We are getting a lot of questions about the new Bill that the Utah State Legislature just passed. The bill has passed, we are still waiting on some of the details to be outlined. I will out line a few major points of the Bill.
-It is a $6000 Grant on all New Construction homes.
-It will be limited to the first 1,600 people who apply and qualify! (what are those qualifications?)
-Only applies to 30 yr fixed mortgages. Meaning no arms, or interest only. Not like those really exist anymore anyway.:)
-An individual can not make more than $75,000 a year or combined income with significant other of $150,000.
-Home has to be new construction, defined as a home that has never been lived in. There are many homes in the salt lake valley that have been for sale for 2 years but never been lived in so they would also qualify for the Grant.
The important part that everyone should be aware of is the total amount is $10 million. Once the money is gone, its gone. First come first serve basis. So you need to act fast. If you are buying a new construction home in Utah right now you need to get on the list right away. The money is going to be available immediately. We can get you on the list so you will receive your free $6000 New Construction Grant for your new home. I am so proud of the State legislature for this idea. This is a great way to help the consumer. They got my vote…
A new study just released “Rich States Poor States” outlines the probability of state’s to pull out of this recession quickly. Utah received they highest marks. We are constantly being asked by the public why we think Utah will pull out quickly. Lets look at the facts.
1- We have tax laws and regulations set up in the state, to entice high tech companies to the State.
A-One of the advantages comes in the area of tax policy, specifically income tax reform, We also have less Govt. involvement in business..
2-Currently are doing major research and medical expansion
3-Some of the best Recreation and Tourism in the country.
This is great news, even if this is not true once again we have two days of positive news. Salt Lake City, UTAH is a great place to live, and from several different reports that have come out over the last days would indicate the best place to live economically right now. How will this effect Real Estate in UTAH? Just like the rest of the economy hopefully this will bring more consumer confidence back. I know there are a lot of people who believe I am being overly optimistic, but I would like to believe staying positive will help us get through this mess…
Thoughts?
WASHINGTON (Reuters) – New U.S. housing starts and permits unexpectedly rebounded in February, according to data on Tuesday that provided a rare dose of good news for the recession-hit economy and fractured housing market.
The Commerce Department said housing starts jumped 22.2 percent to a seasonally adjusted annual rate of 583,000 units from 477,000 units in January. That was the biggest percentage rise since January 1990 and also marked the first increase since last April.
“That is an encouraging sign for the U.S. economy. It is good signal of what is to come. With the rally in equities we hopefully have seen a bottom for the economy here,” said Matt Esteve, foreign exchange trader at Tempus Consulting in Washington.
New building permits, which give a sense of future home construction, rose 3.0 percent to 547,000 units, from 531,000 units in January. That also marked the first advance in permits since April last year.
Compared to the same period in 2008, housing starts were down 47.3 percent in February and permits declined 44.2 percent. Completions rose 2.3 percent to a rate of 785,000 from January’s 767,000.
HOUSING STABILITY KEY
The housing market is at the center of the financial and economic meltdown and bringing some measure of stability to the sector is crucial to rescuing the economy.
Collapsing house and stock market values are a drag on consumer spending, which accounts for over a third of economic activity.
Finally some good news in the Real Estate industry. We continually get people being negative about Real Estate here in Utah. We understand a lot of the problems that we currently have right now were spurred by the real estate bubble. There is no arguing that point. However, I think most of us all understand that our entire economy is intertwined between different sectors of the market. Real Estate tanks and so does the rest of the country. A little good news is going to go a long way, hopefully the goal is some stabilization within the markets?
Salt Lake Valley Stats – Conclusion, FEBRUARY saw a 62% increase in undercontracts every 5 days compared to the low of the market in NOV/DEC 08. During the same time Salt Lake inventory remained about the same. This means we are cleaning out inventory almost twice as fast as we were 8 weeks ago. At this rate it would take roughly 8 months to clean out all the inventory. As a comparison in the HOT market of Salt lake 2006 we had about a 3 month supply of inventory. What does this mean? We have been saying this for about 3 months now, we saw the under contract properties increase, we knew they would start closing soon, and that would translate into good news. For the nations sake, we want good real estate news. This will help our over all economy. I say keep the positive news coming, it will help the DOW mark my word!
Spencer Janke
WASHINGTON (Reuters) – New U.S. housing starts and permits unexpectedly rebounded in February, according to data on Tuesday that provided a rare dose of good news for the recession-hit economy and fractured housing market.
The Commerce Department said housing starts jumped 22.2 percent to a seasonally adjusted annual rate of 583,000 units from 477,000 units in January. That was the biggest percentage rise since January 1990 and also marked the first increase since last April.
“That is an encouraging sign for the U.S. economy. It is good signal of what is to come. With the rally in equities we hopefully have seen a bottom for the economy here,” said Matt Esteve, foreign exchange trader at Tempus Consulting in Washington.
New building permits, which give a sense of future home construction, rose 3.0 percent to 547,000 units, from 531,000 units in January. That also marked the first advance in permits since April last year.
Compared to the same period in 2008, housing starts were down 47.3 percent in February and permits declined 44.2 percent. Completions rose 2.3 percent to a rate of 785,000 from January’s 767,000.
HOUSING STABILITY KEY
The housing market is at the center of the financial and economic meltdown and bringing some measure of stability to the sector is crucial to rescuing the economy.
Collapsing house and stock market values are a drag on consumer spending, which accounts for over a third of economic activity.
Finally some good news in the Real Estate industry. We continually get people being negative about Real Estate here in Utah. We understand a lot of the problems that we currently have right now were spurred by the real estate bubble. There is no arguing that point. However, I think most of us all understand that our entire economy is intertwined between different sectors of the market. Real Estate tanks and so does the rest of the country. A little good news is going to go a long way, hopefully the goal is some stabilization within the markets?
Utah to get $73m for weatherization and energy upgrades
Updated: 03/12/2009 06:09:43 PM MDT
Weatherization and energy efficiency in Utah will get a big bump under President Barack Obama’s stimulus package.
The state will receive more than $73 million — nearly $38 million for the Weatherization Assistance Program and $35 million-plus for the State Energy Program, the White House announced Thursday.
The weatherization program will allow an average investment of up to $6,500 per home in energy-efficiency upgrades and will be available for families making up to 200 percent of the federal poverty level — about $44,000 a year for a family of four.
The State Energy Program funding will be available for rebates to consumers for home-energy audits or other energy-saving improvements; development of renewable-energy projects for clean electricity generation and alternative fuels; promotion of Energy Star products; efficiency upgrades for state and local government buildings; and other state efforts to help save families money on their energy bills.
Ok everyone, this is great news.. Especially considering the govt. is all about giving us free money. Now as you read above the catch is the family can not make more than $44,000 a year. Pass this on to your friends and family members. I know a lot of you that are self employed this will work wonderfully.
America’s Best States to Live
Rebecca Ruiz, 03.11.09, 01:00 PM EDT
Residents of these areas have a higher quality of life than others in the U.S.
America’s Best States to Live It seems that the recession has touched every corner of American life. From factory workers to those in finance, Americans have been shaken by a contracting economy that has shed 4.4 million jobs since December 2007. But a report released this week by Gallup and disease management company Healthways suggests that reality is less grim in certain states. In these places, residents enjoy their jobs, express deep optimism about future prospects and even manage to stay healthy.
Utah earned the highest marks. Here residents reported a high level of satisfaction in several areas, including work environment, emotional health and their local communities. One major factor for Utah’s strong performance might be its unemployment rate: When last reported in January, it was 4.6% compared with a national rate of 7.6%.
Hawaii ranked second, followed by Wyoming, Colorado and Minnesota. West Virginia ranked last, and manufacturing-reliant states like Michigan and Ohio also landed in the bottom 10.
This is exactly one of the reasons Real Estate in Utah is significantly different than that of the rest of the country. In a time where every day we are bombarded with negative news about the economic forecast, I thought some of us locals would appreciate to know how the rest of the country views us. With one of the lowest unemployment rates we will weather through the storm. Properties in Utah did not see some of the crazy appreciation like the rest of the county. Did we go up more than what was realistic? Sure we did! We have corrected, and some would argue maybe we have a little more ways to go, however compared to the rest of the country it has been a softer blow. Our in-migration is still very high, and with Real Estate prices affordable, it will continue to draw thousands of people to our wonderful state. Spencer Janke
Everyone is looking for that incredible deal right now. Are they out there? Are people really getting these unbeleiveable prices on them? Why do they take so long? Where can I gain acces to these REO properties, and approved short sales?
The deals are here… Depending upon what you are looking for, and what your current financial situation is. The odds are in your favor to take advantage of this horrible economic situation we find ourselves in, and pick up a home, condo, commercial building, or some land for a great price. In the last 90 days we have seen some great prices that are approved from the bank start closing. Cash is king! Now having said that, the bank really does not differentiate between a cash offer and a financed offer. They really are just more concerned about how much money they will “net” with each offer. Banks are getting smart with sold comps, they are staying consistent with the area of the subject property on a price per sq. ft. Obviously taking into consideration the condition of the property.
Bank Repo’s and short Sales are taking a long time now, because banks are trying to limit the loss on their bottom line. They have gotten smarter of the last 12 months, they are getting at least 3 BPO (Broker Price Opinion’s) This will be compared to the sold comps to come up with an accurate current market value of the property. They will usually take an offer as long as it come’s within 5% of that price.
We currently have access to all REO and short sale lists. If you have any questions, or if you would like more info about the process please let us know..
Here’s a list of some east side condos currently listed under $160,000. All have two beds and two bathrooms. Let us know if you are interested. -Brad
| Listings: 8 |
Residential Brief Report |
Date: 03/13/2009 01:00 PM |
| State:Ut Status:ACT Prop Type:Condo List Price Max:160000 Quadrant:Se County:Salt Lake EW Coord Min:1300 Total Bedrooms Min:2 Total Bathrooms Min:2 |
![Foreclosures tend to concentrate in geographical areas]()
USA Today ran this 2008 Foreclosures By State heatmap last week, reminding us of a simple truth: Headline statistics can be misleading.
According to data compiled by RealtyTrac, 1 in 8 U.S. homes were in various stages of default or delinquency at the end of 2008. This is a fact and it was widely reported by the press.
However, as the heatmap plainly shows, in stripping out just 35 of the nation’s 3,232 counties, we can decrease the number of foreclosures nationally by half.
In other words, yes, 1 in 8 U.S. homes face mortgage trouble. In your neighborhood, though, the ratio is likely much, much lower. Real estate is a local phenomenon. National statistics rarely apply.
Wow! you know things are interesting when a drug lord is getting on the Forbes list.. I don’t know if I should laugh at this article or not. In reality this is painting a realistic picture of what is going on in the world today…. Apparently their portfolios have not taken a hit like the rest of us…Spencer Janke
How does a Mexican drug lord make it onto Forbes Magazine’s list of the world’s richest people? Apparently, by amassing a billion-dollar fortune as his country’s most notorious drug trafficker. Joaquin “El Chapo” Guzman, No. 701 on the list, heads the Sinaloa cartel, one of the biggest cocaine suppliers to the United States, according to Forbes.
The 51-year-old kingpin was arrested in 1993 on drug and murder charges but escaped from a Mexican prison in 2001, Forbes reported. The escape set off a wave of killing across Mexico, according to Reuters. Drug violence between rival gangs has caused about 7,000 deaths in Mexico since the beginning of last year, and Guzman’s Sinaloa cartel henchmen are considered some of the most vicious, Reuters reported. Guzman often compared to the Colombian drug lord Pablo Escobar. Luisa Kroll, senior editor of Forbes, told Reuters that Guzman was not available for interviews, “but his financial situation is doing quite well.” The magazine based its estimate on figures from drug-trade analysts and the U.S. government. Mexican and Colombian drug traffickers laundered between $18 billion and $39 billion in proceeds from wholesale shipments to the United States in 2008, Forbes reported.
