You Don't Need That Much of a Down Payment

DAILY REAL ESTATE NEWS | TUESDAY, JUNE 17, 2014

Many consumers are overestimating  the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.

Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage.

But in reality, home buyers often can qualify for a conforming, conventional mortgage with a down payment of as little as 5 percent — and sometimes even 3 percent — Boyle writes. Between 2009 and 2013, Freddie Mac’s purchases of mortgages with down payments of less than 10 percent more than quadrupled. So far in 2014, more than one in five borrowers who took out conforming, conventional mortgages put down 10 percent or less.

“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines,” Boyle writes. “Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 percent or 10 percent.” However, Boyle notes that any borrower who puts down less than 20 percent will be required to buy mortgage insurance.

Boyle says that buyers should also be encouraged by the abundant down-payment assistance programs that exist to help break into home ownership. Every state in the U.S., as well as many cities and counties, offer down-payment assistance programs for qualified borrowers, such as the American Dream Downpayment Initiative and HOME Investment Partnerships Program.

Source: “Down Payments: Today’s Most Persistent Misconception About Mortgages,” Freddie Mac (June 16, 2014)

Home Owners Doing Record Number of Cash Deals

DAILY REAL ESTATE NEWS | TUESDAY, JUNE 03, 2014

A record number of home owners are using the increased equity in their current homes to buy their next homes in cash and avoid the mortgage process altogether, Bloomberg reports.

About 29 percent of non-investment buyers used cash to fund their housing transactions in the first quarter of this year — the highest level on record, according to data compiled by Bloomberg.

Baby boomers make up a large bulk of these all-cash deals, says Lawrence Yun, chief economist for the National Association of REALTORS®. 

"Cash purchases are on the rise because older home owners who have decades of home-equity accumulation don't want the hassle of a mortgage," Yun says. "With the economy improving and the stock market at record highs, boomers are the ones who are driving the market."

Meanwhile, the share of investors — who usually use cash — is dwindling, dropping in the first quarter to the lowest level since 2010. 

"The whole investor class, the ones doing most of the cash purchasing until now, is stepping back," Yun says. "Baby boomers are taking their place."

Baby boomers have more equity than previous generations because they may have owned a home during a 30-year "housing bull market." In April, the median price of an existing-home was $201,700 compared to $67,800 in 1982, when many boomers had purchased their first properties, Bloomberg reports. 

What's more, about 16.3 million Americans older than 60 owned their homes outright in 2012, up from 12.1 million in 2009, according to Census data. 

Baby boomers are expected to remain a strong presence in the housing market much longer than previous generations, too. 

They "will be buying and selling well into their 80s because they are going to be active and healthier for a lot longer than their parents," says John McIlwain, a senior fellow at the Urban Land Institute in Washington. "They are a rebellious generation, and they're not going to go along with the idea of traditional retirement."

Source: “Cash Property Deals Reach Record with U.S. Boomers Retiring,” Bloomberg Businessweek (June 2, 2014)

Who Doesn't Love Outdoor Movies???

I love this list put together by Becky at UtahSweetSavings.com - watching movies outdoors is a great way to enjoy the summer! Check out her site for all the deets.

American Fork

Picnic in the Park – American Fork Amphitheater – FREE

• July 18 – TBA

Centerville

Movies in the Park – Founders Park – Friday Nights at Dusk – FREE

• June 13 – Monsters University
• June 20 – Despicable Me 2
• June 27 – Field of Dreams
• July 11 – Frozen Sing-A-Long
• July 18 – THOR The Dark World
• Aug 1 – Miss Congeniality
• Aug 8 – The Nut Job
• Aug 15 – The Wizard of Oz

Clearfield City

Movie Under the Stars – This is on their calendar but there is little info.  So check back – FREE

• July 3

Draper

Summer Movies on the big screen in the Draper Amphitheater.  Pre-movie entertainment starts at 8pm by a local band. Movie starts at 9:15pm – FREE

• June 20 – Frozen
• July 17 – LEGO Movie
• Aug 15 – Space Jam

Farmington

Festival Days Movie Night – Forbush Park - FREE

• July 7 – TBA

Herriman

Cinema in the Park - W&M Butterfield Park – 9pm FREE

• June 20 – Despicable Me 2
• Aug 1 – The Croods

Hyde Park

Movies in the Park - Mack Park – 9pm FREE

• June 6 – Despicable Me 2

Kaysville

Movies in the Park – Heritage Park – Dusk – FREE

• June 14 – Frozen – There will also be an Arts & Music Festival this day and the Magical Celebrations Frozen Princesses will be there as well!
• July 19 – The Croods
• Aug 16 – Turbo
• Sep 20 – Despicable Me 2

Layton

Family Movie Night – First ever for the city!  Ed Kenley Amphitheater – Gates open at 8, show at dusk. – FREE

• Aug 11 – Despicable Me 2

Lindon

Movies in the Park – Each movie will be at a different park – FREE

• May 30 – Monsters University – Pioneer Park
• June 30 – Frozen – Meadows Park
• July 16 – Cloudy with a Chance of Meatballs 2 – Creekside Park
• Aug 5 – LEGO Movie – City Center Park
• Sep 5 – Despicable Me 2 – Citizenship Park

Logan

Library Movie Night - Not a park, it’s at the library! FREE, and FREE popcorn! Every Monday.

• May 26 – No movie, library closed
• June 2 – The Curse of Frankenstein (NR)
• June 9 – The Boy in the Striped Pajamas (PG-13)
• June 16 – Met the Robinsons (G)
• June 23 – The Hunger Games: Catching Fire (PG-13)
• June 30 – The Three Musketeers (PG)

Nibley

Movie Night - Location TBA at 9:30 pm FREE

• June 20 - TBA

North Salt Lake 

Movie in the Park – Hosted by the Youth City Council – Hatch Park – FREE

• Aug 16 – Little Rascals

Ogden

Monday Night at the Movies  – Located at the Downtown Ogden Amphitheater – Starts at dusk – FREE

• June 9 – Despicable Me 2
• June 16 – RV
• June 23 – The Croods
• June 30 – Cloudy with a Chance of Meatballs 2
• July 7 – Rustlers Rhapsody
• July 14 – Glenn Rawson Concert
• July 21 – The Smurfs 2
• July 28 – Turbo
• Aug 4 – LEGO Movie
• Aug 11 – Frozen

Orem

Outdoor Movies at the Scera. The Scera is offering $16 for adult and $8 for children, senior, and student for all 8 outdoor movies.

• June 11 – Jurassic Park
• June 18 – Frozen
• July 9 – Arachnophobia
• July 16 – World War Z
• Aug 6 – Singin’ in the Rain
• Aug 13 – The Hunger Games – Catching Fire
• Sep 5 – The LEGO Movie
• Sep 6 – Clue

Park City

Family Flicks at Snowbird.  Family-friendly movies on the Plaza Deck every Friday night.  Movies start at dusk – FREE

• June 6 – The Incredibles
• June 13 – The Princess Bride
• June 20 – The Sandlot
• June 27 – The Truman Show
• July 4 – Disney’s Frozen
• July 11 – Indiana Jones & the Raiders of the Lost Ark
• July 18 – Rocky IV
• July 25 – Willow
• Aug 1 – Jurassic Park
• Aug 8 – Hook
• Aug 15 – The Dark Crystal

Providence

Movies in the Park at Von Baer Park. Family-friendly movies start at dusk- FREE

• August 23 – TBA
• September 26 – Halloween movie night (TBA)

Provo

Movies in the Park – Monday nights in Aug at Rock Canyon Park – FREE

• Aug 4 – Despicable Me 2
• Aug 11 – The LEGO Movie
• Aug 18 – Jurassic Park
• Aug 25 – Wreck-It Ralph

Riverton

Movies in the Park  Starts at Dusk at a different location each time- FREE

• June 20 – Monsters University – Riverton Hospital
• July 18 – Cloudy With a Chance of Meatballs 2 – Canyonview Park
• Aug 15 – Despicable Me 2 – Monarch Meadows Park
• Sep 19 – LEGO Movie – City Hall Park

Roy

Outdoor Movie Night – Emma Russell Park – Dusk – FREE

• July 29 – TBA

Salt Lake City

Friday Night Flicks is a traveling festival that moves to different local parks throughout the summer.  Movies have yet to be announced – FREE

• June 6th – Liberty Park
• June 13th – Lindsey Gardens
• June 20th – Jordan Park
• June 27th – Reservoir Park
• July 11th – Riverside Park
• July 18th – Fairmont Park
• July 25th – Wasatch Hollow Park

Monday Night Movies at the Gallivan Center Plaza on Monday’s. – FREE

• July 7, 14, 21, 28 – Starts at Dusk

Red Butte Gardens’ Sundance Institute Summer Series features Oscar-nominated documentaries and indie flicks.  Bring your blanket and a picnic.  Gates open at 7:30 and movies begin at sundown (9pm)- FREE

• July 8 – Twenty Feet from Stardom
• July 15 – What We Do in the Shadows
• Aug 13 – The Battered Bastards of Baseball
• Aug 20 – God Help the Girl
• Aug 27 – Community Choice

Movies Under The Stars at the Utah State Capitol – FREE

• July 18 – Disney’s The Lone Ranger
• Aug 1 – The LEGO Movie
• Aug 15 – Despicable Me 2
• Aug 29 – Disney’s Frozen

The Pioneer Park Picture Show starts every Friday in August. – FREE

• Aug 1, 8, 15, 22 – 9pm

Sandy

Movies in the Parks  Movies at different parks throughout Sandy at dusk. – FREE

• Movies and locations aren’t listed yet

South Jordan

Summer Movies - Movies at different parks throughout South Jordan at 9:30pm- This appears to be Free but it doesn’t say for sure.

• June 6 – Frozen Sing-A-Long – South City Park
• June 13 – The Smurfs 2 – Heritage Park
• June 27 – Hotel Transylvania – Oquirrh Shadows Park
• July 11 – Monsters University – Holt Farmstead
• July 18 – Escape From Planet Earth – Skye Park
• Aug 1 – Despicable Me 2 – Heritage Park
• Aug 8 – Cloudy with a Chance of Meatballs 2 – Oquirrh Shadows Park
• Aug 15 – Free Birds – Skye Park
• Aug 22 – Planes – Heritage Park

Spanish Fork

Fiesta Days Movie Night – Sports Park Football Field

• July 18 – Despicable Me 2

Springville

Movies in the Park – Spring Acres Arts Park – FREE

• July 7 – The Little Mermaid
• July 14 – Ice Age 4: Continental Drift
• July 21 – Turbo
• Aug 4 – The Croods
• Aug 11 – Despicable Me 2

St. George

Sunset on the Square - 2nd and 4th Friday of each month.  Bring blankets, lawn chairs, and goodies.  Begins at dusk – FREE

• June 13 – The Nut Job
• June 27 – Elf
• July 11 – Frozen
• July 25 – The Flyboys
• Aug 8 – Ghostbusters
• Aug 22 – The Blind Side

Wellsville

Movie on the Square - Wellsville Square at dusk

• Aug 15 – TBA