Alan Barker's Public Library

05 Nov 09

Higher Home Prices Ahead, Says The Pending Home Sales Index

Pending Home Sales are the highest they've been in years.

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pending home sales

The housing market continues to steam forward.
As reported by the National Association of Realtors®, the Pending Home Sales Index posted its 8th consecutive monthly gain in September.
It’s the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006.
A Pending Home Sale is a home under contract to sell, but not yet closed. It’s the precursor to an Existing Home Sale.
Trade group data shows that nearly 80 percent of “pending” homes close within 2 months. The majority of those remaining close within months 3 and 4.
When the Pending Home Sales Index rises, it tells us that market activity has picked up. September’s data confirms what we’ve been noticing since February — the Buyers Market is ending.
With more homes under contract in the marketplace, homebuyers typically face one or more of the following:
   1. Competitive, multiple-offer situations
   2. Reduced purchase price leverage over sellers
   3. Fewer seller concessions
Therefore, if you’re buying a home in the next several months, know that the 8-month run in Pending Sales will lead to a run in closed sales. It should result in higher home prices, too

04 Nov 09

Logan Utah Real Estate - Logan Real Estate Search and Resources

Cornerstone Real Estate's page for Logan Utah Real Estate

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logan real estate logan

Logan Real Estate Sales Up for October, First Time Buyer Sales Dominate

Logan Utah Real Estate Sales were up during October. This is in large part due to a large influx of first time home buyers who wanted to beat the then expiration of the tax credit.

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diigo

02 Nov 09

Home Packing Tips

A few suggestions to help relieve the stress of packing before the move.

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moving packing

Important Information for First Time Buyers

The first time buyer tax credit has been extended, but it's still important that buyers have enough time to make a good decision in the purchase of their first home.

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first time buyer home buying tax credit

Federal tax credit for $8000, record-low interest rates, and nationwide median home prices dropping to the lowest point in five years, makes this an enticing time to consider buying a home.
10.8 percent of buyers are motivated to buy due to Federal and state tax incentives.
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- However, the National Association of Realtors reports that the first-time homebuyer figure in July was still about 10 percent below the average for the past six years.
- Due to the housing crisis and credit crunch, the mortgage process can take even longer than it did previously. Searching for a home is averaging about 12 weeks while getting the mortgage process wrapped up can take up to 60 days
- Give yourself plenty of time to understand how much home you can afford, what kind of loan is most suitable for your needs, and, of course, plenty of time to select the home that fits your lifestyle. First-time homebuyers often don't have a lot of comparison shopping experience. Frequently they're just getting started. What is acceptable for a rental is likely different from what first-time buyers expect and accept when purchasing their first home. However, first-time buyers must understand that shopping for a home is akin to shopping for a mate... there are always some compromises that are necessary.

Cornerstone Newsletter Update - November Real Estate Newsletter

November Real Estate Update, vital information for first time home buyers regarding the tax credit, tips for home selling, logan real estate market conditions and more.

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newsletter november

30 Oct 09

Logan Utah School Info - Relocation Info

Information about the different elementary, middle and high schools in Logan Utah.

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logan schools

29 Oct 09

Impact of Housing Tax Credit Extension - Utah Real Estate Posts

Will the extension of the first time buyer housing credit actually stimulate home sales?

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8000 tax credit home sales

Pleasant View Real Estate

MLS Home Search for Pleasant View, with its most pleasant view.

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pleasant view

Mortgage Rates are Below 5% for Good Credit and LTV

30 Year fixed mortgages can be obtained for less than 5% if you have a large enough down payment and outstanding credit.

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mortgage rates

NEWS
After another solid Treasury auction combined with poor economic news yesterday, Mortgage Backed Securities (MBS) ended up in a strong rally, which helped to push mortgage rates slightly lower with some lenders (4.75-4.875% for 740 FICO, 80% LTV). Barring the technicalities, MBS are in a better-than-expected range right now which may mean we could see these slightly lower rates for the short term.

The rates listed below are current as of the date of this email. Please use this
                        information as a guide for the type of financing that is currently available. 

                      Program                      Rate                      APR
                      5 Year ARM 	  	                      3.625                      3.778
                      15 Year Fixed                      4.375                      4.661
                      30 Year Fixed                      4.875                      5.044

The rates above have been calculated based on a $200,000 loan amount, an 80% LTV
                        and a 740 Credit Score.

Eight Credit Myths

Here are some myths regarding credit scores.

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credit scores

Beyond that, here are some of the most common credit score myths:

1. My score is affected by my income, age, and sex. Actually, none of this data has any bearing on your score. It is listed on your credit report, but only for informational purposes.

2. A higher salary will help my score. The only way this helps is if you pay off your debts and pay your bills on time, because again, it is not factored into your score.

3. When I get married, my scores is merged with my spouse's. Both you and your spouse have separate credit scores which, whether good or bad, remain separate. When you open credit accounts jointly, though, that information is reported to both credit reports.

4. I only have one score. You actually have three from each of the major credit bureaus: Experian, Equifax, and TransUnion. Sometimes some information only appears with one of the bureaus, but when you apply for a mortgage loan, all three scores are pulled. The high and low scores are discarded, and only the middle score is used.

5. Checking my own credit can hurt my credit score. You can check your score as many times as you want without having it affect your score. Just make sure that YOU are the one requesting it through a reputable source, like MyFICO.com. If you are shopping around for a loan of any type, (and they need to pull your credit) make sure you have all inquiries done within a 2-week period and it won't adversely affect your score, either.

6. Closing accounts will help my score. It may seem counter-intuitive, but by closing accounts it may appear that your available credit is low compared to your debt balance and may, in fact, lower your score. If you do want to close accounts, close one at a time, but only if you are also paying off debt, and try NEVER to close old accounts. The longer the history you have the better.

7. Paying off debts will instantly repair my credit. Your credit score is more about your “history” than your current activity, and so while it will help eventually, it doesn't erase any negative damage like late or missed payments.

8. Credit card offers are hurting my score. While they are usually unwanted and annoying, credit card solicitations don't affect your score (as long as you don't respond to them.) There is no magic number of how many cards you should have, just make sure to keep your balances on your cards below about 30%.

26 Oct 09

Tax Credit Extension Considered in Senate

There is a chance that the $8,000 first time buyer tax credit will be extended for 4 months, or even enhanced for another year, increased to $15,000, and open to all buyers. (The second option is not very likely)

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senate first time buyer

four-month extension of the home buyer tax credit.
Two other proposals in the Senate would, respectively, extend the credit through June and, most generously, increase the deduction to $15,000 and open it up to all home buyers and those with higher incomes.

Utah First Time Homebuyer

Information about First Time Home Buyer Loans in Utah

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first time buyer

22 Oct 09

untitled

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House explodes near Logan, 3 injured

October 22nd, 2009 @ 11:24am



CACHE COUNTY -- A house has exploded near Logan. At least three people were injured in the blast.

It happened around 10:30 a.m. Thursday near 2400 West and 2900 South.

Dispatchers confirmed at least three people were badly burned in the explosion. One was airlifted to a local hospital, while the other two victims were transported by ambulance.

21 Oct 09

Weber County Homes and Real Estate

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were increasing
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Stuart Brower - Diversified Home Loans - Home

New Logan Utah Home Loan Website

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home loans utah

Real Estate in Utah - Utah Houses for Sale - Home

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Now is the time to buy Utah Houses and I'll tell you why Utah Real Estate is at one of the most affordable levels it will ever be at. Mortgage Interest Rates in Utah are the lowest rates they've been in 37 years. There is a surplus of real estate for sale in Utah, there is a large supply of foreclosures and short sale properties, and sellers realize that if they want to sell in this competitive market they need to drop their prices. Deals are out there, and as long as interest rates remain this low the market will head towards recovery. Currently the window of opportunity to purchase Utah Houses is open. But it won't last forever. I predict that it will be priming time between now and

19 Oct 09

The Associated Press: MBA: Foreclosures, unemployment to peak next year

Foreclosures will likely continue to rise up through next year as unemployment continues.

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foreclosures

Foreclosures will peak by the end of next year and unemployment will climb above 10 percent as the housing market and U.S. economy grapple with the aftermath of the recession, the Mortgage Bankers Association's chief economist said Tuesday.
fixed mortgage interest rates remaining below 6 percent.
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- Many lenders have issued a moratorium on foreclosures, causing a drop in the number of discounted, bank-owned properties hitting the market this year. But some economists expect that a wave of foreclosed properties could hit the market in 2010, dampening home prices again.
- rising unemployment will lead to a growing number of foreclosures at least through the end of next year, Brinkmann said.
- "We're forecasting about another 10 percent, roughly, price decline between now and the first quarter next year," he said.
  Mortgage rates, meanwhile, will average about 5 percent through the end of this year, then rise to 5.6 percent by the end of 2010. That should help fuel a 12 percent increase in home mortgages next year, but home refinancing will decline as mortgage rates edge higher, he said.
  "We're assuming, in a sense, weak or little inflation here," Brinkmann said.

UtahCornerstone.com

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16 Oct 09

Economists Predict Housing Recovery in 2010

The housing market should be a contributor to economic growth next year.

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housing recovery

Economists Predict Housing Recovery

Economic forecasters predict that 2010 will be the first year since 2005 for housing to contribute to the growth of the U.S. economy, according to a survey released by the National Association for Business Economics.

Home prices are expected to rise 2 percent next year, but forecasters don’t believe the increase in prices will discourage homebuyers.

More than 80 percent of economists surveyed by the NABE think the recession is over and recovery has begun, but they expect the expansion to be slow because unemployment persists.