FHA's reserves are high, their defaults are low, and the average borrower's credit score is 720. So why did FHA recently change premiums? Because of an upcoming audit. They are worried about how the audit is going to turn out.

If the audit turns out good:

1. They can show that government involvement in loans has been a good thing.
2. They can show that the private sector's loans of no docs and stated income is what caused the market to go down.

FHA is striving to show that low down full docs are safe. They want to show the private market how to reduce risk and still give more loans.

Their current worry is lenders making their own rules! Lenders have been setting their own guidelines because they are afraid they may be required to buy back bad

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Now is a great time to buy! But what if you already own a home? The overall market may be down, but some homes can still attract buyers willing to pay what your home is worth. What makes these homes resistant to the recession? As the adage goes: “location, location, location!”

By tracking the areas with the highest demand we know which homes will sell well this month. If you live in one of these areas, now is the time to sell so you can take advantage of the other great deals around the state. The low interest rates won't last forever, and will likely increase soon. If you live in one of these hot spots*, now is the time to list your home and start looking for a new home to purchase.

1. Alpine, Zip 84004           Price Range: $300K – $350K
Sales

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I have met with a lot of home buyers lately who "can't make up their mind". They tell me that the more homes they see, the further they get from finding their dream home. Surprisingly, this is exactly what is happening. As an agent it is my job to prevent this from happening to my clients. I love working with these homes buyers, they have great talents. While some agents become frustrated, I recognize your talents as a great opportunity.   If you are one of "those" buyers, it is important for your agent to realize that your need for information is a talent! You have a talent for avoiding risk by researching. We have a tool for identifying our buyer's talents and needs. Early studies have shown that this assessment identifies which neural…

Where to Sell a Home in Utah this October!

You've heard that it's a buyer's market. This can be an advantage if you are selling your home. If you live in one of these Hot Spots, demand is higher in your area. You’ll be able to sell your home for top dollar. Then you can take advantage of the great deals available elsewhere as a buyer. The lower interest rates give you more buying power. If you live in a hot spot, now is the time to list your home.

Utah’s Hot Spots are the zip codes and prices ranges that had the most demand last month. Economic improvement and recovery start in hot spots and then spread to other areas of the valley. Purchasing a home in one of these hot spots gives you a front row seat to economic recovery.

1. Riverton, Zip 84065

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If you think there may be a foreclosure in your future, or if you're concerned about your loan modification, contact me so we can review your options. We may be able to get you $3,000 to short sale your home. Contact me for details and to see if you qualify.

Last week ALEX VEIGA of the Associated Press reported that "Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis." This number contrasts the positive news that the number of foreclosures beginning the process are actually declining and have been declining for the past seven months. The number of default notices was down only 1% from July, but down 30% from August of last year.

Even with less loans entering the foreclosure process, this is the 9th

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In a recent forecast of future market conditions, MBA economists published the following information about interest rates from 2009 to 2012. It has the average rates per quarter since the beginning of 2009 shadded in gray. The other numbers are the projected average interest rates per quarter.

As you can see it is expected that rates will increase to 5% by this time next year, and up to 5.7% by the end of 2012. This rise in interest rates will reduce buying power by as much as 10%!

Today with an $1,100 monthly payment you could probably get a $175,000 home. Next year that payment will only get you a $165,500 home, and by the end of 2012 the price of the home you can afford will be closer to $150,000. Here is a graphic demonstrating how the

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I just visited a friend of mine in his new office at Daybreak‘s SodaRow. CompuSoft Development has moved their headquarters there. I could not resist taking a few pictures of the beautiful view from their balcony.

 

 

 

How would you like a view like that from work?

Here’s a quick video for my Listings.

For more information and graphs check out my earlier report comparing the home sales along the Wasatch Front, with those of the rest of the nation.

As well as my reaction to the July statistics: Double Dip?

We keep hearing about how much of a buyer’s market it is. This can still be an advantage if you are selling your home. If demand for your home is up, which it is in these Hot Spots, you’ll be able to sell your home for top dollar. Then you will also be able to take advantage of the great deals available in other neighborhoods.

While the tax-credit stimulated the sales for a few months it only applied to some buyers. Those who did not qualify for the tax credit are still looking for homes to buy. The currently lower interest rates provide more buying power. If you live in a hot spot, now is the time to list your home and start looking for a great deal to purchase.

Utah’s Hot Spots are the zip codes and prices ranges that had the most demand and

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Here's a quick video for my Listings.

For more information and graphs check out my earlier report comparing the home sales along the Wasatch Front, with those of the rest of the nation.

As well as my reaction to the July statistics: Double Dip?