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January 2013

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January 1, 2013

Annual Salt Lake County Real Estate Market Statistics Comparison

  1/1/2011 1/1/2012 1/1/2013
All Listings      
Total Active Listings 6,350 4,750 3,390
Sold in Last Year 10,229 11,177 13,147
Total Pending Sales 1,074 1,324 1,548
Expired in Last Year 12,480 10,002 6,296
       
New Listings Past 30 Days 1,033 772 611
Sold in Last 30 Days 670 738 749
Pending in Last 30 Days 522 678 700
Expired in Last 30 Days 1,153 846 599
       
Months Supply of Homes 9 6 5
       
Short Sales      
Total Active Listings 1,664 1,470 1,025
Sold in Last Year 1,348 1,588 1,923
Total Pending Sales 203 284 248
Expired in Last Year 2,446 2,335 1,302
       
New Listings Past 30 Days 225 205 103
Sold in Last 30 Days 87 111 104
Pending in Last 30 Days 84 144 94
Expired in Last 30 Days 231 188 132
       
Months Supply of Homes 19 13 9.9
       
Conclusions      
% All ACT Listings that are SS 26.2% 30.9% 30.2%
% All Sales Last Year that were SS 13.2% 14.2% 14.6%
% Listings that Expired Last yr that were SS 19.6% 23.3% 20.7%
       
% Total Listings in Last 30 days that are SS 21.8% 26.6% 16.9%
% Listings Sold  in Last 30 Days that were SS 13.0% 15.0% 13.9%
% Pending in Last 30 Days that are SS 16.1% 21.2% 13.4%
% Listings that Expired Last 30 days that were SS 20.0% 22.2% 22.0%
       
R E O      
Total Active Listings   153 70
Sold in Last Year   2,638 1,955
Total Pending Sales   147 135
Expired in Last Year   192 71
       
New Listings Past 30 Days   68 49
Sold in Last 30 Days   221 69
Pending in Last 30 Days   91 74
Expired in Last 30 Days   11 1

December 10, 2012

Utah mortgage delinquency rates

The delinquency rate for mortgage loans on residential properties in Utah was 6.85 percent at the end of the third quarter of 2012, an increase of 27 basis points from the second quarter of 2012, according to the Mortgage Bankers Association. The delinquency rate excludes loans in the process of foreclosure. The percentage of loans in Utah on which foreclosure was started during the quarter fell 23 basis points to 0.46 percent, while the percentage of loans in the foreclosure process at the end of the quarter fell 32 basis points to 1.88 percent. Among the 50 states and the District of Columbia, Utah ranked 32nd in delinquencies and 44th in foreclosures started. Mississippi ranked first in delinquencies with a rate of 13.10 percent and New Jersey ranked first in foreclosure starts with a rate of 2.02 percent.

On a national level, the delinquency rate for mortgage loans on one-to-four-unit residential properties was 7.64 percent on a non-seasonally adjusted basis, up 29 basis points from 7.35 percent in the second quarter of 2012. The percentage of loans in the foreclosure process at the end of the quarter decreased 20 basis points to 4.07 percent.

October 1, 2012

Snapshot of Wasatch Front Real Estate Market October 2012


  10/1/2010 10/1/2011 10/1/2012
All Listings      
Total Active Listings 7,463 5,945 4,332
Sold in Last Year 10,916 10,571 12,714
Total Pending Sales 1,390 1,625 2,003
Expired in Last Year 12,420 10,976 7,017
       
New Listings Past 30 Days 1,607 1,284 1,072
Sold in Last 30 Days 590 765 858
Pending in Last 30 Days 782 932 1,063
Expired in Last 30 Days 1,317 904 543
       
Months Supply of Homes 13 8 5
       
Short Sales      
Total Active Listings 1,721 1,542 1,243
Sold in Last Year 1,381 1,474 1,914
Total Pending Sales 233 270 286
Expired in Last Year 2,305 2,584 1,445
       
New Listings Past 30 Days 291 232 163
Sold in Last 30 Days 71 103 120
Pending in Last 30 Days 97 129 121
Expired in Last 30 Days 255 181 101
       
Months Supply of Homes 24 15 10.4
       
Conclusions      
% All ACT Listings that are SS 23.1% 25.9% 28.7%
% All Sales Last Year that
  were SS
12.7% 13.9% 15.1%
% Listings that Expired Last
  yr that were SS
18.6% 23.5% 20.6%
       
% Total Listings in Last 30
  days that are SS
18.1% 18.1% 15.2%
% Listings Sold  in Last 30 Days that were SS 12.0% 13.5% 14.0%
% Pending in Last 30 Days that
  are SS
12.4% 13.8% 11.4%
% Listings that Expired Last
  30 days that were SS
19.4% 20.0% 18.6%

January 1, 2012

Salt Lake Housing Market * The Year in Review 2011

The housing market in northern Utah looks healthy. We have half as many homes on the market as we did at the peak of the crisis in August 2008, when we had over 8600 homes on the market. All indicators point towards a continued mild recovery.

As of January 1, 2012, we have 4,750 homes and condos for sale in Salt Lake County. 1,470 are listed as short sales and 153 are REO bank owned properties. We have consistently had 1/3 of the properties in our market listed as distressed, or lender mitigated. 11,177 homes and condos sold last year and there are another 1,324 sales pending. The absorption rate is down to six months! A far cry from the 18 months we once had. Interest rates re still hovering at or below 4%. Economists don't see this changing in the foreseeable future.

Happy New Year!

May 20, 2011

3 Reasons Why You Should Buy a Home Now

Here are three Reasons why you should get off the fence and buy a home now.

Do not wait before taking the plunge into homeownership.

1. The 30-Year Mortgage May Disappear

There has been much debate regarding government's role in providing support for homeownership. There are several experts who believe if Fannie Mae and Freddie Mac's roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate's, Is it curtains for the 30-year mortgage?

2. QRM Requirements Could Be Much More Stringent

Here are proposed changes to the requirements for a 'qualified residential mortgage':
• Certain mortgage types would be eliminated
• You would need to put a minimum of 20% down
• You would need a minimum 690 FICO score
• The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%)
There would be loans available to purchasers who don't qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs).

3. Rents are Expected to Increase

The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal recently quoted a report by Reis, Inc in which it states, "Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace."

May 10, 2011

Home prices in Salt Lake and across the nation

Home prices in Salt Lake and across the nation are still falling, but the good news is that Salt Lake's median home price is now about three times the state's median household income of $59,000.

Historically, lenders used the three-times income rule as a rough guide in determining how much a home buyer could afford, according to Kay Ashton of SWBC Mortgage Corp.

Salt Lake's median home price (all housing types) in the first quarter was roughly $187,000. Based on the three-times income rule, if a household earned the state's median income of $59,000 they could qualify for a home around $180,000. With today's low mortgage rates, that amount would likely be higher.

Of course, the three-times income guideline is only a general rule of thumb. It doesn't take into account other debt or down payments. But it does show that home prices are finally within reach of more households.

A report by Zillow.com today said home values across the U.S. fell 8 percent in the first quarter compared to a year ago and are down 3 percent compared to the fourth quarter.

Zillow's Home Value Index does not include Salt Lake City. However, according to Utahrealestate.com, Salt Lake's home prices are following a similar trend. Home prices (all housing types) in Salt Lake fell 9 percent in the first quarter compared to last year and were down 7 percent compared to the fourth quarter.

Salt Lake's median home price (all housing types) was at $186,900 in the first quarter, slightly higher than Zillow's national median price of $169,600.

All of this negative news on housing prices have some analysts going against the grain. According to Brett Arends of MarketWatch, there are too many bearish reports that make it hard not to be a "contrarian bull."

"I have absolutely no idea when real estate is going to hit rock bottom," Arends said. "It may take several years. I suspect it will do so in different markets at different times. But there are good homes out there going really cheap. If you hunt down the bargains, you're disciplined about price, you get the right financing, and you hold on for five years or more, you'll probably do pretty well from here."

March 1, 2011

Salt Lake City / County Absorbtion Rate March 1, 2011

 

Tthe Greater Salt Lake County Absorbtion Rate as of March 1, 2011, including February 2011 home sales figures are as follows:

Active Listings 6,476
Homes sold in the past year  10,255
Homes currently pending (under contract)   1,340
Listings that expired in the past year 12358

New listings in the last 30 days   1,516
Homes sold in the last 30 days    579
Home pending (under contract) in the last 30 days  812
Listings that expired in the last 30 days   947

Salt Lake area Absorption Rate (months supply of homes) 11.2

 

The following is a snapshot of pre-foreclosure short sales:

Active short sale listings    1,745
Homes sold in the past year that were short sales    1,388
Short sale homes currently pending (under contract)  232
Short sale listings that expired in the past year   2,503

New short sale listings in the last 30 days  317
Short Sale homes sold in the last 30 days  102
SS sales pending (under contract) in the last 30 days  128
Short Sale istings that expired in the last 30 days 218

Salt Lake area Absorption Rate of short sales (months supply of homes) 17.1


Conclusions

26.9% of all Active Listings are Short Sales
13.5% of all Sales Last Year were Short Sales
20.3% of Short Sale Listings ended up Expired Last Year

20.9% of New Listings in Last 30 days are Short Sales
17.6% of all Listings Sold in the Last 30 Days were Short Sales
15.8% of all Pending Transactions (Under Contract) in Last 30 Days are Short Sales
23.0% of all Listings that Expired in the Last 30 days were Short Sales


The previous information was derived from the Wasatch Front Multiple Listing Service MLS

February 1, 2011

January 2011 Salt Lake County Home Sales and Housing Market

In January 2011, we only saw 468 home sales in Salt Lake County, but 679 transactions went under contract and are pending.  Of the 468 homes sold, 75 were short sales.  We currently have 6420 residential properties for sale and a 12 month absorbtion rate.

January 5, 2011

Wasatch Mountain Realty

Michael Hoffee is no longer with Rocky Mountain Realty.  He has started a new real estate brokerage in Sandy Utah specializing in residential real estate.  The new firm is Wasatch Mountain Realty.  They assist both home buyers and sellers with relocations, short sales, foreclosures, luxury properties, second homes, ski properties, and commercial property, and investment acquisitions.  Wasatch Mountain Realty is headquartered in Sandy, and services all of Salt Lake County, including Sandy, Draper, Cottonwood Heights, Holladay, South Jordan, Riverton, Herriman, Murray, Midvale, Sugarhouse, the Avenues, and of course Salt Lake City.  WMR covers Park City and Deer Valley in Summit County. In Utah County, the cities of Alpine, Highland, Cedar Hills, Saratoga Springs, and Lehi are well represented.  The new website is http://www.WMRutah.com and Michael's new email address is [email protected] .  The office phone is 801-571-5001 and the office fax is 801-571-6001.

December 17, 2010

Upswing in Utah Housing Mortgage Rates

Utah Housing Corporation has announced today that its interest rate on home financing has increased to 4.875%. Along with their rate announcement they have made a policy change for how long their rate is valid. Here is their statement:

“In recent years, Utah Housing has announced interest rate changes effective for one full week each Friday. Effective immediately, UHC will no longer guarantee the announced rate for a full week and may announce rate changes more frequently. The most current rate will continue to be posted on UHC’s website and broadcast via email.”

Home buyers planning to use Utah Housing financing should understand that Utah Housing can change their rate at any time and lenders cannot guarantee a rate until a Mortgage Purchase Agreement is requested and an MPA is not requested until the loan is credit approved for a Utah Housing loan.

 

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