Housing Market Video, Explanation

ksl.com – Cisneros speaks on housing market.

Good article to listen to about what to expect..

FHA in trouble? Could FHA loans become non existent? FHA Shortfall Seen at $54 Billion May Lead to Bailout

FHA Shortfall Seen at $54 Billion May Lead to Bailout (Update1) – Bloomberg.com.

THIS CAN”T BE GOOD?

In a time where almost every loan our clients are getting is FHA, if this article above is true. I think our entire economy could be in for some real hurt. You know I woke up this morning, grabbed by cup of tea ready to read the news. My daily routine, if you will. Over the last couple months, I have started to feel at ease with our countries issues and problems. And perhaps it has been false hope? Maybe this slight turn around is a complete fabrication of our financial markets? Hard to say, with them being so touchy these days. I mean if our President sneeze’s the wrong way the DOW goes up or down 100 points!

If you want a good bring you down to earth blog to read here it is.. He is an associate who’s opinion I follow and consider fairly accurate. Now he is definitely on the negative side of things, but it sure bring be back down to reality at times.

Dr. Housing

So what is my conclusion? Well I guess if you consider all of the consequences from our actions over the last several years this would make sense. Now what if FHA really goes to pot, and we are looking down the barrel of another “bailout”. I would say at that point the dollar will almost be worth nothing, and the “hyperinflation” we keep talking about will become a reality????????

Spencer Janke

Mortgage applications surge to 4-month high

Mortgage applications surge to 4-month high – Yahoo! News.

We tend to post positive news about the Real Estate market, hello I hope it continues to get better. I want to feed my family! Anyway, found this article this morning, interesting? I have been telling people here in Salt Lake City, UTAH. I have seen a huge surge in under contracts. I think people are frantically trying to capitalize on all of the incentives and the low interest rates right now. Who wouldn’t want to take advantage of depressed prices, low interest rates, Govt. Incentives etc?

Now, even though this article is good news the interesting part of all this is? Today is Oct. 7th 2009. Which means what? 1- We are entering the fall and winter months. 2- Historically these are always slow months for this sector of the economy. 3- Are the incentives going to continue into 2010? 4- What about the insane amounts of debt we are going into as a country? 5- The dollar is on the brink of collapsing, what will that do to our local economies?

All good questions, that I don’t have answers for. Perhaps we will see come winter time. Maybe I will just go snow ski every week to deal with the pain of it all spencer janke

Best Real Estate Deals in Salt Lake City UTAH. East Side under $100 Sq. Ft.

If you are looking in SLC EAST of HIGHLAND DRIVE and you want something UNDER $300K I just spent a while searching the market for myself………accordingly here are the TOP 6 BEST deals in east salt lake right now from downtown out to sandy that are LIVABLE homes (all are UNDER $100 a foot): I am constantly getting people asking me what I think is the best deal on the market. That is a loaded question right now, so here are some of the best priced properties I can find right now. If you have specifics that you are looking for let me know, and I will keep an eye out for deals that pertain to you specifically. Spencer Janke

	912735	$239,500	ACT	Townhouse/Row-End		3,135	$0	1
	9026 S 3605 E			Sandy		0.08	9026S/3605E	Tour /
	6/5.00/2	2/0	FULL/100%	09/11/2009		1976	SNGL	12

	873181	$259,000	ACT	2-Story Conventional		2,693	$0	2
	3558 E WASATCH GROVE LN			Cottonwood Heights		0.03	8050S/3558E	Tour /
	4/4.00/1	2/0	FULL/90%	03/24/2009		1988	CNDO	12

	898310	$259,900	ACT	Rambler/Ranch		2,628	$0	3
	2376 E HILLSBOROUGH HEIGHTS RD			Sandy		0.19	9565S/2376E	Tour /
	3/2.00/1	2/0	DYLT, FULL, WLKO/20%	07/09/2009		1978	SNGL	1

	908626	$288,895	ACT	Tri/Multi-Level		2,844	$0	4
	9063 S SANDRIDGE CIR			Sandy		0.17	9063S/2285E	Tour /
	4/3.00/2	2/0	PART/100%	08/25/2009		1978	SNGL	12

	828995	$298,000	ACT	Tri/Multi-Level		3,340	$0	5
	2407 E CINNABAR LN			Cottonwood Heights		0.19	7130S/2407E	Tour /
	4/3.00/1	2/0	PART/0%	08/29/2008		1968	SNGL	11

	874808	$298,000	ACT	2-Story Conventional		3,253	$0	6
	2274 EMERALD HILLS CT			Cottonwood Heights		0.01	7220S/2274E	Tour /
	4/4.00/2	2/0	FULL/99%	03/31/2009		1995	CNDO	1

Tax Credit may be extended into 2010:Extend the Housing Tax Credit

REALTOR® Magazine-Daily News-Economists: Extend the Housing Tax Credit.

This is a really interesting article for everyone to check out. There is talk of them extending the Tax credit into 2010.. Some Representatives in Washington are lobbying for it to be expanded to all home buyer’s not only limited to the First Time Home Buyer.

Now I think for sure, this would be a benefit to the economy as a whole. Now I know a lot of you that follow me on this site, are nay sayers! But lets think about this for a second! We are going into the winter after one of the biggest downturns our economy has seen since the Great Depression. Now economists have differing opinions about whether we are coming out of the recession or not. My theory comes from the Real Estate side,. since hello I am in the Real Estate Market.. Now in good old Utah, the winter consists of anywhere from 6 inches to 3 feet of snow on the roads. Which usually translates to a slow Real Estate market. Apparently people don’t enjoy climbing over snow banks to get to the front door. Now, what does this mean? Well it means sales of existing homes, and the wonderful new Construction market in Utah is going to see a big dip. And now for my point, our wonderful economy is so media driven the moment the TV, or Internet report that sales are down, it is going to push the stock market down as well. You know the whole domino affect, and there will be a few economist who will say, “I told you so, we are not out of this mess just yet.” Which is true! However it is predictable, that is how it is every winter. Regardless if it is a good market or bad.. So a little help to motivate buyers who are waiting I think is a wonderful idea..

Thoughts on my wonderful Theory??????

August pending home sales rise to 2 1/2 year high, Will the tax credit be extended?

August pending home sales rise to 2 1/2 year high – Yahoo! News.

WEll, apparently some people are listening to us when we say now is the time to capitalize on cheap prices, low interest rates, govt. tax incentives, and some Grants in certain locations throughout the country.

This is finally an article that paints the picture I am seeing. Existing home sales are on the rise, and people are in frantic mode. They want to take advantage of the Tax incentives this year. Some people keep asking me, “will the tax credit be extended to 2010?” I sure wouldn’t plan on it, now if it happens great but to plan your purchase around that hope is very foolish.

Right now is the time, I would contact a local professional in your area and ask them to show you the real statistics in your area. Get familiar with what is actually happening in your own Real Estate market. It is impossible to talk about the real estate market on a national level. It is so different in every part of the country. That is how you will get a real perspective to help you make your decision correctly. However, a word of caution! I am an optimist, and therefore have faith things will turn around. Now I am not saying they will turn around right now, actually I think we are in for a long ride. However, I do think we are at the bottom of the worst. It is always to act when at the bottom then on the way back up..