Congratulations to Justin & RaeLyn on the purchase of your beautiful new home!! Can't believe this is the 4th transaction we have handled for you!! We love ya!!!
Wednesday, February 29, 2012
Happy Leap Day! Have one on us!
2012 is Leap Year and today is Leap Day!!
We have an extra day to put off preparing our taxes (yes!), and an extra day standing between us and summer (boo!). Just like the Olympics and Presidential elections (yeah, we get yet another day of political sniping, too), Leap Years come every four years. It also means it's time to dust off an old classic cocktail called, ingeniously enough, the Leap Year Cocktail. This cocktail was created by Harry Craddock for the Leap Year celebrations at the Savoy Hotel, London, on February 29, 1928. It is said to have been responsible for more proposals than any other cocktail ever mixed. All you single girls have fun!!!
Leap Year Cocktail
2 oz gin
½ oz sweet vermouth
½ oz Grand Marnier
¼ oz fresh lemon juice
Shake above ingredients with ice, and strain into a chilled cocktail glass, then garnish with a lemon twist, just so. It's a fine drink, though I don't think you'll be hemming and hawing for this drink over the next three years. But do enjoy it now at your own Leap Year celebration (you are going to be celebrating Leap Year, right?).
For a non-alcoholic version, try this yummy and healthy treat:
1 scoop of vanilla ice cream or plain yogurt
1 banana
1 tablespoon of peanut butter
1 cup of ice
Blend till frothy. Skip the garnish!
Tuesday, February 28, 2012
FHA News
FHA Hikes Fees on Mortgages
Home buyers with mortgages backed by the Federal Housing Administration will soon see a rise in fees, the agency announced Monday.
The agency is raising its fees in an effort to try to recoup some of its depleted reserves*, which suffered from the rising number of home owners who defaulted on their mortgages. The agency also says it’s raising fees to try to encourage the return of more private capital to the market.
FHA loans allow for smaller down payments, as low as 3.5 percent compared to traditional loans, and they often have less stringent credit requirements, which have made them soar in popularity in recent years. (The agency insures loans but doesn’t issue them.) About 40 percent of all new mortgages for home purchases in 2010 were FHA-backed mortgages.
In particular, FHA will increase two fees that borrowers pay. Starting April 1, it will increase its annual mortgage insurance premium for loans under $625,500, bringing the total cost from 1.15 percent of the loan amount to 1.25 percent. Starting June 1, larger loan premiums will see an increase of 0.35 percent of a percentage point, bringing the total premium costs up to 1.5 percent of the loan amount, The New York Times reports.
FHA also announced it will raise a fee for the upfront mortgage premium by 0.75 of a percentage point, which will now total 1.75 percent of the loan amount.
The New York Times illustrates the impact of the increase in a recent article: For example, a borrower with a 3.5 percent down payment with a mortgage of $193,000 can expect to pay an upfront mortgage premium alone of $3,377, compared to the prior $1,930. That can be rolled into the mortgage.
The new fees will also apply to home owners who want to refinance their mortgages, the agency announced.
The raise in fees is expected to bring in $1.25 billion in additional revenue to the agency through September 2013.
GOOD NEWS FOR HOUSING--LET'S KEEP IT GOING!!
Housing Bright Spot: Pending Home Sales Rise, Market on Uptrend
Posted By susanne On February 27, 2012 @ 4:44 pm In Business Outlook,Consumer News and Advice,Finance and Economy,Home Owner News,Real Estate Information,Real Estate Trends,Today's Marketplace,Today's Top Story | No Comments
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 2.0 percent to 97.0 in January from a downwardly revised 95.1 in December and is 8.0 percent higher than January 2011 when it was 89.8. The data reflects contracts but not closings.
The January index is the highest since April 2010 when it reached 111.3 as buyers were rushing to take advantage of the home buyer tax credit.
Lawrence Yun, NAR chief economist, says this is a hopeful indicator going into the spring home-buying season. “Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The PHSI in the Northeast rose 7.6 percent to 78.2 in January and is 9.8 percent above a year ago. In the Midwest the index declined 3.8 percent to 88.1 but is 10.8 percent higher than January 2011. Pending home sales in the South increased 7.7 percent to an index of 109.1 in January and is 10.5 percent above a year ago. In the West the index fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.
“Movements in the index have been uneven, reflecting the headwinds of tight credit, but job gains, high affordability and rising rents are hopefully pushing the market into what appears to be a sustained housing recovery,” Yun says. “If and when credit availability conditions return to normal, home sales will likely get a 15 percent boost, speed up the home-price recovery, and thereby significantly reduce the number of homeowners who are underwater.”
Sunday, February 26, 2012
Friday, February 17, 2012
Love to hear some good news!!!!
OGDEN -- The chief economist for the National Association of Realtors says Utah's housing market is improving, and the trend likely will continue.
Lawrence Yun, chief economist and senior vice president of research for NAR, spoke to Top of Utah Realtors on Thursday morning at the Ogden Marriott Hotel.
Yun said the Mountain West region -- particularly Utah, Colorado and Idaho -- has the best opportunity for housing markets to improve.
"If there is one area of the country where there is a clear, definite growth opportunity, it's here," Yun said. "This is where people are moving to. Utah is one of the fastest-growing states in terms of population."
According to the Utah Association of Realtors, 2011 home sales in the state were the highest they've been since 2007, with nearly 33,000 homes sold last year.
Compared to 2010, sales were up nearly 9 percent.
They were 5 percent above 2009 levels and about 6 percent higher than the year-end total for 2008.
Yun said the fact that mortgage rates are at a historic low and affordability is very high are among the reasons sales increased in 2011.
The economist said he expects another 6 to 9 percent increase nationally in 2012.
Yun said unemployment numbers are going down, the stock market is recovering and rental prices are rising -- all factors that will drive up the housing market.
Yun said one factor keeping home sales below what they could be is that it is now much harder to get a loan with lower credit scores.
He said that during the housing boom in 2007, virtually anyone -- even unqualified borrowers -- could get a home loan.
"Now, the pendulum has swung too much the other way," he said. "If the pendulum swings back to normal, there would be 15 to 20 percent more home sales."
Yun said he thinks the pendulum will swing back to normal.
"The housing market is very cyclical," he said. "But history has shown that it can recover very robustly."
via standard.net
This was an excellent lecture that we were able to attend yesterday! Interest rates are at historic lows and there are great houses on sale!
Thursday, February 16, 2012
Untitled
| The National Association of REALTORS® Chief Economist Lawrence Yun spoke to the NWAOR membership today. He spoke on | |
It was excellent, timely information for Realtors and for our clients. We will be posting more of his presentation on our blog in coming days!! | |
Monday, February 13, 2012
AMEN BROTHER!!!
Fed Chair Says 'Normal Lending' Key to Recovery
The Federal Reserve’s monetary policy and efforts to keep interest rates low have contributed to increased housing affordability. However, those strategies have not yet had the desired effect of stimulating the economy into a full recovery as banks have stuck to their guns on strict lending standards.
“We want [banks] to take a balanced approach. We want to make prudent loans, but we don’t want them to turn away creditworthy borrowers,” said Federal Reserve Chairman Ben Bernanke during his speech Friday to home builders at the 2012 International Builders’ Show in Orlando.
Echoing recommendations outlined in the a Federal Reserve white paper released Jan. 5, Bernanke called for increased lending to creditworthy home buyers and more loan modifications and mortgage refinancings to help revitalize the housing industry and economy.
“Normal lending is a big part of getting the economy back on its feet,” said Bernanke, who also called for greater access to loans for investors to purchase homes in bulk.
Relaxed credit standards contributed to the housing crisis, thus tightened borrowing was necessary to protect banks, investors, and borrowers, Bernanke said. However, the lending pendulum may have swung too far the other direction.
REALTORS® are feeling the credit crunch affecting their clients, with 34 percent of reporting that mortgage accessibility is the biggest factor prohibiting their clients from purchasing a home, according to the 2011 NAR Member Profile.
The Fed has been working to improve lending conditions, helping banks become strong again through regulation and administering “stress tests” to ensure lenders have enough capital. And some progress has been made. According to a recent Fed survey of loan officers, there were reports of a slight uptick in lending nationwide.
Bernanke addressed other issues still hindering the housing market recovery, including the fact that 12 million home owners – or more than one in five borrowers with a mortgage – are underwater. Additionally, the drop in home equity by more than 50 percent since the peak of the housing boom has resulted in the loss of more than $7 trillion in household wealth nationally.
Federal Reserve staff estimate that distressed sales, which include both short sales and REOs, now account for 30 percent of home sales. And about one-fourth of vacant homes for sale in the second quarter of 2011 were bank-owned.
“With home prices falling and rents rising, it could make sense in some markets to turn some of the foreclosed homes into rental properties,” said Bernanke, advocating for REO-to-rental programs.
As of early November 2011, about 60 metropolitan areas each had at least 250 REO properties for sale by the GSEs and the FHA. However, NAR has asked policymakers “to proceed cautiously with the REO-to-rental program since housing markets are complex and varied.” NAR has also advised that any REO-to-rental program be administered by local entities, market experts, and licensed real estate professionals.
By Erica Christoffer, REALTOR® Magazine
Friday, February 10, 2012
New on the Market - Kaysville, Utah
http://www.tourfactory.com/749805
FORECLOSURE NEWS!
What You Need to Know About the Mortgage Settlement
A settlement announced this week among state and federal officials and the nation’s five largest banks is the largest joint state-federal settlement in history against an industry. The settlement, which amounts to somewhere between $25 billion and $26 billion, is aimed at fixing some of the mortgage abuses over the last few years that caused people to lose their home.
So what does the settlement mean for home owners?
Home owners underwater on their house or struggling to make payments may have something to gain from the deal. Home owners who are eligible for payments or principal write-downs on their mortgage from the settlement will be notified by mail within the next nine months.
Those who may be eligible for aid under the settlement include home owners who are currently struggling to make their payments and need a loan modification; borrowers who are current on their payments but owe more on their house than it’s currently worth; or borrowers who may have already lost their home to foreclosure.
In the settlement, banks have agreed to write off a sum of the mortgage principal in select cases where home owners are struggling to make payments. Home owners will then be able to refinance and lower their monthly payments. Underwater borrowers also may receive aid, such as being able to refinance so they also can lower their monthly payments.
Borrowers who have already lost their home to foreclosure may be eligible for payments. About $2,000 per person will be doled out to 750,000 borrowers found eligible.
Payments will be paid over a three-year period.
The banks participating in the settlement are Bank of America, JPMorgan Chase, Wells Fargo, Citi, and Ally/GMAC. Fannie Mae and Freddie Mac-backed loans are not eligible for the benefits.
You can learn more about the settlement at the just-launched “National Mortgage Settlement” Web site.
Source: “What the Mortgage Settlement Means to You,” MSNBC.com (Feb. 9, 2012)
Thursday, February 9, 2012
Fun thing to kick off your Valentine's Weekend
Just found this on the Layton City homepage (www.laytoncity.org) - it sounds super fun!!
Bring the family - and send me your Sweetheart photobooth pictures :)
Family Valentine's Dance
Date(s):February 10, 2012Annual Family Recreation Valentine's Dance
Date: Friday, February 10, 2011
Time: 7:00pm - 9:30pm
Location: Central Davis Jr High School Gym
Bring your family out for a fun night together celebrating Valentine's Day at the Layton City Family Recreation 11th annual Valentine's Dance. Admission is FREE. The evening will feature live music by local band 'Mid-Life Crisis'. Refreshments will be served. There will also be prize giveaways throughout the evening and a sweetheart photobooth.
For questions about this event or any other Family Recreation activity call 801-336-3924.
Great news for both buyers & sellers--DON'T WAIT!!
Fourth Quarter Metro Area Home Prices Boost Affordability, Sales Improving
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Housing affordability conditions improved in most metropolitan areas from softer existing-home prices and record-low mortgage interest rates in the fourth quarter, with rising sales and lower inventory creating more balanced conditions, according to the latest quarterly report by the National Association of REALTORS®.
Introduced with this release is a new annual metro-level housing affordability index, with historically favorable conditions dominating across the country.
The median existing single-family home price rose in 29 out of 149 metropolitan statistical areas in the fourth quarter from a year earlier; two were unchanged and 118 areas had price declines.
Lawrence Yun, NAR chief economist, said the figures reflect greater home sales activity at lower price points. “Sales have risen strongly in lower price ranges from one year ago, while sales at the upper end remain sluggish,” he said. “More importantly, we’re seeing a consistent trend of declining inventory, which means supply and demand conditions are becoming more balanced in more areas, which will help stabilize home prices.”
The national median existing single-family home price was $163,500 in the fourth quarter, down 4.2 percent from $170,600 in the fourth quarter of 2010. The median is where half sold for more and half sold for less. Distressed homes -- foreclosures and short sales which sold at discounts averaging 15 to 20 percent -- accounted for 30 percent of fourth quarter sales; they were 34 percent a year earlier.
Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times because the level of distressed sales, which artificially depress median prices, can vary notably in given markets. Annual price measures, also reported today, generally smooth out any quarterly swings.
“Broadly speaking, the very middle of the country, from the Dakotas and Nebraska to Oklahoma and Texas, has experienced very stable home price trends because of stronger job creation in those areas,” Yun said.
Total existing-home sales, including single-family homes and condos, increased 5.9 percent to a seasonally adjusted annual rate of 4.42 million in the fourth quarter from 4.17 million in the third quarter, and were 9.2 percent above the 4.04 million pace during the fourth quarter of 2010. All regions rose from the third quarter and from a year ago.
At the end of the fourth quarter there were 2.38 million existing homes available for sale, which is 21.2 percent lower than the close of the fourth quarter of 2010, when there were 3.02 million homes on the market.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said market conditions vary widely around the country. “Even with record high housing affordability conditions, all real estate is local,” he said. Both buyers and sellers need to be aware of what works in their local market, and REALTORS® are the best resource because they have unparalleled knowledge of local market conditions and options.”
NAR’s national Housing Affordability Index rose to a record high 184.5 in 2011, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power; recordkeeping began in 1970.
An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments. For first-time buyers making small down payments, the affordability levels are relatively lower.
Metro areas with the greatest housing affordability conditions in 2011 include the Detroit-Warren-Livonia area of Michigan, with an index of 383.4; Toledo, Ohio, at 242.9; and Decatur, Ill., at 236.8. Only 24 out of 152 metros measured had an affordability index below 100 in 2011.
“Clearly, the Midwest has the greatest concentration of areas where home buyers have the strongest purchasing power, followed by the South,” Yun said. “Metros on the West Coast and along the Northeastern seaboard have generally higher-priced homes, which account for lower affordability.”
Between 2010 and 2011, in markets where comparisons are available, all but 2 out of 148 areas showed improvement in housing affordability, and 69 MSAs had double-digit increases in affordability conditions.
The share of all-cash home purchases in the fourth quarter was 29 percent, unchanged from the third quarter; they were 30 percent in the fourth quarter of 2010. Investors, who are drawn by bargain prices and who account for the bulk of cash purchases, accounted for 19 percent of transactions in the third quarter; they were 20 percent in the third quarter and 19 percent a year ago.
First-time buyers purchased 33 percent of homes in the fourth quarter; they were 32 percent in both the third quarter and the fourth quarter of 2010.
In the condo sector, metro area condominium and cooperative prices -- covering changes in 54 metro areas -- showed the national median existing-condo price was $160,800 in the fourth quarter, which is 1.7 percent below the fourth quarter of 2010. Ten metros showed increases in their median condo price from a year ago; one was unchanged and 43 areas had declines.
Regionally, existing-home sales in the Northeast rose 6.3 percent in the fourth quarter and are 3.7 percent above the fourth quarter of 2010. The median existing single-family home price in the Northeast fell 4.6 percent to $229,200 in the fourth quarter from a year ago.
In the Midwest, existing-home sales increased 7.0 percent in the fourth quarter and are 14.1 percent higher than a year ago. The median existing single-family home price in the Midwest declined 3.3 percent to $134,100 in the fourth quarter from the fourth quarter in 2010.
Existing-home sales in the South rose 3.8 percent in the fourth quarter and are 9.1 percent above the same quarter in 2010. The median existing single-family home price in the South was $146,500 in the fourth quarter, down 3.8 percent from a year earlier.
Existing-home sales in the West increased 8.1 percent in the fourth quarter and are 8.4 percent higher than a year ago. The median existing single-family home price in the West declined 4.2 percent to $205,200 in the fourth quarter from the fourth quarter of 2010.
Source: National Association of REALTORS®
Monday, February 6, 2012
Thursday, February 2, 2012
SUPER BOWL SUNDAY RECIPES!!!
Following URL is great page of amazing recipes for those Super Bowl parties
http://allrecipes.com/Recipes/Holidays-and-Events/Events-and-Gatherings/Super-Bowl/Top.aspx
| Bacon Wrapped Smokies |
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Submitted By: JILL1018 Photo By: My4boys
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"Time consuming but it is well worth it! The brown sugar and bacon grease combine beautifully and give such a great taste."
INGREDIENTS:
| 1 pound sliced bacon, cut into thirds 1 (14 ounce) package beef cocktail | wieners 3/4 cup brown sugar, or to taste |
DIRECTIONS:
| 1. | Preheat the oven to 325 degrees F (165 degrees C). |
| 2. | Refrigerate 2/3 of the bacon until needed. It is easier to wrap the wieners with cold bacon. Wrap each cocktail wiener with a piece of bacon and secure with a toothpick. Place on a large baking sheet. Sprinkle brown sugar generously over all. |
| 3. | Bake for 40 minutes in the preheated oven, until the sugar is bubbly. To serve, place the wieners in a slow cooker and keep on the low setting. |
| B |
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