Is it possible that new home starts and new mortgage applications were up in February? The following is economic update info courtesy of one of my fave loan guys.
The Commerce Department reported that housing starts unexpectedly jumped 22.2% in February to a seasonally adjusted annual rate of 583,000 units. This ended the longest streak of declines in 18 years. Economists had anticipated a 3.4% decline to 450,000 units. Leading the surge was an 82% increase in the building of multifamily homes - condominiums, apartments and townhouses - to 226,000 units in February from 124,000 in January. Housing starts for single-family homes rose 1.1% to 357,000 units. Building permits for single-family homes climbed 11% in February to 373,000, compared to 336,000 in January.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending March 13 increased 21.2% to 876.9 from the previous week. Purchase volume rose 1.5% to 257.1, while refinancing applications jumped 29.6% to 4,497.6.
The Federal Reserve reported that industrial activity at the nation's factories, mines and utilities fell by 1.4% in February. Economists had expected a decline of 1.2%. The factory-operating rate was down to 67.4% of capacity in February, the lowest level on records dating back to 1948. On a positive note, motor vehicle and parts production rose 10.2% after four consecutive months of declines.
The National Association of Home Builders/Wells Fargo housing market index in March stood at nine, the same level it was in February. The index hit a record low of eight in January. An index reading higher than 50 indicates positive sentiment about the housing market. The index has been below 50 since May 2006, and below 20 since April 2008.
On Tuesday, March 17, the Labor Department reported the producer price index, which tracks wholesale prices, rose 0.1% in February. Economists had expected a 0.8% increase.
The Labor Department reported Wednesday that consumer inflation rose 0.4% in February, the biggest one-month jump since a 0.7% rise in July 2008. The increase was largely due to an 8.3% rise in gasoline prices.
The Conference Board reported Thursday that its index of leading economic indicators fell 0.4% in February. That was slightly better than the 0.6% decline economists had expected. The index is designed to forecast economic activity in the next three to six months.
Upcoming on the economic calendar are reports on existing home sales on March 23, and durable goods orders and new home sales on March 25.
FYI: Here is another recent blog on the hopeful state of the housing market!(it's highly possible we're not doomed yet)
Contact Suzanne Gallegos, Salt Lake City's Service First Realtor
Serving Salt Lake City, Utah and surrounding areas
**FREE relocation package available
THE HAPPIEST PLACE ON EARTH!
I know, I know, you thought the happiest place on earth was Disneyland. Turns out that's not the case. Utah has stolen that coveted title away from Mickey and Minnie! Who knew it could be done?
The Gallup organization and Healthways, a disease management firm, released results of a poll earlier this week which reveals their rankings, by state, of who indeed has the happiest residents. Utah came out on top! Residents of the Beehive State claim the highest satisfaction in such areas as work environment, local communities, and emotional health. Other areas that were measured included life satisfaction, work quality, healthy behavior, physical health, emotional health and basic access to necessities like food and shelter. The poll was conducted over a one year period.
Utah was followed by Hawaii and then Wyoming. The bottom states included West Virginia, Michigan and Ohio. Some have speculated that one of the major factors influencing this poll is the unemployment rate. Utah still claims the lowest unemployment rate at 4.6%. The national average is now at 7.6%. It is also interesting to note that the median income in the top three states is $50,000 - $62,000. Median income in the bottom three states is $36,000 - $40,000. Undoubtedly these numbers could affect the average residents' outlook.
According to Healthways the purpose of the study was to measure quality of life outside the typical measures which included life expectancy and poverty rates.
Congratulations Utah on making the top of yet another list!
Check out these blogs on quality of life in Salt Lake City, Utah, and the surrouding area.
Contact Suzanne Gallegos, Salt Lake City's Service First Realtor
Serving Salt Lake City, Utah and surrounding areas
**FREE relocation package available
Recently Forbes Magazine ranked Utah as the top place for jobs and business in the U.S. If you are a business owner already in SLC, or a business owner considering relocating to Salt Lake City the Salt Lake Chamber of Commerce offers a number of resources for you.
The Salt Lake Women's Business Center is hosting a Business Essentials seminar. The event will take place on March 11, 2009 from 8:30 - 10:00 a.m. The Featured speaker will be Monica Rafferty. She will be speaking on the importance of finding the right location for a business. Ms. Rafferty will also address the pros and cons of buying as opposed to leasing.
Ms. Rafferty's background is in marketing and strategic planning, helping business owners achieve superior results. She also specializes in Commercial Real Estate. Prior to that she spent 20 years in product management and strategic planning for such clients as American Express and Morgan Stanley Asset Management.
This seminar promises to be advantageous to local business owners as well as those considering a move or additional business location in Utah.
FORBES
SLC!
Forbes Magazine is well known for it's lists. They have a list for everything from Billionaires to Best Cities for Singles! (topics for another blog:) Forbes has become the go-to-guy on anything and everything and we have come to rely on their lists for recommendations of all kinds.
Not surprisingly, to those of us who discovered it first, Forbes SLC! That's right folks. The big boys over at Forbes think little 'ol Salt Lake City is worth bragging about! Twice Salt Lake City has topped the Forbes list in the Best City For Jobs category. Yes, you heard me right, #1 two years in a row! And just down the road about 30 minutes or so, Provo has been named #2 in the Best Business and Careers lists. This is no doubt due to the large number of technology and IT jobs. Salt Lake made the top ten list for Recession-Proof Cities - which is especially comforting in light of recent events! And, Forbes Traveler has called downtown Salt Lake's Grand America Hotel "One of the world's very best hotels".
As if all this wasn't enough, Salt Lake City recently ranked #1 in the Complete List: Best Bargains For House Hunters. Now that is an exciting place to be in the current market! And, just when you think it can't get any better, our lovely little city has ranked #3 in Best Cities For Home Sellers!
These rankings are based on such things as healthy job growth (please see above -"Best City For Jobs")number of foreclosures, number of available houses on the market compared to number of potential buyers, and decline in construction. According to Forbes Salt Lake City is adding jobs at a rate faster than anywhere else, and local economic growth is attracting home buyers from all over the country. While the Salt Lake Market has been ranked #3 for home sellers, it is still a buyer's market and buyers can still negotiate price and dictate many terms of the sale. If you're considering a move to SLC I just happen to know a great realtor! (wait...does Forbes have a list for that yet?)
HISTORIC WESTGATE LOFTS
DOWNTOWN SALT LAKE CITY
The building that now houses the Westgate Lofts was built in 1900 and has now been meticulously updated and remodeled. The building was originally a peanut factory and then more recently office space. Despite the updates the developers have maintained an architectural preservation of its historic elements and distinctive features. Award winning architect, Warren Lloyd, recently took second place in the AIA Awards. He specializes in sustainable design and historic preservation projects across the Wasatch Front as well as in the Puget Sound area.
The Westgate Lofts are conveniently located within walking distance of Salt Lake City's fabulous Gateway Mall (calling all shop-a-holics!), Energy Solutions Arena (Go Jazz!), and downtown restraunts and night life. However, if you prefer not to walk it is in the middle of the downtown Free Fare Zone on Trax - Salt Lake City's light rail train system.
No detail is left undone in these beautiful lofts. Each deluxe kitchen has EuroStyle Akurum kitchen cabinets with your choice of style and hardware, large custom designed kitchen islands, stainless steel energy saver appliances, and beautiful pendant lighting in youir choice of fixtures.
Perhaps one of the most remarkable amenities is the nearly cost free geothermal heating and air conditioning system. By tapping into the City Creek, 300 feet below the surface, mother nature does most of the work. For more explanation on geothermal energy please visit this blog post The Heat Is On. Geothermal energy reduces heating and air conditioning costs by up to 75%. Cool huh? (I know...no pun intended)
The main entry hall features the work of local artist Kathie Lee. The Westgate Lofts will now be part of the downtown Gallery Stroll. Salt Lake Gallery Stroll takes place on the third Friday of each month from 6 - 8 p.m.
The Westgate Lofts are simply a must see!
Each Unit Unique
Although each townhouse has a completely unique floor plan the amenities are the same in each space. Phase II of this amazing renovation has 17 two level custom designed Townhouse Lofts. Each townhouse boasts the following features:
-Original 15 ft high timber columns brought in from Brighton Ski Resort.
-Authentic style oversized Pioneer Period windows
-Original window designs include top level pigeon alcoves
-Soaring 15 ft. ceilings on main level, and 20 ft. ceilings on upper level
-Skylights in all upper level units
And much, much more!
If you love downtown living or are looking for a second home or investment property you must visit Westgate Lofts in downtown Salt Lake City.
 |
|
|
Real Estate services in Salt Lake City Utah and surrounding areas. Serving Salt Lake County, Holladay, Sandy, Murray, Park City. A different level of customer service-just ask me to prove it!
Suzanne Gallegos grew up in the Salt Lake City area. After living away for a few years she returned. While she enjoyed her adventures living around the country she returned to Salt Lake City to be near family. "I am now a single mom and have chosen to stay here to raise my own children. I have seen Salt Lake City grow up a great deal over the last several years and develop into a wonderful mid size city with a great deal to offer. We have fabulous outdoor recreation combined with numerous cultural events. I actually consider myself an expert on the local scoop! If you are planning on relocating to the area and need a knowledgeable tour guide you can call on me anytime!"
Stay tuned to Suzanne's Active Rain blog for info on Salt Lake City events!
Please visit Suzanne's website for MLS HOME SEARCH and local information 24/7
Service First! That is my daily motto. Whether you are buying or selling I absolutely guarantee you the top level of customer service! I want every client to feel like they are my only client! You WILL notice a difference in the level of customer service-just ask me to prove it!
I absolutely guarantee you the most care free Real Estate experience in Salt Lake City!
"If you are looking for a Realtor who will go to bat for you all the way - call Suzanne! She goes the extra mile!" --A.N.
"...not only did we get a difficult deal done, the thing I appreciated the most was that my calls were ALWAYS returned promptly." --GPD
"Simply the best!"
......she listens! I always felt like she heard my wants and needs. I would recommend Suzanne to anyone and everyone.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
