New Home Sales Post Biggest Gains in Months

New-home sales for single-family homes rose 1.3 percent in October, marking the best pace for new-home sales activity since this May, the U.S. Commerce Department reports. 

Following the sector’s worst year for new-home activity on record last year, several recent reports are suggesting a pick-up in new construction....MORE

Utah the Best State for Business...Forbes

For the second year in a row, Forbes Magazine ranks Utah as the best state in America for business, noting: "No state can match the consistent performance of Utah. It is the only state that ranks among the top 15 states in each of the six main categories we rate the states on."

Read more:  Utah Policy - Forbes: Utah the Best State for Business

Home Sales Reach Highest Point in Four Years

Sale of existing single-family homes in Salt Lake County reached the highest point in four years in the third quarter, but home prices are still falling. Read the full story here.

The Benefits of Home Ownership 1 of 10 part Series

The Benefits Of Home Ownership

The decision to purchase a home is exciting and a major investment for your future.  Because there is only so much of it to go around, real estate is the top choice for many investors and the desire for most families.  This article is designed to highlight some of the many benefits of home ownership and how buying a home can often turn the American Dream into a reality.

One of the most profitable markets in real estate is rentals, which means that many families are paying to live in a home that isn't their own.  In some cases, renting a home is necessary.  For all others, the money that would be spent on rent could instead be used to pay a mortgage.  In fact, monthly rent payments often exceed that of a typical mortgage payment.  One of the greatest benefits of home ownership is putting money into something that you can call your own and knowing that the monthly payments are going toward your home's equity.

Speaking of equity, many properties experience a growth in value as more development moves into the area or the economy strengthens through an increase in job opportunities.  If this happens, home values soar and owners can bask in the glory of their newfound profit.  When you purchase a new car, it depreciates the moment that you drive off of the lot.  When you buy a home, however, it has the potential to appreciate year after year.  There are few things in life that can offer you a return above and beyond your original purchase price, but a home can.

When you own a home, you will enjoy the freedom of decorating and making any changes that you choose without needing the permission of a landlord or property owner.  In addition, you may even be able to use your home's equity to finance some needed improvements and/or repairs.  In some cases, these changes may even increase the value of your home.  An upgraded kitchen or bathroom, hardwood flooring or an additional room are examples of changes that could result in added value.

Another advantage of home ownership is the tax benefits that are available.  The interest paid on a home mortgage as well as most property taxes paid are tax deductible.  For additional information on deducting mortgage interest and property tax, consult the IRS or a tax professional.

In addition to providing yourself and your family with a feeling of stability and permanence, home ownership can also help strengthen your credit profile through timely mortgage payments and a steady financial history.

Posted By ShirLee McGarry, Author, Freelance Writer, Realtor®

Copyright© November 19, 2011 SJM Investments, LLC All Rights Reserved

Freddie Mac Mortgage History Since 1971

30-Year Fixed-Rate Mortgages Since 1971

Contact: corprel@freddiemac.com
or (703) 903-3933

Monthly Average Commitment Rate And Points On 30-Year Fixed-Rate Mortgages Since 1971

	2011		2010
	Rate	Pts	Rate	Pts
January	4.76	0.8	5.03	0.7
February	4.95	0.7	4.99	0.7
March	4.84	0.7	4.97	0.7
April	4.84	0.7	5.10	0.7
May	4.64	0.7	4.89	0.7
June	4.51	0.7	4.74	0.7
July	4.55	0.7	4.56	0.7
August	4.27	0.7	4.43	0.7
September	4.11	0.7	4.35	0.7
October	4.07	0.8	4.23	0.8
November			4.30	0.8
December			4.71	0.7
Annual Average			4.69	0.7

	2009		2008		2007		2006		2005
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	5.05	0.7	5.76	0.4	6.22	0.4	6.15	0.5	5.71	0.7
February	5.13	0.7	5.92	0.5	6.29	0.4	6.25	0.6	5.63	0.7
March	5.00	0.7	5.97	0.5	6.16	0.4	6.32	0.6	5.93	0.7
April	4.81	0.7	5.92	0.4	6.18	0.5	6.51	0.6	5.86	0.6
May	4.86	0.7	6.04	0.5	6.26	0.4	6.60	0.5	5.72	0.6
June	5.42	0.7	6.32	0.7	6.66	0.4	6.68	0.5	5.58	0.6
July	5.22	0.7	6.43	0.6	6.70	0.4	6.76	0.5	5.70	0.5
August	5.19	0.7	6.48	0.7	6.57	0.4	6.52	0.4	5.82	0.5
September	5.06	0.7	6.04	0.7	6.38	0.5	6.40	0.5	5.77	0.6
October	4.95	0.7	6.20	0.6	6.38	0.5	6.36	0.4	6.07	0.5
November	4.88	0.7	6.09	0.7	6.21	0.4	6.24	0.5	6.33	0.6
December	4.93	0.7	5.29	0.7	6.10	0.5	6.14	0.4	6.27	0.5
Annual Average	5.04	0.7	6.03	0.6	6.34	0.4	6.41	0.5	5.87	0.6

	2004		2003		2002		2001		2000
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	5.71	0.7	5.92	0.6	7.00	0.8	7.03	0.9	8.21	1.0
February	5.64	0.7	5.84	0.6	6.89	0.7	7.05	1.0	8.33	1.0
March	5.45	0.7	5.75	0.6	7.01	0.7	6.95	0.9	8.24	1.0
April	5.83	0.7	5.81	0.6	6.99	0.7	7.08	0.9	8.15	1.0
May	6.27	0.7	5.48	0.6	6.81	0.7	7.15	1.0	8.52	1.0
June	6.29	0.6	5.23	0.6	6.65	0.6	7.16	1.0	8.29	0.9
July	6.06	0.6	5.63	0.5	6.49	0.6	7.13	0.9	8.15	0.9
August	5.87	0.7	6.26	0.7	6.29	0.6	6.95	0.9	8.03	1.0
September	5.75	0.7	6.15	0.6	6.09	0.6	6.82	0.9	7.91	1.0
October	5.72	0.7	5.95	0.6	6.11	0.6	6.62	0.9	7.80	1.0
November	5.73	0.6	5.93	0.6	6.07	0.6	6.66	0.8	7.75	0.9
December	5.75	0.6	5.88	0.7	6.05	0.6	7.07	0.8	7.38	1.0
Annual Average	5.84	0.7	5.83	0.6	6.54	0.6	6.97	0.9	8.05	1.0

	1999		1998		1997		1996		1995
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	6.79	0.9	6.99	1.4	7.82	1.8	7.03	1.8	9.15	1.8
February	6.81	1.0	7.04	1.2	7.65	1.7	7.08	1.7	8.83	1.9
March	7.04	0.9	7.13	1.2	7.90	1.8	7.62	1.8	8.46	1.8
April	6.92	1.0	7.14	1.0	8.14	1.7	7.93	1.8	8.32	1.9
May	7.15	1.0	7.14	1.1	7.94	1.7	8.07	1.7	7.96	1.8
June	7.55	1.0	7.00	1.0	7.69	1.7	8.32	1.7	7.57	1.8
July	7.63	1.0	6.95	1.1	7.50	1.8	8.25	1.8	7.61	1.8
August	7.94	1.0	6.92	1.1	7.48	1.7	8.00	1.7	7.86	1.8
September	7.82	1.0	6.72	1.0	7.43	1.7	8.23	1.7	7.64	1.8
October	7.85	1.0	6.71	0.9	7.29	1.7	7.92	1.7	7.48	1.9
November	7.74	1.0	6.87	0.9	7.21	1.7	7.62	1.8	7.38	1.8
December	7.91	1.0	6.74	1.0	7.10	1.8	7.60	1.7	7.20	1.8
Annual Average	7.44	1.0	6.94	1.1	7.6	1.7	7.81	1.7	7.93	1.8

	1994		1993		1992		1991		1990
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	7.07	1.7	7.99	1.6	8.43	1.8	9.64	2.1	9.90	2.1
February	7.15	1.8	7.68	1.5	8.76	1.8	9.37	2.0	10.20	2.1
March	7.68	1.7	7.50	1.6	8.94	1.9	9.50	2.1	10.27	2.1
April	8.32	1.8	7.46	1.7	8.85	1.7	9.50	2.0	10.37	2.1
May	8.60	1.8	7.47	1.8	8.67	1.7	9.47	2.0	10.48	2.0
June	8.40	1.8	7.42	1.6	8.51	1.7	9.62	2.1	10.16	2.0
July	8.61	1.8	7.21	1.6	8.13	1.6	9.58	2.0	10.04	2.0
August	8.51	1.8	7.11	1.5	7.98	1.7	9.24	1.9	10.10	2.0
September	8.64	1.8	6.91	1.5	7.92	1.7	9.01	1.9	10.18	2.1
October	8.93	1.8	6.83	1.5	8.09	1.8	8.86	1.9	10.17	2.2
November	9.17	1.8	7.16	1.6	8.31	1.9	8.71	1.8	10.01	2.1
December	9.20	1.8	7.17	1.7	8.21	1.6	8.50	1.8	9.67	1.9
Annual Average	8.38	1.8	7.31	1.6	8.39	1.7	9.25	2.0	10.13	2.1

	1989		1988		1987		1986		1985
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	10.73	2.1	10.38	2.0	9.20	2.2	10.89	2.3	13.08	2.5
February	10.65	2.2	9.89	2.1	9.08	2.1	10.71	2.3	12.92	2.4
March	11.03	2.2	9.93	2.0	9.04	2.1	10.08	2.3	13.17	2.6
April	11.05	2.2	10.20	2.1	9.83	2.3	9.94	2.2	13.20	2.6
May	10.77	2.1	10.46	2.1	10.60	2.3	10.15	2.3	12.91	2.5
June	10.20	2.1	10.46	2.0	10.54	2.2	10.69	2.3	12.22	2.5
July	9.88	2.1	10.43	2.0	10.28	2.2	10.51	2.2	12.03	2.5
August	9.99	2.1	10.60	2.2	10.33	2.1	10.20	2.1	12.19	2.6
September	10.13	2.0	10.48	2.1	10.89	2.2	10.01	2.2	12.19	2.6
October	9.95	2.0	10.30	1.9	11.26	2.2	9.98	2.1	12.14	2.5
November	9.77	2.0	10.27	2.1	10.65	2.1	9.70	2.0	11.78	2.4
December	9.74	2.0	10.61	2.1	10.64	2.1	9.32	2.1	11.26	2.3
Annual Average	10.32	2.1	10.34	2.1	10.21	2.2	10.19	2.2	12.43	2.5

	1984		1983		1982		1981		1980
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	13.37	2.3	13.25	2.2	17.48	2.2	14.90	2.0	12.88	1.6
February	13.23	2.4	13.04	2.0	17.60	2.2	15.13	2.0	13.04	1.6
March	13.39	2.4	12.80	2.2	17.16	2.2	15.40	2.0	15.28	2.0
April	13.65	2.4	12.78	2.1	16.89	2.3	15.58	2.0	16.32	1.9
May	13.94	2.5	12.63	2.1	16.68	2.3	16.40	2.1	14.26	1.9
June	14.42	2.5	12.87	2.1	16.70	2.2	16.70	2.1	12.71	1.8
July	14.67	2.6	13.43	2.2	16.82	2.2	16.83	2.1	12.19	1.8
August	14.47	2.6	13.81	2.2	16.27	2.3	17.28	2.1	12.56	1.7
September	14.35	2.6	13.73	2.2	15.43	2.3	18.16	2.1	13.20	1.7
October	14.13	2.6	13.54	2.1	14.61	2.2	18.45	2.3	13.79	1.7
November	13.64	2.5	13.44	2.1	13.82	2.2	17.82	2.1	14.21	1.7
December	13.18	2.5	13.42	2.2	13.62	2.2	16.95	2.1	14.79	1.7
Annual Average	13.88	2.5	13.24	2.1	16.04	2.2	16.63	2.1	13.74	1.8

	1979		1978		1977		1976		1975
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	10.39	1.5	9.01	1.3	8.72	1.1	9.02	1.1	9.43	1.2
February	10.41	1.5	9.14	1.3	8.67	1.1	8.81	1.0	9.10	1.2
March	10.43	1.5	9.20	1.3	8.69	1.2	8.76	1.3	8.89	1.1
April	10.50	1.5	9.35	1.3	8.75	1.1	8.73	1.3	8.82	1.0
May	10.69	1.6	9.57	1.3	8.83	1.1	8.76	1.3	8.91	1.1
June	11.04	1.6	9.71	1.4	8.86	1.1	8.85	1.3	8.89	1.0
July	11.09	1.7	9.74	1.4	8.94	1.1	8.93	1.2	8.89	1.1
August	11.09	1.7	9.78	1.3	8.94	1.1	9.00	1.2	8.94	1.1
September	11.30	1.6	9.76	1.3	8.90	1.1	8.98	1.2	9.12	1.1
October	11.64	1.7	9.86	1.2	8.92	1.2	8.92	1.2	9.22	1.1
November	12.83	1.7	10.11	1.2	8.92	1.1	8.81	1.3	9.15	1.1
December	12.90	1.6	10.35	1.4	8.96	1.2	8.79	1.2	9.10	1.1
Annual Average	11.20	1.6	9.64	1.3	8.85	1.1	8.87	1.2	9.05	1.1

	1974		1973		1972		1971
	Rate	Pts	Rate	Pts	Rate	Pts	Rate	Pts
January	8.54	1.0	7.44	0.9	7.44	1.0	na	na
February	8.46	1.0	7.44	1.0	7.32	0.9	na	na
March	8.41	1.0	7.46	0.9	7.29	0.9	na	na
April	8.58	1.0	7.54	0.9	7.29	0.9	7.31	na
May	8.97	1.1	7.65	0.9	7.37	0.9	7.43	na
June	9.09	1.2	7.73	0.9	7.37	0.9	7.53	na
July	9.28	1.3	8.05	1.0	7.40	0.9	7.60	na
August	9.59	1.3	8.50	1.0	7.40	0.9	7.70	na
September	9.96	1.4	8.82	1.1	7.42	1.0	7.69	na
October	9.98	1.5	8.77	1.1	7.42	1.0	7.63	na
November	9.79	1.4	8.58	1.0	7.43	1.0	7.55	na
December	9.62	1.3	8.54	1.0	7.44	1.0	7.48	na
Annual Average	9.19	1.2	8.04	1.0	7.38	0.9	na	na

Buying A Home With Past Credit Problems

Buying a home can be both exciting and stressful but, for those with past credit problems, the process may also seem intimidating.  The good news is that many lenders have adapted to the idea that many hopeful homeowners simply need a second chance, which means that past credit problems no longer have to define your future.

Credit Blemishes

When life unexpectedly takes a turn for the worst, it's not always possible to come out without a few bumps and bruises.  Every day, people are faced with late or missed credit card payments, mortgage foreclosures, bankruptcy proceedings, auto repossessions and even civil judgments that will affect their credit reports for years to come.  Whether it's from a job loss, injury or just a simple case of temporary hardship, credit blemishes are often a part of life.  The good news is that they no longer have to prevent you from becoming a homeowner.

Give Yourself A Little Credit

After experiencing a credit problem, most lenders will want to see an attempt to rebuild your credit through a steady payment history with a new account.  This can be accomplished by applying for a credit card and maintaining a responsible use of the account.  If you aren't approved for an unsecured card, you can always apply for a secured credit card.  Either will rebuild your credit over time and will help to show lenders that your past credit problems are just that - in the past.

Clean Up Your Credit Report

Before applying for a home loan, make sure that you check your credit report from each of the three major credit reporting agencies.  Every 12 months, consumers can request a free copy of their credit report from Experian, Equifax and TransUnion.  If anything is incorrect or found to be inaccurate, filing a dispute with the credit reporting agency can help to get the information corrected before speaking with a lender.

When you apply for a home loan, the lender will access your credit report for the purpose of determining your creditworthiness.  In an effort to ensure that you have the best possible chance at being approved for the loan at the best possible interest rates, making sure that your credit report is accurate is a must.

Save Up For A Down Payment

Some homebuyers often qualify for a mortgage with down payments as low as five percent (three percent for FHA loans), but those with past credit problems may be required to shell out up to 35 percent or more for a down payment on their new home.  A buyer who pays a larger down payment obviously has more vested interest in the home and may, thereby, be less likely to default on a loan.  If you have past credit problems, check with your lender about specific down payment requirements and start saving!

Creative Financing Options

If you've exhausted all of your conventional efforts and are still turning up empty, don't give up just yet.  Alternative financing is an option that many homebuyers use to purchase a home.  Your REALTOR® can provide you with details regarding any lease purchase and/or owner financing properties, which may require no credit check, no bank qualifying, a low down payment and competitive interest rate options.

photos courtesy of http://www.fotosearch.com/photos-images/credit-issues.html