Only one of the 32 zip codes in Salt Lake County experienced single family home price appreciation in 2009. The Holladay zip code of 84117 increased its single family home median home price 3.32%. The fact that Holladay is one Salt Lake’s more desirable areas is no accident. Areas such as this, The Avenues and [...]
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Compared to the national average, Utah has fewer homes in negative equity — where someone’s mortgage is more than the current value of their home. At the end of the third quarter 2009 approximately 18% of residential Utah homes were underwater, while the national average was 23%.
One of the worst hit areas was in [...]
Just a quick note to let you know that the Utah Governor recently announced they will use $8 million in federal stimulus funds to reintroduce the Home Run Grant.
The official statement said that the state will offer $4,000 grants to the first 2,000 new home buyers.
The program comes on the heels of one started [...]
The real estate industry standard for determining how a market is performing is the median home price or in some places the average home price. You hear it everywhere, median home price falls in first quarter, median home price for Salt Lake City is… But is the median home price a true indicator of how [...]
I know that the real estate market is not exactly booming in the U.S., but I was reading an article the other day about the market in the U.K. that really shocked me.
Apparently, mortgage loans dropped 95% between July 2008, and August 2008. That’s not a misprint, they dropped 95% in a single month. [...]
Continue reading about So You Think the Real Estate Market is Bad in the U.S.
The Salt Lake Board of Realtors has questioned a recent report by RealtyTrac, which reported the home foreclosure rate in Utah increasing 294% in July 2008 (compared to July 2007). The report ranked Utah as the 9th largest foreclosure rate in the U.S. However, it is believed that the methodology used to calculate the figures [...]
We recently had an appraisal done on an existing home in a subdivision that still has new homes being constructed. When speaking to the appraiser, I mentioned that the builder had a recent sale of exactly the same model of home in the same subdivision that was not on the MLS. In [...]
Continue reading about Appraisers No Longer Using HUD-1 Settlement Statements?
At the start of this month, Fannie Mae changed its policy regarding declining markets. Previously if you were in a declining market you had to put 10% down in order to obtain a loan. Now the policy has changed so that regardless of the state of the local real estate market buyers only need to [...]
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The number of single family homes sold in Salt Lake County increased for the fourth-straight month. There were 835 homes sold in May, which was an increase of 4.11% over April’s numbers. While the numbers are still way down on last years numbers (in fact year to date they are 37% lower), at least [...]
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If you are looking for a place to rent, Salt Lake is an expensive place. Rents went up 8.8% from 2006 to 2007, with a further 6 to 8% rise expected this year. This coupled with a vacancy rate of just 4.5% means tough times for those looking for a rental property.