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Bank Foreclosures, REO Properties in your area…

Posted by spencerjanke on March 1, 2010

Bank Foreclosures! That is what the magic word in this economy. Everyone want a Bank Foreclosed home. Spencer, I want a deal on a Bank REPO.. Wow me too…

We will most likely see a spike in Foreclosures in 2010, we still need to weed out some of tha bad toxic assets that some banks have been holding onto. It will be a relief when we can actually get rid of some of the inventory. Now, in the meantime it is going to be a little painful to get through it all. So many people have questions about the process of finding bank deals, REO properties.. The best thing to do is get in touch with a local Real Estate Broker, who has proven experience in that area, and they will be able to provide you with all of the lists of Bank Foreclosures in your state and local areas..

If you are looking for a bank foreclosed home in UTAH check out the REO’s in UTAH..

http://www.bankforeclosuresutah.com/

Top Foreclosure Cities

  1. Las Vegas, NV (30,387)
  2. Chicago, IL (21,799)
  3. Phoenix, AZ (15,843)
  4. Los Angeles, CA (10,993)
  5. Miami, FL (8,299)
  6. Sacramento, CA (7,197)
  7. Houston, TX (7,076)
  8. North Las Vegas, NV (7,076)
  9. Orlando, FL (6,714)
  10. San Diego, CA (6,431)
  11. Philadelphia, PA (6,344)
  12. Jacksonville, FL (6,280)
  13. Atlanta, GA (6,261)
  14. Indianapolis, IN (6,186)
  15. Bakersfield, CA (5,929)
Weak Data Moves Mortgage Rates Lower
Highlights Average 30 yr fixed rate Stocks (Weekly)
Weekly Jobless Claims unexpectedly jumped to a three-month high
January New Home Sales dropped 11% from December to a record low
Bernanke said he doesn’t anticipate any MBS sales by the Fed in the near term
The Fed purchased $11 billion in agency MBS, with about $44 billion more to go
This week: -0.10% Dow: 10,350 -50
Last week: +0.10% NASDAQ: 2,240 -10
After several weeks of focus on Fed actions and events in foreign markets, domestic economic data was the primary influence on mortgage markets this week. Weaker than expected results from the data helped mortgage rates, which ended the week lower.

While it is rarely a big market mover, this week’s Consumer Confidence report shocked investors. The index declined to 46.0, far below the consensus forecast of 55.0, and the lowest level in nine months. Consumers are clearly worried about the labor market, and an increase in Jobless Claims in recent weeks has amplified the issue. The decline in confidence has potentially negative consequences for the economy. Consumer spending accounts for about 70% of economic activity, and this data raises concerns about the level of future spending. Also, home sales suffer during periods of low consumer confidence, and the housing data released this week reflected consumer insecurity. Of course, slower economic growth is favorable for mortgage rates, which fell after the report came out.

In contrast to the weakness seen in many of the consumer-driven economic reports, the manufacturing sector has been demonstrating strong performance in recent months. Fourth quarter Gross Domestic Product (GDP), the broadest measure of economic activity, rose at a brisk 5.9% annual rate, largely due to a pickup in manufacturing. The added boost from manufacturing may be temporary, however. During the financial crisis, companies drew down inventories as much as possible to conserve capital. As the economy has shown improvement, companies have been increasing inventories closer to pre-crisis levels. When the inventory rebuilding is complete, manufacturing is expected to return to more normal levels.

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Funny Economic Cartoon for your Friday, Enjoy

Posted by UtahCribs, Real Estate, Homes on February 12, 2010

A good laugh for you on your Friday, have a good weekend..

http://utahcribs.com/

http://www.bankforeclosuresutah.com/

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Deal of the day.. This is a REO property in Draper…

Posted by UtahCribs, Real Estate, Homes on February 2, 2010

This is an example of what type of Real Estate deals we are seeing in the valley..

Incredible, that you can buy a home for this..

http://utahcribs.com/

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Interest Rates are on the rise 2010. Will interest rates go up? They are going up..

Posted by UtahCribs, Real Estate, Homes on February 1, 2010

Ok, so all those naysayers please read the following article.

Interest Rates are going up…

I keep hearing people say they are going to wait for the bottom, well I hate to say it people but we are here and we are going to be pulling out of it sooner than you think.

Now let me clarify, we may be in a recession for a little longer, the economy may continue to suck, and the Govt. may continue to botch things even more. However the one fact you all know, is interest rates are going up right now, and they will not come down for a while.

So for every $100,000 you borrow, if interest rates go up 1% which will most likely happen your payment is going to go up $100 per month. So you all can do the math.. On a $300,000 home, that is a difference of an additional $300 a month.. What a waste, if you are on the fence do it now, to get the best rate possible…

Good luck, I would love to hear your thoughts. Spencer Janke

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New St. George Utah Airport

Posted by UtahCribs, Real Estate, Homes on January 28, 2010

http://utahcribs.com/

JAN
Posted by utahcribs as Utah News

New St. George airport hits halfway mark

January 27th, 2010 @ 10:34pm

By John Hollenhorst

ST. GEORGE — The biggest and most expensive construction project in St. George history has passed the halfway mark. It's that city's new municipal airport, and it's so big it's helping to keep the economy alive during hard times.

The project was in the planning stages for many years, and was delayed significantly by studies to determine noise impacts at nearby Zion National Park. All that is history now, and it's starting to look like a real, big-city airport.

Map of new St. George Municipal Airport, courtesy SGU Construction. Click to enlarge

Not so long ago, the valley where the new airport is going up was pretty much empty — except for an abandoned airstrip from the 1930s, adopted by enthusiasts from a model airplane club. Now, all that history is buried under the future St. George airport.

“This airport is five times bigger than our current airport,” says Larry Bulloch, public works director for the city of St. George.

The price tag is $160 million, plus another $100 million for an expressway connection to Interstate 15. It's a complete replacement for the existing St. George Airport.

For years, growth has been hamstrung by the existing airport's location: on top of a 0.5-square-mile mesa, with take-offs and landings directly over St. George neighborhoods.

“It was constrained. It could not be expanded and upgraded to meet the FAA safety standards,” Bulloch says.

By the numbers… St. George Municipal Airport

• $160 million project

• 9,300 ft. (1.8 miles) runway expandable to 11,500 ft.

• Built on 1,200 acres, nearly five times the size of existing airport

• Will accommodate regional jet aircraft, 737s and Airbus 319s

• To be completed by January 13, 2011

The new runway is more than a half mile longer than the one St. George has relied on for years. That puts it in a whole new category, with lots more opportunity.

“This new airport will be able to handle both regional jets and 737s,” Bulloch says.

With St. George's first airliner capability, and a new two-story terminal with jet ways and baggage carousels, city leaders hope to lure major airlines and attract businesses that will boost the regional economy.

Meanwhile, hundreds of construction jobs over the last 16 months have been more than welcome in a part of Utah hard hit by the recession.

“It has been the project that has carried us through the last few years, economically,” Bulloch says. “There would have been more people out of work, hundreds of people out of work, I'm sure.”

The new runway is just about ready for paving. If construction crews manage to stay on schedule, St. George's new airport should open a year from now, on January 13, 2011.

via ksl.com – New St. George airport hits halfway mark.Spencer Janke

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spencer
http://utahcribs.com/

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St. George Utah.. Golf and Swim
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Federal Reserve Meeting..

Posted by UtahCribs, Real Estate, Homes on January 28, 2010

28JAN
Posted by utahcribs as Uncategorized

Once again, our good friend Josh Mettle has given us some great insight.. Here is his breakdown of the Federal Reserve meeting from Jan. 27th.. I found it helpful.

A Simple Explanation Of The Federal Reserve Statement (January 27, 2010 Edition)

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that the U.S. economy “has continued to strengthen”, that the jobs markets is getting better, and that financial markets are supportive of growth.

There was no mention of the housing market’s strength. The last 3 statements from the Fed included that specific verbiage.

It’s the fifth straight statement in which the Fed spoke about the economy with optimism. This should signal to markets that 2008-2009 recession is over and that economic growth is returning to U.S. economy.

The economy isn’t without threats, however, and the Fed identified several in its press release, including:

Credit remains tight for consumers

Businesses are reluctant to hire new workers

Housing wealth is down

The message’s overall tone, however, remained positive and inflation appears is still within tolerance.

Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to wind down its $1.25 trillion commitment to the mortgage market by March 31, 2010. This is noteworthy because Fed insiders estimate that the bond-buying program suppressed mortgage rates by 1 percent through 2009.

Mortgage market reaction to the Fed press release is, in general, negative. Mortgage rates are rising this afternoon.

The FOMC’s next scheduled meeting is March 16, 2010.

via Josh Mettle Blog – Josh Mettle.

Spencer Janke
801-671-7877
fax 801-326-4763
spencer
http://utahcribs.com/

Need a vacation?

St. George Utah.. Golf and Swim
http://coralcanyon.wordpress.com/

Ski Mansion Eden Utah, Powder Mountain
http://utahskimansion.com/

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Interest Rates will rise. FHA guidlines are changing.. Interest rate are going up in 2010

Posted by UtahCribs, Real Estate, Homes on January 27, 2010

Interest Rates WILL RISE, the question is WHEN. Currently FHA is tightening even further their borrower qualifications. Soon borrowers will need at least a mid 600’s score to still qualify for the 3.5% down program; if not they will be forced to put 10% down. Furthermore 2 things are changing with FHA: # 1 seller gifted funds max amount will be lowered from 6% to 3% AND upfront mortgage insurance is going from 1.75% to 2.25% of the loan amount. All this is being put into action so that FHA can build their reserves account as they had vastly increased their market share. Simultaneously bonds are expected to raise and perhaps the largest factor in mortgage interest rates is the fact that the government has been subsidizing the purchase of mortgage backed securities; this will go away in April.

As these three things converge you can be SURE of one thing: Interest Rates WILL GO UP. The cost to buy a home on a monthly basis WILL GO UP. The things still in question are:

# 1 WHEN, if all this happens SOON how long will it take to directly effect MTG. RATES? My guess, as soon as June, as late as beginning 2011.
# 2 WILL this effect CAUSE housing prices to fall even more? My guess, under $300K in Salt Lake City, NO.

The math is simple. If rates rise 1.5% (as many experts predict) then the average priced home in SLC (Currently $221K) will cost you $210.00 MORE a month. OR put another way, rates go up 1.5% you will spend $100 more a month PER $100K you finance.

This can make a marginal difference; think about it! Many are fence sitting thinking the house they want may still come down $50K. Well if you wait and really do save $50K it may still cost you hundreds more a month in RATE.

IT really comes down to finding that sweet spot between price and rates and the bottom. I am an expert and watch it everyday…..so want my honest opinion? Rates are as LOW as you will get NOW, and prices under $300K are as low as you can get. Best time to buy for price and rate: NOW. Once again. Right now you can own the average priced home in SLC at $211K with 3.5% down for $1095 a month. And that price will get you a nice home around 2500 square feet with a 2 car garage in a good neighborhood in the south west end of the valley! HEY, believe me…..I know the market is BAD, I live eat and breath it……but is there anyone out there that REALLY BELIEVES it will get better than that???

Spencer Janke
801-671-7877
fax 801-326-4763
spencer
http://utahcribs.com/

Need a vacation?

St. George Utah.. Golf and Swim
http://coralcanyon.wordpress.com/

Ski Mansion Eden Utah, Powder Mountain
http://utahskimansion.com/

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Existing Home Sales Plummet In December, But It Was Expected

Posted by UtahCribs, Real Estate, Homes on January 27, 2010

This is an article from a fellow Loan Officer “Josh Mettle”. Very informative, the important part of this article is that for buyers currently in the market, this will help with negotiations.. For sellers? Take note, lower your price to the market analysis and sell your property. 2010 is going to be a rough year just like 2009, I am not going to even begin to predict what is ahead once the tax incentives go away… Scary…

Just one month after from blowing away Wall Street, December’s Existing Home Sales hit the skids, shedding nearly 17 percent and falling to a 4-month low.

Don’t be alarmed, though. The plunge was expected. And not just because Pending Home Sales crateredlast month.

When November’s Existing Home Sales surged, it was clear to observers that an expiring $8,000 federal tax credit was the catalyst. At the time, the tax program was slated to expire November 30 and the looming deadline pushed a lot of would-be buyers from a December time frame into November.

The expiration date has a cannibalizing effect on December’s sales figures. It was only later that Congress extended the tax credit to June 30, 2010.

So, with home sales plunging in December, it’s no surprise that home supplies rose for the first time in 9 months. Home Supply is calculating by dividing the number of homes for sale by the current sales pace.

The national housing supply now rests at 7.2 months.

Despite December’s Existing Home Sales report appearing shaky, it’s actually terrific news for home buyers.

See, for the past few months, as housing has been improving, sellers nationwide have been bombarded by messages of “hot markets” and rising home prices by the media. Psychologically, a seller is more likely to hold firm on price if he believes the housing market is improving and now December’s data is deflating that argument.

This is why we say there’s always two sides to a housing story — the buyers’ side and the sellers’ side. And, usually, what’s good for one party is bad for the other. It’s what we’re seeing now.

Because of soft data like December’s Existing Home Sales, buyers may retake some negotiation leverage that’s been lost since Spring 2009, helping to improve home affordability and, perhaps, spur more sales.

In the Salt Lake Metro Area, Single-Family Home Sales were up 36% in the Fourth Quarter.

Sales of single-family homes in Salt Lake County were up 36.2 percent in the fourth quarter compared to the same quarter last year. There were 2,403 homes sold, up from 1,764 homes sold a year ago. Last year at this time fourth quarter sales were down 21 percent.

Nearly every area of the Salt Lake Valley reported double-digit increases in single-family home sales. In Draper (84020) home sales soared by 51.7 percent. In Midvale (84047), sales were up 108.8 percent. In Herriman (84096), sales rose by 42.3 percent. In West Valley (84128), sales were up 38.5 percent. Areas of downtown Salt Lake City also saw big increases in sales. Sales in the Avenues (84103) were up 41.7 percent.

Driving the home sales was the $8,000 federal home buyer’s tax credit and more affordable home prices. In the fourth quarter the median single-family home price fell 7.6 percent to $221,650, down from $239,950 a year ago.

Spencer Janke
801-671-7877
fax 801-326-4763
spencer
http://utahcribs.com/

Need a vacation?

St. George Utah.. Golf and Swim
http://coralcanyon.wordpress.com/

Ski Mansion Eden Utah, Powder Mountain
http://utahskimansion.com/

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Home prices rise for 6th straight month in Nov.

Posted by UtahCribs, Real Estate, Homes on January 26, 2010

26JAN
Posted by utahcribs as Economy Update., Utah News

Home prices rise for 6th straight month in Nov. – Yahoo! News.

So this is interesting? I would like everyone to read this carefully.. We are seeing many different reports coming out regarding the Housing market. Take a look at the newest one.. Home prices are on the rise.. What will happen to home prices in 2010? Probably the same thing that is going to happen to Interest Rates.. GO UP..

Spencer Janke
801-671-7877
fax 801-326-4763
spencer
http://utahcribs.com/

Need a vacation?

St. George Utah.. Golf and Swim
http://coralcanyon.wordpress.com/

Ski Mansion Eden Utah, Powder Mountain
http://utahskimansion.com/

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ksl.com – LDS Church to build new temple in Payson

Posted by UtahCribs, Real Estate, Homes on January 26, 2010


JAN

Posted by utahcribs as Economy Update., Utah News

LDS Church to build new temple in Payson

January 25th, 2010 @ 4:01pm

PAYSON — The Church of Jesus Christ of Latter-day Saints will build a new temple in Payson. Church President Thomas S. Monson made the announcement Monday.

It will be built near 930 West and 1550 South, about a mile from the 800 South I-15 interchange.

The new temple will be built to help meet the needs of the growing Church membership in the area. The Church says it will also ease the heavy use of the Provo Temple, which is one of the busiest in the Church.

“Temples answer those soul-searching questions of the purpose of life, of why we are here and where we are going. They are sanctuaries from the storms of life and bless the lives of members of the Church who worship within their sacred walls,” said President Monson.

According to the Church's website, there are 152 temples worldwide in operation or in the planning and construction phases.

via ksl.com – LDS Church to build new temple in Payson.

Spencer Janke
801-671-7877
fax 801-326-4763
spencer
http://utahcribs.com/

Need a vacation?

St. George Utah.. Golf and Swim
http://coralcanyon.wordpress.com/

Ski Mansion Eden Utah, Powder Mountain
http://utahskimansion.com/

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