Signs of Utah's economic Recovery have been escalating. The job market is improving, retail sales are increasing, and of course Real Estate sales are up. Jim Wood, of the Bureau of Economic and Business Research at the University of Utah, recently published a report on Utah's recovering economy. In his article (which can be read here) he states that "indicators show that the worst is over"!

Here are some of the highlights from the report:

Job Market:

The number of job openings posted has doubled from a year ago

The amount of job losses has slowed considerably

Unemployment claims are down 13%

Unemployment rate for males in Utah is 4.6% lower than the National Average

Real Estate:

The number of existing home sales has been positive

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The Gadberry data group recently conducted a study to determine the fastest growing cities in each state. While other cities across the United States have struggled, these cities have seen growth. The study group focused on factors such as an increase in the number of households, income, and houshold net worth, to determine which cities were showing the greatest growth. Their research, published in Business Week revealed that South Jordan is the fastest growing city in the state of Utah!

When outlining reasons for South Jordan’s persistent growth, Gadberry states, “Development in this city was fueled by the availability of land and large lots, plannedcommunities, and a charming rural atmosphere. The new Daybreak Community development is expected to

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The Gadberry data group recently conducted a study to determine the fastest growing cities in each state. While other cities across the United States have struggled, these cities have seen growth. The study group focused on factors such as an increase in the number of households, income, and houshold net worth, to determine which cities were showing the greatest growth. Their research, published in Business Week revealed that South Jordan is the fastest growing cityin the state of Utah!

When outlining reasons for South Jordan's persistent growth, Gadberry states, "Development in this city was fueled by the availability of land and large lots, planned communities, and a charming rural atmosphere. The new Daybreak Community development is expected to

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Top Places to Buy/Sell a Home in Utah this February

2010 is off to a great start! This January had a higher number of homes sold than the beginning of last year. This continuing trend of growth is demonstrating an increased interest in the housing market. Knowing when to sell or purchase a home is vital to Real Estate success and the demand is highest in Utah's Hot Spots! These are the zip codes and price ranges which have had the most demand and highest success rates last month. Economic improvement begins in Hot Spots and spreads to other areas of the valley. These Hot Spots are the areas that will get top dollar for their home. Purchasing a home in one of these Hot Spots gives you a front row seat to economic recovery.

1. Salt Lake City Zip 84108

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The last quarter of 2009 showed growth in the number of homes sold. This increase in sales pushed the total number of homes sold in 2009 higher than 2008! This trend of growth is showing an increasing demand in purchasing a home. Knowing when to sell or purchase a home is vital to your Real Estate success, and the demand is highest in Utah’s Hot Spots!

These Hot Spots are the zip codes and prices ranges where there has been the highest demand for homes. Economic improvement and recovery start in hot spots and then spread to other areas of the valley. These hot spots are the areas that will get top dollar for their home. Purchasing a home in one of these hot spots gives you a front row seat to economic recovery.

1. Bountiful: Zip 84010 &nbsp &nbsp

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How was 2009 compared to 2008? Have we bottomed out? Where is 2010 headed?

The number of homes sold for 2008 across the Wasatch Front was 22,766. The numbers for 2009 are still rolling in but so far, the number of homes sold in 2009 is 22,744. When all the statistics are in the total number of homes sold in Salt Lake County will be at least the same as 2008 and likely higher. Utah County has increased sales over 10% mainly due to the availability of affordable housing, an increased supply of foreclosures and short sales, and 100% financing in Saratoga Springs and Eagle Mountain areas. All of this data means that the number of homes sold has bottomed out! We are now seeing an increase in sales overall.

UtahDave's sales statistics went up 50% from

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I see advertisements all over the Internet trying to get me to take advantage of the government mortgage relief plan by getting a Loan Modification. It got me curious about the success rate of this program and what the chances are of having a successful Loan Modification.

Alan Zibel, a Real Estate writer for the Associated Press, wrote a report a few days ago that looks at these questions. He made some interesting discoveries. You can read his full report here: Loan Modification So Far. He found that only 4% of homeowners who have attempted to get a loan modification have succeeded. Of course your odds of getting a loan modification largely depends on who your lender is.

To explore this Mr. Zibel looks at the numbers for Bank of America. He first

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Warm up the cold months by buying or selling a home in a Hot Spot!

These area codes and price ranges have had high demand in recent months. They have seen more homes sold while other areas have been slower to recover. Economic growth starts in Hot Spots and then spreads to other areas of the valley. Purchasing a home in a Hot Spot will give you a front row seat to economic recovery. If you live in a Hot Spot it is a good time to sell because the demand is high so you can sell your home quickly and for top dollar.

1. Salt Lake City &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp Zip 84108 &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp Price Range: $100K - $200K

Sales History &nbsp &nbsp &nbsp &nbsp &nbsp &nbsp Map of Homes for Sale

2. Kaysville &nbsp &nbsp &nbsp

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How well did the housing market do last month? I think these figures speak for themselves:

Compared to last October, Salt Lake County had over 23% more homes sell.

  Ever Since May, Utah County has had more homes sell this year than last year. In fact only three months in 2009 have had less homes sell than 2008!

 

Davis County also had a 23% increase in home sales from last October.

 

Unbelievable! Tooele County had 58% more homes sold in October 2009 than October 2008!

 

For the 1st time this year Weber County has had more homes sell than a year ago. October had a 22% increase in home sales over last year!

  Here is the total number of homes sold in the preceding…

The First Time Home Buyer Tax credit was scheduled to end December 1st of this year. However, due to the success of the program, and it’s positive effect on the economy, the Government has voted to extend the program and make more Free Money available.

What does this mean for you?

First time home buyers, who weren’t able to get a home this year, still have a few months to get up to $8,000 to assist with the purchase of their home. The income limit has beenincreased making the credit available to some home buyers who may not have qualified for the previous grant. Perhaps the biggest improvement of this program is extending the credit to all home buyers! Home owners who have been living in their home for 5 consecutive years also qualify for Free Grant

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