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Utah Dave and Utah Homes for Sale

Baffling! Paying for Free Information!

It baffles me, online sites are charging for foreclosure info!

Recently I had an article come across my desk about someone who had paid a fee to sign up for foreclosure info. I couldn't believe it! I get foreclosure information for free. Not only do I get it for free but I give it to my clients for free.

In the past I have had people who purchased this information from these type of sites bring me the information they paid for. When they gave it to me I was amazed with how much of the info was incorrect.

Here is the complete article I came across. The article talks about how some people use deceptive online practices to trick buyers into paying monthly fees.

What is a Reputable Economist Saying About Our Future?

Utah's local Economist, who has been proven accurate in past statements, speaks about today's economy. The past couple of years I have been following Kelly Matthew's market predictions. As a testament to his knowledge of local market fluctuations, Wells Fargo has been able to weather the economic storm better than most other financial institutions by using his predictions. 2 years ago, Kelly said prices for Utah's housing would have to come down. In January of last year he said it looked like the inevitable was happenening and predicted that 2009 would be a bottom. Recently Kelly Matthews spoke with another Wells Fargo Investment Strategist about the current market. You can find the full article here on KSL.com

What did they say?

It looks like we've hit a housing bottom and it also looks like there is a prime recipe for economic recovery. It truly is amazing that right now there are almost 2,000 homes 'pending' to be sold in Salt Lake County. This is the highest amount of homes pending I have seen in the past 2 years. Historically the 4th quarter is one of the slowest quarters of the year. It is truly a phenomenon when the 4th quarter could be the biggest quarter of the year. Utah County has already had almost 10% more homes sales this year than the year before. Salt Lake County looks like it might be the same or even slightly better than last year. New home construction is up 30% from last year as well. Things are looking good!

What is next?

If supply stays the same, and if demand truly has picked up, prices are the next thing to move up. That is Ceteris Paribus of course (the term for 'all other things remaining constant'). The only forseeable variables right now are the option arm's coming due and if the loan mods stick. If the loan mods start falling through than we could continue to see good deals next year. We will also see low prices next year if option arms start to be foreclosed on. Either way, we are currently seeing the good deals go fast and sell for more because of the increased demand. There are still some areas that are slower than others and some areas that are stronger than others, but the overall nature of the market is increasing. You can evaluate how specific areas are doing by looking at our statistics here: Utah Area Statistics .

Here's to 2009!!

A Sign of the Rise

Even with the Nation Stabilizing Some Cities Demonstrate Above Average Growth

There are signs of real-estate market growth all over the nation. In most cities these signs of recovery are small, but the signs in some cities are significantly greater. One of the major indicators of a growing market is the number of building permits that have been procured. Business Week Identifies "America's Strongest Building Markets." The top three cities in the United States have actually seen more building permits this year than last year. Why are these cities starting to re-grow faster than others in the nation?

The city with the greatest increase in the nation is Lake Charles, Louisiana. There has been a 122% INCREASE in building permits from last year! What is the secret to their growth? The destruction of Hurricane Ike and Hurricane Rita. With the destruction from the 2005 and 2008 hurricanes, their efforts to rebuild have kept the market stimulated with new life. The city with the second largest growth can also attribute some of its success to Hurricane Ike. After last year's Hurricane destroyed parts of the city, Beaumont-Port Arthur, Texas has seen an increase in building permits of 65%.

What about the city with the third highest growth in the nation? Can it point to rebuilding as the source of its real-estate growth? Salt Lake City, Utah has seen a rise of 36.6% in building permits over last year. Business Week attributes Salt Lake City’s success to “generous Housing & Urban Development financing”. Access to grants and other incentives have kept the market for new homes alive and even helped the market surpass that of last year.

If you have been waiting for things to get better, then your wait is over! There are still some incentives available to make this the best time to buy, but these will not last much longer. Keep the Salt Lake City spirit of growth alive and use the incentives available to purchase your new home.

October Hot Spots

Top Places to Buy/Sell a Home in Utah this October!

Mortgage rates are still low and time is quickly running out for Government incentives. The market is hot, but where are the hottest areas? The best places to buy/sell are those that have been seeing more demand recently than other areas. Based on where homes were selling last month we have an idea of where home sales are going to be the hottest this month!

Those living in these hot spots can get top dollar for their house and get a great deal on another home! These Hot Spots are also prime locations to buy because you can count on a stable home value and being able to sell if you ever need to.

1. Salt Lake City Zip 84108 Price Range: $100K - $200K Sales History Current Homes for Sale

2. Salt Lake City Zip 84109 Price Range: $200K - $250K Sales History Current Homes for Sale

3. Salt Lake City Zip 84105 Price Range: $200K - $350K Sales History Current Homes for Sale

4. Salt Lake City Zip 84111 Price Range: $100K – $200K Sales History Current Homes for Sale

5. Salt Lake City Zip 84105 Price Range: $250K - $300K Sales History Current Homes for Sale

To View the History for all Zip codes and price ranges Click Here

Has the Housing Market Hit Bottom? What do the numbers say?

Last August I was predicting that January of 2009 would be the worst month for home sales that we have ever seen. It was.

People kept asking when the bottom was going to be, but it contintued to elude us, things kept going down. So where is the bottom for home sales? It looks like it was January of 2009. Looking back at the statistics for this year you can see that home sales bottomed out in January. There were even 2 months where Salt Lake experienced an increase in homes sold compared with the year before. If Salt Lake were to maintain 1,000 home sales for the next 3 months, this year will be almost identical to 2008 in the total number of homes sold. That would show a true bottom in home sales. (Not necessarily prices, this requires a switch in supply and demand. Meaning demand is lower than last year and there is potentially a larger supply that still hasn't hit the market.)

Right now we are expecting an increase in the number of homes sold from last October by at least 10%. If we keep this trend, ceteris paribus, then it truly looks like we have hit the bottom in home sales. This means, opportunity, opportunity, opportunity. Enjoy the opportunity!