Helping builders has been a more stabilized market as well as an increase in financing and better rates. These conditions have helped buyers come to builders and enjoy the benefits of buying new homes. However, builders have noted that they still struggle to get financing on the construction of the units. So while there is an increase in overall building, the limited financing is keeping the new homes from really taking off.

Overall, single-family starts were up 1.5% while multi-family starts posted a 9.2% gain. Multi-family generally covers condos and towhomes. The western region of the US posted a an 8.5% gain compared to the same time last year. In fact, the west posted pure gains while the rest of the country posted losses. 

With the western part of the country posting all the gain's and with tall the tax credits, it's easy to see that now is a great time to investigate buying new construction. Give us a call, we have access to many builders inventory and we can help you find a new construction that would be a good fit for you.

The percentage of borrowers who missed just one payment fell to 3.63 percent in the final quarter of 2009, a drop of 3.79 percent from the previous quarter despite the usual trend of fourth quarter delinquency increases due to winter heating bills and holiday spending.

However, more than 15 percent of U.S. homeowners with a mortgage had missed at least one payment or were in foreclosure, a new record for the 10th-straight quarter

"The bad news is that we still have a big problem," said Jay Brinkmann, the trade group's chief economist. "The good news is it looks like it may not get much bigger."

*3 month trailing calculation through February 12, 2010.

If you have any questions about these statistics, give us a call.

Every 10 years the U.S. Census Bureau performs a national census. This census is important as it tells the federal government what resources to allocate to each area of the country based on population and more. With the Census process beginning, the BBB offers some important advice on how to avoid getting scammed by those fraudulent people looking to take advantage of consumers by posing as Census agents. 

Eventually, more than 140,000 U.S. Census workers will count every person in the U.S. The big question is - how do you tell the difference between a U.S. Census worker and a con artist? 

U.S. Census workers have a badge, a handheld device, and a Census Bureau canvas bag. Ask to see their identification badge before answering any questions. As a safety precaution, never invite anyone you don't know into your home. Currently, Census workers are only knocking on doors to verify address information, so if you are asked for any information outside of the address, decline to answer. The Census bureau has decided not to work with ACORN, so do not provide any information to any ACORN workers claiming to represent the Census Bureau.

The U.S. Census Bureau (USCB) will be sending out packets in the mail to verify information on name, genera, age, race, ethnicity, relationship, and whether you own or rent. If you provide your answers via mail as requested, you will be through. However, if not, then the USCB will begin going door to door between April and July to obtain this information. Every household will be part of the census. 

What the USCB does NOT ask:

• Will never ask for your Social Security Number.
• Will never ask for your banking information.
• Will never ask for credit card information.
• Will never ask for donations to any charities or organizations
• Will NEVER CONTACT YOU BY EMAIL.

Email scams are the easiest to fall victim to. The USCB does not operate via email, so do not answer any questions via email. 

For more information about 2010 Census, visit http://www.2010census.gov

You can find out more about our HOA Managment servcies at:

http://www.HealthyHOA.com

Thank you for your continued support of Utah Full Service Brokers. We are grateful to be your full service real estate solution.

As part of a plan to stimulate the U.S. housing market and address economic problems, Congress has passed some legislation allowing for first-time home buyers to take a tax credit of up to $8,000 as well as a $6,500 tax credit to current home owners buying a new or existing home.

Some consumers and media outlets don't have a clear grasp of just how this program works, so please allow me to provide a basic overview.

Who Qualifies for the Extended Credit?

First-time home buyers (e.g., someone that has not owned a home in the past 3 years) who purchase a home between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for FIVE CONSECUTIVE YEARS within the last eight.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. 

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by two factors. The first is price. The homes purchase price can not be for more than $800,000. The second is income. Income can not exceed $125,000 for a single income, or $225,000 for a married couple.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit. The credit decreases as income increases. However, if the income exceeds $145,000 for a single income, and $245,000 for a combined income, the buyer(s) are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Hopefully these answer the most common questions in regards to the tax credit. If you have more questions about whether you qualify or not, please contact our office and we will be glad to help you figure out your credit amount and how it can benefit you in the purchase of your next home.

The National Association of Realtors announced today that homes sales rose 10.1 percent during October compared to the previous month and 24 percent year over year for the same period.  This all adds up to the highest sales level in two and a half years.

The spark behind the sharp uptick was clearly the tax credit of up to $8,000 for first time owners. It was originally set to run out on November 30th. Buyers rushed to get done in time for the credit causing the surge. The tax credit has been extended and now buyers have until April 30th to be under contract on their new homes. In addition to the extension, congress passed a new tax credit that gives up to $6,500 to existing home owners on a purchase as long as they have been in their existing home for at least 5 years.

With the tax credits now good through the end of April, home buying should settle down through the holidays, but expect a strong ramp up throughout the spring.

1. Percentage drop from current rate. This is the one people think about the most. The general rule of thumb is if the rate drops by more than one percentage point, it is good to refinance. Point drops of less than a point can often cost the barrower more in fees than they will save over the their life of the loan.
2. Loan amount. This is an important exception to rule #1. If the loan amount is high even a drop of a half a point may make perfect sense. For example, the principle and interest payment on a $500,000 mortgage at 6% is $2997. At 5.5% the payment drops by $158. If it is a low cost or no cost loan, then go for it.
3. How long are you going to keep the loan? People are often surprised when I talk them out of refinancing because they plan to be in the house only another year or two. The extra interest paid in that short period will not overcome the cost of the new loan.
4. 30 Year or 15 Year loan? Often the 15 year loan is a better rate, but my advice to most people is to get the 30 year loan and make the 15 year payment. The 30 year loan will be slightly higher rate, but it gives some payment flexibility if times get tough. If I’m giving the advice to someone who has a very low debt to income, I’ll suggest the 15 year note. The payment will be a bit higher, but the savings in interest will pay dividends in the long run.

Obviously this is just a start and there are many factors to consider. If you are wondering if the time is right for you to refinance, give me a call, and I can walk you through all of your options.

The lawmakers also announced that they where adding a $6,500 tax credit for existing home owners that have lived in their current home for at least 5 years.

This is great news for anyone that is looking to purchase their first home but did not have enough time to get it done by the current November 30th deadline. It is also great news for those existing home owners that needed a little incentive to pull the trigger on a "move up" house.

If you have any questions about either of these programs, please give us a call.

Well, not so fast. The recent increase in foreclosures prompted Congress to look into the rights of tenants who remain in the property after a foreclosure. It used to be that a foreclosure sale would extinguish any current lease and the occupants would be "tenants-at-will", and given or subject to a 5 day vacate the premises notice.

Now, with a new law passed by Congress this May, residential tenants who have entered into a bona fide lease, prior to the notice of foreclosure, is not a relative of the owner, and continues to pay rent, the occupant may stay on the property for the duration of the lease PLUS 90 more days. If it is a verbal, or a month to month lease, then the tenant may stay 90 days after the foreclosure sale.

If the lease was entered into after the notice of foreclosure, the lease may be considered void.

Since we are a full service broker that does both property management and real estate sales (including short sales and pre-foreclosures), we are uniquely positioned to help you with such issues. If you are on either side of this equation, give me a call and I can get you the basics. If your situation doesn't fit in the normal box, I can refer you to a competent attorney to help you with your case.

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A new report from the American Legislative Exchange Council (ALEC) offers a roadmap to recovery based on economic performance trends from states over the last 10 years.

Author Dr. Arthur B. Laffer and his co-authors, Stephen Moore, senior economics writer at The Wall Street Journal, and Jonathan Williams, director of the Tax and Fiscal Policy Task Force for ALEC, found that, “states with a high and rising tax burden are more likely to suffer through economic decline, while those with lower and falling tax burdens are more likely to enjoy robust economic growth.”

See the article here.

Put another way, a buyer who qualifies for FHA financing, buying a home for $230,000, would have a normal down payment of $8,050 or 3.5%. The $8,000 government grant available until the end of 2009 would now cover all of the down payment (less $50)! Since we are in a buyer’s market and buyer’s closing costs are nearly always negotiated into the purchase price, this means that first time buyers will now be able to get into a home with low interest rates and with little to no down. For a complete explanation and all the details call Kristen at 801-913-7367.

The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

www.MakingHomeAffordable.gov, provides homeowners with detailed information about these programs along with self-assessment tools and calculators to empower borrowers with the resources they need to determine whether they might be eligible for a modification or a refinance under the Administration's program. Through this website, borrowers can also connect with free counseling resources to help with outstanding questions; locate homeowner events in their communities; find a handy checklist of key documents and materials to have ready when making that important call to their servicer as well as FAQs from borrowers in similar circumstances.

As always, if you have any questions about refinancing, please call our finance specialist, Kristen at 801-913-7367.

UPDATE: Parallel Second Lien Program to Help Homeowners Achieve Greater Affordability

See: http://www.makinghomeaffordable.com/pr_042809.html

Time is of the essence, because the stimulus is set to expire December 1, 2009. But that doesn't mean the government won't extend that if they find it is making an impact.

First time Homebuyer = someone that has not OWNED a home in the past 3 years. (Own means "been on title to a home"). You can have owned 5 homes in your life and still be considered a first time homebuyer if you haven't owned in a while.

The other qualifications are minimal. The fact is, the government wants people to do this, so they make it easy to qualify for it. If you are thinking about buying then give us a call, there are some great opportunities right now. If you're not considering buying, that's okay, still call us, you might find you can save (and make) some good money by buying now, even in this market. There are some very profitable transactions that people aren't taking advantage of. But those that move in and gobble them up, are happy they did. Call us today. (801) 563-8372 

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