Home Sales Still Didp .2 percent despite Tax Credits.

In May existing homes dipped 2.2% which shows that the home-buying tax credit is ending sooner than expected. The trend continued with last month’s sales falling from previous month to the adjusted annual rate or 5.66 million according to the National Association of Realtors. Most analysts who expected sales to rise expressed their concern that the real estate market could tumble even lower after the federal incentives is entirely gone.

Last months’ sales fell from the adjusted annual rate of 5 .6 6 million recorded the month before. During the lowest level of the recession which was at 4.5 million, sales did climb 25% but they’re still down 22 percent from the peak rate of 7.25 million in September 2005.The only time a report counts in home sales is when a deal closes.


Because of the slow process in closing many transactions like in short sales, Lawrence Yun, the Realtors chief economist, said delays in the mortgage-lending process put about 180,000 potential buyers in limbo. He's unsure if they will qualify by the June 30 deadline. The trade group is pushing Congress to extend the deadline for closing a sale until Sept. 30 and for those who were all ready under contract, those lucky few have been given an extension to get them closed.


According to Joshua Shapiro, chief U.S. Economist at MFR Inc, and economic consulting firm in New York, he says the report is “a worrisome sign for what will occur in July and thereafter when the effect of the tax credit is behind us.”
It is well shared in belief that even government stimulus in the form of a tax credit isn’t enough,” to support the U.S. housing market according to Guy LeBas, an analyst with Hanney Montgomery Scott.


Here is a summary of the sales in the different markets:
The drop in May sales was led by a more than 18 percent decline in the Northeast. Sales were unchanged in the Midwest, but rose nearly 5 percent in the West and 0.5 percent in the South.
The inventory of unsold homes on the market dropped 3.4 percent to 3.9 million. That's an 8.3 month supply at the current sales pace, compared with a healthy level of about six months. The median sales price in May was $179,600, up 2.7 percent from a year earlier.
Foreclosures and short sales — in which the lender agrees to accept less than the total mortgage — made up 31 percent of sales in May. First-time buyers made up 46 percent.


This article was written by ShirLee McGarry and taken from parts of ALAN ZIBEL, AP Real Estate Writer Alan Zibel, AP Real Estate Writer, National Association of Realtors, and reports gathered by analysts and economists listed in reports

Great Tips and Tricks to Having a Cool Home This Summer

If the weather trend continues we might not have to worry as much this year about the costs of keeping our homes cooler but we still have many months ahead of us to experience our usual temperatures here in Utah. So if we get back to the norm, we all know as the temperatures start to rise during the summer, likewise the cost of keeping your home cool affects your utilities. I ran across a great article that will give you some good tips and tricks that I thought I would share.

Tricks to Keep Your House Cool this Summer
While homeowners across the country come to depend on air conditioners to keep the temperature down during the warm summer months, there are other options that will keep you cool while keeping your energy bill low.

Fans and ceiling fans
-If you’re looking for ways to beat the heat, a ceiling fan can be a great investment for your home. This one appliance can make a room feel 6 or 7 degrees cooler, and even the most power-hungry fan costs less than $10 a month to use if you keep it on for 12 hours a day. Good fans make it possible for you to raise your thermostat setting and save on air-conditioning costs. Fans don’t use much energy, but when air is circulating, it feels much cooler. Ceiling fans are best, but a good portable fan can be very effective as well.

-You should remember that even mild air movement of 1 mph can make you feel three or four degrees cooler. Also, make sure your ceiling fan is turned for summer – you should feel the air blown downward.

Shades, drapes or blinds
-Install white window shades, drapes or blinds to reflect heat away from the house. Close blinds, shades and draperies facing the sun (east-facing windows in the morning and west-facing windows in the afternoon) to keep the sun’s heat out and help fans or air conditioners cool more efficiently. Always remember that the best way to keep your home cool is to keep the heat out.

Internal Heat
-The most common sources of internal heat gain are; appliances, electronic devices and lighting. Be aware of devices in your home that are generating heat and if you have air conditioning, use it wisely.

Don’t put lamps, televisions or other heat-generating appliances next to your air-conditioning thermostat, because the heat from these appliances will cause the air conditioner to run longer. The heat they produce will make the thermostat think your house is warmer than it really is, and your system will run harder than it needs to.

-Unless you absolutely need them, turn off incandescent lights and heat-generating appliances. Replace incandescent bulbs with compact fluorescents; they produce the same light but use a fifth the energy and heat.

-You should also try to avoid heat-generating activities such as cooking on hot days or during the hottest part of the day. If you are cooking, use your range fan to vent the hot air out of your house. By reducing the amount of heat in your home, you will use less energy to cool it.

Plants
-Plant trees or shrubs to shade air conditioning units, but not block the airflow. A unit operating in the shade uses less electricity. Deciduous trees planted on the south and west sides will keep your house cool in the summer and allow the sunlight to warm the house during the winter.

Roof and Walls
-Paint your roof white – If you’ve got a flat roof, paint it with a specially formulated reflective paint or just paint it white. The reflective effect will help to keep the rooms under the flat roof much cooler.

Other things to remember
-Humidity makes room air feel warmer, so reduce indoor humidity. Minimize mid-day washing and drying clothes, showering and cooking. When you must do these things, turn on ventilating fans to help extract warm, moist air.

-Avoid landscaping with lots of unshaded rock, cement, or asphalt on the south or west sides of your home because it increases the temperature around the house and radiates heat to the house after the sun has set.

-If the attic isn’t already insulated or is under-insulated, insulate it now. Upgrading from 3 inches to 12 inches can cut cooling costs by 10%.


From article by Paige Tepping
eRISMEDIA, June 17, 2010

Utah Ranks Ninth Nationally for Foreclosures

Utah Foreclosures

According to RealtyTrac’s Monthly Foreclosure Report, Utah Ranked 9th Nationally in terms of the percentage of Foreclosure Filings.

In total the state had 833 new Notices of Default, 990 new Notices of Trustee Sales, and 800 New Utah REO Homes. This represents some sort of foreclosure notice from 1 in every 360 properties. The national average is one foreclosure filing for every 400 homes.

The good news is that the rate of total foreclosures was actually down from April by 38.5%, and was down 10.3% compared with May of 2009.

Setting Your Score Goal

Here is a great video put together by by Linda Ferrari who is a national credit expert and President of Credit Resource Corporation. http://www.youtube.com/watch?v=7tBW_Fg94Dw