reviewing your loss mitigation case with the lender. Every lender is different, so there is no exact science to determine if you truly qualify for a loan mod. Based on information we retained from the e-book Loan Mods done right, below is a list of potential reasons why the lenders will allow a loan modification.

Someone who no longer qualifies for a refinance

Someone currently in an adjustable rate mortgage (ARM)

Someone who is behind on their mortgage (it is always recommended to make all mortgage payments as agree when able)

Someone whose mortgage payments have become high

Someone who has experienced a hardship

Someone who is self employed during tough economic times

Someone who has no equity in their home or is “upside down”

Someone who is about to go into foreclosure

Are you one of these someone? The more of these categories that apply to you the better. The government is forcing the lenders to negotiate and modify Thousands of these loans, so they are picking and choosing who get a mod, and who doesn’t. So why are the lenders doing this? With the housing market in total disarray, the lenders loosing money, and the economy on a huge downturn, the banks would rather modify your loan terms then take on another Foreclosure. Equity in homes has all but disappeared and in many area’s become negative, leaving homeowners upside down on their loans. Banks would rather reduce the payments and/or balance than foreclose on another property. The banks and lenders are not in the real-estate business, and they don’t want to start now. The fact that banks are willing to negotiate lower payments brings about this part of the real estate cycle know as “The Modification Period”.

Although extremely rare, during these periods, both the bank and the borrowers are deemed powerless. Both face tough times ahead and only as a team can the banks and borrowers pull out of this deep real-estate tailspin. They must work together to keep Americans in their homes but also to begin to turn this recession around. Loan modification often equates to immediate financial losses for our banking institutions, but the long term gain will well outweigh the short term loss.

By slowing future foreclosures through loan modifications, the banks will begin to firm up soft markets. This in turn will offer relief to the homeowner’s upside down on their loans. Slowing the foreclosure crisis right now is the first step to jump starting the housing markets again. So if you think you are a potential customer for a loan mod, the time to act is now!!! You can attempt a loan modification yourself, or you can hire a company.

By: Mike Dunn

Mike Dunn is a Senior Wholesale Mortgage Executive who specializes in loan modifications. He is the author of loan mods done right. The website http://www.loanmodificationbookstore.com is one of the best deals on the internet. His Loan mod e-book is one of the best deals on the market. It’s a $209.00 value for only $19.99. Order yours today.

Updates on 5400 South & Bangerter Hwy CFI

Here is the latest information on the 5400 South Flex Lanes and the Bangerter Highway CFIs at 5400 South and 4700 South.

5400 South & Bangerter Hwy CFI

New Impact:

On Sun. Nov. 14, from 2 a.m. to 8 a.m., crews will remove the old lane and crosswalk striping at the intersection of 5400 South and Bangerter Highway. Traffic will be controlled by police officers. Motorists can expect intermittent stop-and-go traffic and delays.

New Information:

Crews will be working on the following:

* Placing seed and top soil

* Completing the concrete center barrier

4700 South & Bangerter Hwy CFI

New Information:

Crews will be working on the following:

* Installing curb and gutter

* Finishing stamped concrete in the center median

* Installing signs

5400 South Flex Lanes

New Impact:

On Sun. Nov. 14, from 7 a.m. to 7 p.m., crews will install new traffic signal arms at the intersection of 3200 West and 5400 South. Traffic will be controlled by flaggers. Motorists can expect intermittent stop-and-go traffic and delays.

This schedule is subject to change due to bad weather or other unforeseen circumstances.

The WE GO! Public Information Team
1-877-550- WEGO(9346)
www.udot.utah.gov/wego
wego2010@gmail.com

Here is the latest information on the Bangerter Highway CFIs.

4700 South & Bangerter Highway CFI:

On Sun. Nov. 7 from 5 a.m. to 7 p.m., the intersection will be down to one lane in all four directions as crews prepare to switch the intersection over to the Continuous Flow Intersection (CFI) configuration.

The CFI is expected to be in operation Sunday night.

While the CFI will be in operation, work to complete the project will continue through the upcoming weeks.

Click here to view the CFI simulation video.

This schedule is subject to change due to bad weather or other unforeseen circumstances.

ksl.com - Loan modification program leads Utahns into deeper trouble

ksl.com - Loan modification program leads Utahns into deeper trouble

Water Shortages in US

We have heard for decades or even centuries that some parts of the United States are running low on water. However, the water problem is worse than most people realize, especially in several large cities which are occasionally low on water and with certainty will face shortfalls in a few years. Apparently this is true if the change in global weather patterns has substantial change in rainfall amounts in some areas of the US.

24/7 Wall St. looked at an October 2010 report on water risk by environmental research and sustainability group Ceres. Another comprehensive July 2010 report from the Natural Resources Defense Council was considered, which mapped areas at high risk of water shortage conflict. With 24/7 Wall St. also researching its own analysis of water supply and consumption in the largest US cities, the goal was to identify potential conflicts in regions that might have disputed rights over large supplies of water and the battles that could arise from these disputes.

From these studies ten cities likely to face severe shortages in the relatively near-term future. 

Listed below are the ten largest cities by population that have the greatest chance of running out of water.

10. Orlando, Fla.

Major Water Supply: Floridan Aquifer

Population (U.S. rank): 235,860 (80th)

Population Growth Rate: 26.8% since 2000

Average annual rainfall: 48.35 in.

9. Atlanta

Major Water Supply: Lake Lanier, Ga.

Population (U.S. rank): 540,922 (33rd)

Population Growth Rate: 29.9% since 2000

Average annual rainfall: 50.2 in.

8. Tucson, Ariz.

Major Water Supply: Local ground water

Population (U.S. rank): 543,000 (32nd)

Population Growth Rate: 20% since 2000

Average Annual Rainfall: 12.17 in.

7. Las Vegas

Major Water Supply: Lake Mead/Colorado River

Population (U.S. rank): 567,000 (28th)

Population Growth Rate: 18.6% since 2000

Average Annual Rainfall: 4.5 in.

6. Fort Worth, Texas

Major Water Supply: Multiple

Population (U.S. rank): 727,577 (17th)

Population Growth Rate: 36.1% since 2000

Average annual rainfall: 34.01 inches

5. San Francisco Bay Area

Major Water Supply: Various, including Lake Hetch Hetchy

Population (U.S. rank): San Francisco: 815,359 (12th), Oakland: 409,189 (44th), San Jose: 964,695 (10th)

Population Growth Rate: 20% since 2000

Average annual rainfall: 20.4 in.

4. San Antonio, Texas

Major Water Supply: Various ground water sources

Population (U.S. rank): 1,373,668 (7th)

Population Growth Rate: 20% since 2000

Average annual rainfall: 30.24 in.

3. Phoenix

Major Water Supply: Colorado River Basin

Population (U.S. rank): 1,593,659 (5th)

Population Growth Rate: 21.2% since 2000

Average annual rainfall: 8.3 in.

2. Houston

Major Water Supply: Jasper Aquifer, Lake Houston, Lake Conroe

Population (U.S. rank): 2,257,926 (4th)

Population Growth Rate: 15.6% since 2000

Average annual rainfall: 53.34 inches

1. Los Angeles

Major Water Supply: Colorado River Basin

Population (U.S. rank): 3,831,868 (2nd)

Population Growth Rate: 3.7% since 2000

Average annual rainfall: 14.77 in.

Article edited by Shirlee McGarry® Realtor and  freelance writer and published author who lives in Utah
Pictures - Fotosearch stock photos

Based on article By Charles B. Stockdale, Michael B. Sauter, Douglas A. McIntyre

To view complete article, click here

Mt. Rainier Puts on a Show With God as the Director!!!

Spectacular and Incredible Cloud Formations Captured over Mt. Rainier Last Friday

These are called "Lenticular clouds" 

They're caused when the winds are 

just right so when they flow over 

Mt. Rainier, the air gets pushed upward where it cools and

condenses into clouds. 

 

Depending on the winds, you can get some amazing clouds formations as was seen on Friday 

last week.

 

                                                                                                      Gig Harbor 

Here is more information on what causes them: 

It's usually a sign of rain within 24 hours because typically the moist flow that precedes a storm around here is the perfect set up for these clouds.

received in email from a Blog By Scott Sistek 

Latest Information on 5400 South Flex Lanes and Bangerter Highway CFI at 5400 South

5400 South Flex Lanes

On Sun., Oct. 31, 7 a.m. to 7 p.m., 5400 South between Redwood Road and Bangerter Highway will be down to one lane in each direction. Crews will remove the Flex Lanes striping until the new system goes into operation spring 2011. Left turns will be prohibited at all intersections, side streets and driveways.

5400 South and Bangerter Hwy CFI

The CFI at 5400 South and Bangerter Highway is now in operation. Please be aware of the changes to the intersection and remember that right turns onto Bangerter Highway during a red light are prohibited. To view the CFI simulation video, please visit www.udot.utah.gov/wego. 

I had a driver honking his horn like a maniac yesterday because I wouldn't turn right on the red light. Well guess what, if you do you will be crashing into cars turning left (west) off of Bangerter head on so pay attention!!!!!

This schedule is subject to change due to bad weather or other unforeseen circumstances.

WE GO! Public Information Team
wego2010@gmail.com
1-877-550-WEGO (9346)
www.udot.utah.gov/wego

All About Disclosure

FSBO Funny Real Estate Sign

The law says you must give full disclosure of any problems with a house when you sell it. Here's someone who followed that law to the letter.

West Side Flex Lane Project

West Side Flex Lane Project

The traffic signal power switch at 5400 South and 1500 West has been delayed until Mon., Oct. 25 at 9 a.m. Originally scheduled for this Wed., Oct. 20, the power switch to the new traffic signals at the intersection of 5400 South and 1500 West has been rescheduled to take place Mon., Oct. 25 at 9 a.m.

Traffic signals will not be fully operational and law enforcement officers will be present to control the flow of traffic. Motorists should be prepared for delays between 9 a.m. and 11 a.m.

Pros and Cons of Reverse Mortgages

REVERSE MORTGAGES

I ran across a good article that deals with the pros and cons of a Reverse Mortgage and outlines the guidelines for those who qualify and decide to choose this particular program.

With an aging population that is living longer and likely to outlive savings or outspend Social Security and other retirement funds, reverse mortgages can be a legitimate option for homeowners, as long as they and their heirs fully understand all the pros and cons. 

Another cause and effect of the four-year housing recession is the surprising gain in popularity of reverse mortgages. Once prey for predatory lenders, older homeowners who want to tap their home’s equity safely are more protected under today’s stricter guidelines.

Conventional reverse mortgages are only available to homeowners aged 62 or older, who occupy the home as a principal residence, and who either own their home outright or have substantial equity in the home. Credit worthiness is not a factor, nor is monthly income, but homeowners are expected to pay hazard insurance, pay property taxes and maintain the property.

Approximately 90% of reverse mortgages are conventional loans, or FHA-insured Home Equity Conversion Mortgages (HECM). The HECM guarantees that the FHA will meet the lender’s obligations to the borrower, limits loan origination costs, and ensures full repayment of the loan to the lender up to the maximum claim amount, explains Dr. James Gaines, research economist for the Real Estate Center at Texas A&M University.

How reverse mortgages work is ingenious, and they can be a blessing to homeowners who want to stay in their homes. With a typical loan, borrowers pay interest added to the total payment. With a reverse mortgage, the interest is subtracted from the current price of the home, and the borrower is given the difference.

“Reverse mortgages are based on the home’s current value, borrower’s age and existing interest rates,” says Dr. Gaines, “Borrowers can choose to receive loan proceeds in a single, lump-sum payment, as periodic predetermined payments, a line of credit or both.”

According to Dr. Gaines, reverse mortgages have definite pros and cons that should be considered carefully by borrowers. In fact, FHA insists that homeowners are counseled to make sure they understand the transaction before they are allowed to sign for the loan.

According to the July 2010 Tierra Grande, a publication of the Texas Real Estate Center, the pros and cons of a reverse mortgage are as follows:

Pros of a reverse mortgage:

• No fixed due date

• No repayment required as long as the home remains the principal residence of the borrower

• Nonrecourse loans – the amount can never exceed the selling price

• Borrowers hold title to property

• Loan proceeds not taxable

• Flexible payment options

Cons of a Reverse Mortgage

• Loan-to-value ratios typically yield only 65% to 80% of the home’s present value

• Upon death, the loan’s interest and costs are due and payable, usually requiring the sale of the home. Inheritance planning may not please heirs, who may have to pay back the loan to retain the home.

• Foreclosure is still possible, if the borrower fails to remain in the home for 12 months, or fails to pay taxes or maintain the home.

• Terms and conditions of reverse mortgages may be difficult to understand and borrowers may also be targets for aggressive sales pitches or other expensive or inappropriate services or products.

See: http://recenter.tamu.edu/pdf/1939.pdf.

Article by: Blanche Evans
- Oct 12, 2010

Article Ten - Things That Will Add Value to Your Home - Finished Basement

Tenth article of a ten-part series of things that will add value to your home

Finished Basement
In the past ten years, nobody really cared about a finish basement, but in today’s market, now everybody wants them. Years ago, finished basement were not always on the plus side for potential buyers because homeowners usually did a do-it-yourself finish with old paneling, improper electrical installation issues, not using the proper treated studs in room division and the list gets longer. Sometimes homeowners didn’t investigate possible water problems and generally just designed poor usage of space. If a basement has water problems, then it is a negative. If it is dry, then having a finished basement is definitely a plus and can bring added value to your home’s market value.

While a basement could be used for anything that a normal area of the house could be used for, it can be the best area for certain types of rooms. When coming up with a basement finishing plan, remember that this below-grade space provides a uniquely quiet, private space that makes it perfect as a separate area in the home.

The most important questions are, what to use it for, and how to layout the space.

Total Basement Finishing dealers offer free basement design consultations and quotes for your basement remodeling ideas. There are great sources on-line to research. Here is the Do-it-Yourself website: http://www.doityourself.com/
If you're finishing the basement and are looking for some great basement remodeling ideas to help you decide what to do with that extra space in your home, here're some great ideas:

Home Theater Center

Having your own home theater with surround sound is definitely an exciting concept and leaves open endless opportunities for design and confort. Here is a website I ran across that shows many possibilities for Home Theaters, including a mobile home set up which was absolutely beautiful and unbelievable! http://www.hometheaterdesignmag.com

Basement Office
Installing a home office in the basement is a great way to have a quiet, tucked-away workspace in the home. With a home office you can work in the house without feeling like work and home are one and the same. A basement home office provides a great space to work, use as a creative space, or use as a productive "office away from the office" when you need a change of scene.!

Basement Bathroom
In most basements, the water pipes and other utility lines run naturally into the area. Because of this, a basement bathroom can easily be installed in these areas, creating a convenient basement bathroom for the homeowner and their guests to enjoy. In a growing family with a tight schedule, having this additional space can be a lifesaver!

Finished Basement In-Law Apartment
A remodeled basement can make a great area for a comfortable private in-law apartment or guest area for the home. Naturally separated from the rest of the house, a basement in-law suite allows for a layout that can allow the guests or live-in family members to relax as if in their own home.This of course works best if you have a walkout, daylight or separate entrance to the basement.


Basement Bar in a Family Recreation Room
A basement bar can offer a relaxing center for entertaining guests in a home. Add a pool table, a couch, and a plasma TV mounted on our strong EverLast basement wall panels, and you have a fantastic location to spend time with friends and family. And a basement bar can serve many purposes in a home, such as a place to serve breakfast or hold children's birthday parties. If you have adolescents or young adults in the home, stocking the bar with sodas and snacks can turn the area into a private place for them to spend time together!

Children's Play Room
Creating a children's play room with of warm, durable materials is an ideal choice!

Basement Home Gym
Installing a personal gym in your basement is a great way to keep in shape from the privacy of your own home. With a basement gym, you can exercise completely on your own schedule without the need to fight for parking or waiting to use equipment. Installing a basement gym will create a convenient environment for a healthier, happier you.



No matter which basement finishing idea you choose to go with, a finished basement can bring added value to your home and years of enjoyment to you and your family.

Shirlee McGarry® is a freelance writer and published author in Utah
Pictures - Fotosearch stock photos

Ninth article of a ten-part series of things that will add value to your home

WINDOWS

Today's savvy buyers are conscious of keeping their utilities down to a minimum and therefore exposure and windows play a big part in looking to keep their home energy efficient.

Insulated windows are definitely a plus and typically they pay for themselves in a five year period. Well placed skylights are also a great touch to add value.

Congress has extended energy efficiency tax credits for most homeowners through the end of 2010, so if you’ve been looking to upgrade your water heater or windows and doors, you can probably still get a tax credit in the coming year. 

Some less common of the tax credits for home improvements will be around all the way until 2016. 

Many companies offer tax credits with specific types of windows. Check your local Home Depot, Lowes and other window companies for specifics.

Shirlee McGarry® is a freelance writer and published author in Utah

Pictures - Fotosearch stock photos

Utah Housing Market Facts from UAR...

Contrary to national news, Utah is holding its own compared to other areas in the United States and Utah's foreclosure rate is much less than U.S. rate. Below is the National Association of Realtors® September statistical update on the housing market in UTAH.

...Area housing affordability remains high: Nearly three-quarters of all homes sold in the Salt Lake metro area in the second quarter were affordable to families making the median income, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. For the three months ended in June, 73.2 percent of homes sold were considered affordable, compared to 70.6 percent last year at the same time. Salt Lake homes were slightly more affordable than U.S. homes, with 72.3 percent considered affordable nationwide.

Utah’s foreclosure rate still less than U.S. rate: Utah is ranked 24th in the nation in foreclosures, according to the Mortgage Bankers Association. For the three months ending in June, 3.4 percent of Utah homeowners with a mortgage were in foreclosure, compared to 4.6 percent nationally.

Utah is starting to add jobs: Utah added 17,200 jobs for the 12 months ended in July, according to the Utah Department of Workforce Services. The numbers represented a 1.5 percent gain, compared to flat growth for the U.S. Utah’s unemployment rate remained unchanged in July at 7.2 percent, compared to the U.S. unemployment rate of 9.5 percent, also unchanged. According to UDWS, “The worst of the recession appears to be behind Utah.”

Utah inventory is coming down: In July, the number of active listings available for sale fell 4 percent compared to a year ago, according to the Utah Association of REALTORS®. Compared to two years ago, inventory was down 15 percent. The months’ supply of inventory in Utah also fell nearly 13 percent. In July, it would have taken 10.7 months at the current sales pace to sell the entire inventory of homes, down from 12.2 months a year ago and down from 12.9 months two years ago.

Mortgage rates still at decades-low levels: The average interest rate on a 30-year fixed-rate mortgage rose for the first time since June, but at 4.35 percent still remains near the previous week’s record low of 4.32 percent, according to Freddie Mac. The low rates are particularly significant because a 1 percent drop in mortgage rates is roughly equivalent to a 10 percent price reduction.

Utah buyers believe now is a good time to purchase a home: According to a recent survey commissioned by the Utah Association of REALTORS®, 80 percent of Utahns believe conditions are ideal for home buyers. Seventy-one percent of those surveyed also believe home prices will stay the same or rise within the coming year.

Article from the National Association of Realtors® September 2010

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