Thursday, April 28, 2011
Tuesday, April 26, 2011
NEW — March Home Sales Down From Last Year, Up From March 2009
Sales of existing homes in Salt Lake County in March totaled 940 units (all housing types), down 8 percent compared to 1,020 units sold in March 2010, but up 25 percent compared to sales in March 2009, according to the Salt Lake Board of REALTORS®.
Home sales in March were up 44 percent compared to February 2010 (non-seasonally adjusted).
“Home sales are down compared to last year at this time because of the federal home buyer tax credit,” said DeAnna Dipo, president of the Salt Lake Board of REALTORS®. “However, home sales in March of this year are up 25 percent compared to March 2009, when the recession was in full force.”
The median home price in March was $185,250, down 7 percent compared to a median price of $200,000 in March 2010, but up 3 percent compared to February’s median price of $179,990.
Based on sales trends over the past 12 months, Salt Lake County has a nine-month supply of housing inventory. There are 6,520 active listings of homes for sale in Salt Lake County.
Home sales in March were up 44 percent compared to February 2010 (non-seasonally adjusted).
“Home sales are down compared to last year at this time because of the federal home buyer tax credit,” said DeAnna Dipo, president of the Salt Lake Board of REALTORS®. “However, home sales in March of this year are up 25 percent compared to March 2009, when the recession was in full force.”
The median home price in March was $185,250, down 7 percent compared to a median price of $200,000 in March 2010, but up 3 percent compared to February’s median price of $179,990.
Based on sales trends over the past 12 months, Salt Lake County has a nine-month supply of housing inventory. There are 6,520 active listings of homes for sale in Salt Lake County.
Monday, April 25, 2011
Cash-Wielding Investors Snap Up Resold Homes
Investors lifted U.S. home sales last month, plunking down cash to grab cheap homes at risk of foreclosure. But purchases made by first-time homebuyers fell, a troubling sign for the weak housing market. Sales of previously occupied homes rose in March to a seasonally adjusted annual rate of 5.1 million, the National Association of Realtors said Wednesday. That’s a 3.7 percent increase from the February pace, but far below the 6 million homes a year that economists say represents a healthy market.
Foreclosures or short sales — when the lender agrees to accept less than what is owed on the mortgage — rose to make up 40 percent of all purchases. And deals paid for entirely in cash accounted for 35 percent of all resold homes. The Realtors group says that’s the biggest percentage since it has been tracking all-cash sales. Many of those purchases are being made by investors, who are targeting cheap properties in areas hit hardest by foreclosures. The trade group’s data takes into account only individual investors. It does not include homes sold in bulk at auction or on courthouse steps. Many of the foreclosure sales probably are being picked up en masse by private equity firms.
Another sign of investor activity is that sales of homes priced under $100,000 have risen 10 percent from a year ago. In that same period, sales of mid-priced homes, from $100,000 to $500,000, have fallen more than 14 percent. Fewer first-time homebuyers are entering the market. Sales among these buyers, who typically set down roots and raise families, fell to 33 percent in March. The trade group and economists say a healthier makeup is40 percent.
The median sales price rose slightly in March, to $159,600, but it is still down 5.9 percent from a year ago. Foreclosures are dragging down home prices. A record 1 million homes were lost to foreclosure last year and foreclosure tracker RealtyTrac Inc. said it expects 1.2 million more will be lost this year. Homes at risk of foreclosure usually sell at 20 percent discounts.
Joshua Shapiro, chief U.S. economist with MFR Inc., said that “part of the market-clearing process is that distressed properties must be sold, so the fact that this is occurring is good.”
Many would-be buyers are holding off, worried that home prices haven’t bottomed out. Others are having trouble getting mortgages because banks have tightened lending requirements. The average credit score for Freddie Mac and Fannie Mae-backed mortgages is 760, up from 720 in 2007. A major obstacle to a housing recovery is the glut of unsold homes. There were 3.55 million unsold homes on the market in March. It would take 8.4 months to clear them at today’s sales pace. Analysts say a healthy supply can be cleared in six months.
The situation is much worse when taking into account the “shadow inventory” of homes, economists say. These are homes that are in the early stages of the foreclosure process but have not been put on the market yet for resale.“It is unlikely that home prices can recover on a sustained basis until the inventory-to-sales balance improves further and the number of distressed properties is significantly reduced,” said Steven A. Wood, chief economist at Insight Economics
Salt Lake Tribune
Foreclosures or short sales — when the lender agrees to accept less than what is owed on the mortgage — rose to make up 40 percent of all purchases. And deals paid for entirely in cash accounted for 35 percent of all resold homes. The Realtors group says that’s the biggest percentage since it has been tracking all-cash sales. Many of those purchases are being made by investors, who are targeting cheap properties in areas hit hardest by foreclosures. The trade group’s data takes into account only individual investors. It does not include homes sold in bulk at auction or on courthouse steps. Many of the foreclosure sales probably are being picked up en masse by private equity firms.
Another sign of investor activity is that sales of homes priced under $100,000 have risen 10 percent from a year ago. In that same period, sales of mid-priced homes, from $100,000 to $500,000, have fallen more than 14 percent. Fewer first-time homebuyers are entering the market. Sales among these buyers, who typically set down roots and raise families, fell to 33 percent in March. The trade group and economists say a healthier makeup is40 percent.
The median sales price rose slightly in March, to $159,600, but it is still down 5.9 percent from a year ago. Foreclosures are dragging down home prices. A record 1 million homes were lost to foreclosure last year and foreclosure tracker RealtyTrac Inc. said it expects 1.2 million more will be lost this year. Homes at risk of foreclosure usually sell at 20 percent discounts.
Joshua Shapiro, chief U.S. economist with MFR Inc., said that “part of the market-clearing process is that distressed properties must be sold, so the fact that this is occurring is good.”
Many would-be buyers are holding off, worried that home prices haven’t bottomed out. Others are having trouble getting mortgages because banks have tightened lending requirements. The average credit score for Freddie Mac and Fannie Mae-backed mortgages is 760, up from 720 in 2007. A major obstacle to a housing recovery is the glut of unsold homes. There were 3.55 million unsold homes on the market in March. It would take 8.4 months to clear them at today’s sales pace. Analysts say a healthy supply can be cleared in six months.
The situation is much worse when taking into account the “shadow inventory” of homes, economists say. These are homes that are in the early stages of the foreclosure process but have not been put on the market yet for resale.“It is unlikely that home prices can recover on a sustained basis until the inventory-to-sales balance improves further and the number of distressed properties is significantly reduced,” said Steven A. Wood, chief economist at Insight Economics
Salt Lake Tribune
Friday, April 22, 2011
Tuesday, April 19, 2011
Be Smart Before Taking Flight From Your Mortgage
I just want out... what are my options...
Short Sale
In this process the borrower asks the lender for permission to sell the house for less than what is owed on the mortgage. For example, the market value of a property is $250,000, but $300,000 is owed and the lender is asked to take a $50,000 hit. short Sales hurt credit scores, but not as much as a foreclosure.
Foreclosure
Walking away from your property letting a lender foreclose has the greatest effect on your credit, remaining on your report as a negative item for 7 years.
More than three years after Utah's real estate bubble popped, tens of thousands of homeowners have some tough decisions to make. Am estimated 8 percent of Utah households with a mortgage are behind on their payments. About one in five homeowners in Salt Lake City are "under water" meaning they owe more than their homes are worth. another 6% are close to that point according to housing data from Corelogic.
Should they try to get their lender to modify their mortgage? Should they hold on and wait for better times? Is trying to get a lender to agree to short sale a better option? Or should they just give up and walk away?
Each situation is different of course, but the solutions are often universally complicated and can be painful. "A lot of people believe, or hope there's a government program that can fix everything for them," said Ryan Carver, director of housing counseling of AAA Fair Credit Foundation "But there just isn't one."
I am in mortgage trouble, but want to keep my home - so what now? Here is what to do if you are having trouble making your mortgage payment and can't sell your house because yu owe more than it's worth:
Salt Lake Tribune - Lesley Mitchell
Short Sale
In this process the borrower asks the lender for permission to sell the house for less than what is owed on the mortgage. For example, the market value of a property is $250,000, but $300,000 is owed and the lender is asked to take a $50,000 hit. short Sales hurt credit scores, but not as much as a foreclosure.
Foreclosure
Walking away from your property letting a lender foreclose has the greatest effect on your credit, remaining on your report as a negative item for 7 years.
More than three years after Utah's real estate bubble popped, tens of thousands of homeowners have some tough decisions to make. Am estimated 8 percent of Utah households with a mortgage are behind on their payments. About one in five homeowners in Salt Lake City are "under water" meaning they owe more than their homes are worth. another 6% are close to that point according to housing data from Corelogic.
Should they try to get their lender to modify their mortgage? Should they hold on and wait for better times? Is trying to get a lender to agree to short sale a better option? Or should they just give up and walk away?
Each situation is different of course, but the solutions are often universally complicated and can be painful. "A lot of people believe, or hope there's a government program that can fix everything for them," said Ryan Carver, director of housing counseling of AAA Fair Credit Foundation "But there just isn't one."
I am in mortgage trouble, but want to keep my home - so what now? Here is what to do if you are having trouble making your mortgage payment and can't sell your house because yu owe more than it's worth:
- Start with your lender or HUD approved counselor- call 211 to find a counselor in yuor area.
- Your lender's offer is likely to dissapoint- the lender will do what is best for them.
- You must prove hardship in order to get help
- Be persistent, and keep track of your conversations.
- Help is not guaranteed- Your lender doesn't ahve to help you.
- You may want to change your spending habits - the bank will see what you spend your money on.
- think twice before you stop making your mortgage payment - you may think that is the only way toget help, this really may not be the best decsion
- Denied modification? Try, try again.
Salt Lake Tribune - Lesley Mitchell
Tuesday, April 12, 2011
Property Alert - Deal of the Day
This week I posted a property on our 'Deal of the Day' on my website/blog. It was a property for $265k in the Avenues. Well, one of my clients called after seeing it, we looked at it (I also brought a contractor to give us estimates on fix up), and we made an offer. It truly must have been a deal! After we made the offer I begged the agent to present it before other offers rolled in. By the time we were supposed to get a response, he already had 3. By the end of the next day there were 6 offers total, 2 were cash and the final counter offer my client received was for $308,350! We did not accept it.
This is really exciting to see how many people that are looking at properties on the market that are a good deal and making offers. As many know, there is roughly a 9 month inventory of properties along the Wasatch Front. Many sellers feel like buyers are on the fence and not pulling the trigger. I am seeing different. If the property is priced right, has value, and is marketed correctly I am seeing homes go same day! This property was a perfect example of that.
click here to see the property I am talking about.
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
This is really exciting to see how many people that are looking at properties on the market that are a good deal and making offers. As many know, there is roughly a 9 month inventory of properties along the Wasatch Front. Many sellers feel like buyers are on the fence and not pulling the trigger. I am seeing different. If the property is priced right, has value, and is marketed correctly I am seeing homes go same day! This property was a perfect example of that.
click here to see the property I am talking about.
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
Wednesday, April 6, 2011
How Are We Seeing Properties?
How are we seeing properties? Check out how a few quick alterations can change your persepective on a home. From no appeal to Curb appeal. I always trust one guy to help our properties go from ordinary to extraordinary- Kendal Wardle (Builder)- Thanks my friend!
Tuesday, April 5, 2011
Property Alert! Deal of the Day
Please click on this link for Justin's Deal of the Day Webcast
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
http://www.screencast.com/users/Justinudy/folders/Jing/media/34d6b404-b113-43bc-8036-8a1aa04b03c9
Monday, April 4, 2011
Utah Law Gives Owners Some Protection in Forclosure
Gov. Gary Herbert has signed into law the only bill to emerge from the Legislature that attempts to deal with the thousands of home foreclosures expected in Utah this year.
One in every 273 homes in Utah had a foreclosure filling in February, the fourth highest in the nation, according to RealtyTrac, a California company that collects Real Estate data. It said that 3,488 properties had some kind of foreclosure notice filled last month.
SB261 allows homeowners who were illegally foreclosed on to seek damages. It also requires that homeowners be given written notification that a foreclosure sale is proceeding despite any reduced payment agreement and are liable for damages if they do not.
The Legislation was pushed by the Utah Attorney Generals office, which is in a legal fight with ReconTrust, the foreclosure arm of Bank of America that had thousands of foreclosures pending in Utah at the end of 2010. The G.A's office filed a brief recently in a foreclosure case pending before the 10th circuit court of appeals in which it argued that ReconTrust could not legally foreclose on properties in Utah.
The new law allows some homeowners to try and recover attorney fees and damages of at least $2,000 for illegal foreclosures or failure to properly notify homeowners of a sale.
"These are important steps but they're small; steps in attacking what we perceive to be the problems that are being caused by out-of-state foreclosing companies that are not following Utah laws and not providing notice of what their intentions are" said John Swallow, chief deputy in the Attorney Generals Office.
Marco Fields, founder of Teems Utah, a group that advocates for homeowners facing foreclosure, said that although the legislation does provide for financial penalties for banks and others who conduct foreclosures illegally, last minute changes blunted it's effectiveness.
"The unfortunate compromise is that bill created a scenario that while there is a penalty imposed on illegal behavior, it does not invalidate the sale of the home", Fields said.
"We have to go back to the stakeholders , the title companies in particular and find a different solution. If the foreclosure sale was illegally done not only should there be a penalty but the foreclosure sale should have been be invalid. If it's an illegal foreclosure, it's an illegal foreclosure."
But Swallows said the bill included monetary penalties because title companies were concerned that anything more could cloud titles and endanger insurance on subsequent transactions.
Fields is among homeowner advocates, mediators, attorneys and others who are forming a coalition with which they hope to formulate new legislation that could be considered at a special session of the Utah Legislature.
Salt lake Tribune
Tom Harvey
One in every 273 homes in Utah had a foreclosure filling in February, the fourth highest in the nation, according to RealtyTrac, a California company that collects Real Estate data. It said that 3,488 properties had some kind of foreclosure notice filled last month.
SB261 allows homeowners who were illegally foreclosed on to seek damages. It also requires that homeowners be given written notification that a foreclosure sale is proceeding despite any reduced payment agreement and are liable for damages if they do not.
The Legislation was pushed by the Utah Attorney Generals office, which is in a legal fight with ReconTrust, the foreclosure arm of Bank of America that had thousands of foreclosures pending in Utah at the end of 2010. The G.A's office filed a brief recently in a foreclosure case pending before the 10th circuit court of appeals in which it argued that ReconTrust could not legally foreclose on properties in Utah.
The new law allows some homeowners to try and recover attorney fees and damages of at least $2,000 for illegal foreclosures or failure to properly notify homeowners of a sale.
"These are important steps but they're small; steps in attacking what we perceive to be the problems that are being caused by out-of-state foreclosing companies that are not following Utah laws and not providing notice of what their intentions are" said John Swallow, chief deputy in the Attorney Generals Office.
Marco Fields, founder of Teems Utah, a group that advocates for homeowners facing foreclosure, said that although the legislation does provide for financial penalties for banks and others who conduct foreclosures illegally, last minute changes blunted it's effectiveness.
"The unfortunate compromise is that bill created a scenario that while there is a penalty imposed on illegal behavior, it does not invalidate the sale of the home", Fields said.
"We have to go back to the stakeholders , the title companies in particular and find a different solution. If the foreclosure sale was illegally done not only should there be a penalty but the foreclosure sale should have been be invalid. If it's an illegal foreclosure, it's an illegal foreclosure."
But Swallows said the bill included monetary penalties because title companies were concerned that anything more could cloud titles and endanger insurance on subsequent transactions.
Fields is among homeowner advocates, mediators, attorneys and others who are forming a coalition with which they hope to formulate new legislation that could be considered at a special session of the Utah Legislature.
Salt lake Tribune
Tom Harvey
Friday, April 1, 2011
Subscribe to:
Posts (Atom)