Wow have I learned a lot about credit repair in the last couple of months. One of my mortgage partners and I have been really education ourselves in this arena because that is where the market is. Most of the US has seen a decrease in their credit score and the banks are raising their standards.

Some banks are starting to tier price their FHA loans, although FHA is still not score driven, but the banks are. Between scores going down and criteria going up. It seems that the middle class of credit is being eliminated.

So, we started out looking for knowledge and maybe buying a credit repair franchise, we felt there were no real place to refer them to, they all just seem so slimy.

Then we found this company United Credit Education Services.

Go check out their site. www.United-Credit.org read the FAQ's They have a A- BBB rating (those under 40, that's a good thing)

Contact my friend George at 801-550-1382 or email him at George.Andersen@YourMortgageKey.com

What we have learned there is nothing that can't be removed, seriously.

We are creating buyers and sellers.

True stories.

Folks had ran into some issues a couple of years ago, bunch of lates and other derogs. Well they have been back on track for quite some time and actually have a good chunk of equity. They would like to sell and trade up. BUT their credit is stopping them. They have been enrolled and are about 30 days away from being a great client. They will be selling a $250,000 house and trading up to about $450,000.

Another gentleman knows it is time to buy and has a 580 mid score. Within 45 days, he is up to 610 and we expect him to be able to buy in 30 more days.

You can wait for the market to come to you or you can go get it.

See ya at the trough

The Empress Theater

9104 West 2700 South Magna Utah 84044

(801) 347-7373

Click Photo For Tour

I usually don't write about listings in the main blog page, but I had to show buyers what the current market looks like. Because of interest rates are so low. You can own a condo like this for right around a $1,000 per month including taxes, insurance and the homeowner fees.

Immaculate One Owner Condo

Built 1995

Utah Housing Forecast 

We hear all kinds of hullabaloo about the Utah Housing market, from reporters committing loan fraud to someone that has never bought or sold a piece of property BUT listens to NPR.  

Let’s hear from some experts

National Economist

“Utah is one bright spot compared to other parts of the country that are in severe pain,” said Lawrence Yun, chief economist for the National Association of REALTORS®. “It’s the shining star so far if one wants to say which market is hot.

” But that’s not to say Utah real estate will be completely free of cloudy conditions in 2008. Despite Utah’s strong economy, housing sales are still expected to slow in 2008 and some markets may face affordability challenges.

“In Utah, you’re going to see home sales at a lower, more sustainable rate, but they aren’t going to falter,” said Jeannine Cataldi, senior economist for economic forecasting firm Global Insight.

She expects activity to pick up once people know the full extent of the mortgage crisis, which is expected to peak in 2008. “Once we know how that plays out, people can make decisions and move forward,” Cataldi said.

The more debatable subject is what will happen with home prices. Some economists expect to see single-digit price growth in 2008 while others expect slight price declines.

Local Economist

Some local economists, however, see a slightly different picture.

Mark Knold, chief economist for the Department of Workforce Services, says he predicts prices will probably come down a little because he thinks, “prices are flirting above what this market can afford even in the face of good wage gains.”

Kelly K. Matthews, Wells Fargo’s executive vice president and senior economist, also says Utah has an affordability problem, which is why he expects prices to be down 6 to7 percent in mid-2008.

“I believe we are so far out of equilibrium, I do not believe we can avoid some reduction in prices.”

At the same time, Jeff Thredgold, economic consultant to Zions Bank and president of Thredgold  Economic Associates, sees price activity varying depending on the market segment.

According to Thredgold, lower-end properties in the $175,000 to $300,000 range should increase approximately 7 to 10 percent. Some homes in the $300,000 to $500,000 range should see price gains of about 5 percent while others may see a slight decline. The real concern is the market for $500,000 and above properties; people may have to cut prices, and there may be areas that have to come down 5 to10 percent, he says.

“All real estate is local,” Thredgold said. “In certain communities, it will do well, but in some areas, prices may have to come down.”

I am more in line with Thregold, he clearly understands there is no across the board blanket diagnosis for Real Estate. It is local in nature, you can have zip codes with two different markets with tow different conditions at the same time. 

If you would like info on your particular maket contact me.

Above quotes are from the Utah Realtor Magazine