REAL ESTATE RUMBLIN

FHA-- NEW GUIDE LINES

2009-01-01T08:00:00.000-08:00

Hope that everyone is ready for the NEW YEAR, I know that I am completely ready!!! I have lost a lot of weight and will continue on with that goal, I also want this year to be the best in Real Estate. I have a lot of work to get to. Setting goals is a way to keep you on track and to monitor yourself and work habits. Everyone always suggests putting it down on paper, so I will do that and see if it keeps me on track, it couldn't hurt!!!

Here are new guidelines from FHA for the New Year, I thought it would help.

New Year, New FHA Mortgage Limits HUD Secretary Steve Preston has announced new limits on the mortgage amount insurable by the Federal Housing Administration beginning January 1, 2009. Under the 2008 Housing & Economic Recovery Act, limits are set at 115 percent of a market’s median house price. They can’t be lower than 65 percent or higher than 150 percent of the national conforming limit of $417,000. Preston says the limits will ensure FHA can to continue help struggling homeowners refinance and allow many first-time buyers take advantage of today's buyers market.

It is a great time to buy a home, prices have dropped and interest is at all time low. Loans are beginning to become available, So give me a call and lets get to work.

GETTING READY FOR THE NEW YEAR

2008-12-09T08:25:00.000-08:00

Well it is that time of the year, can you believe it!!! We have to seek our New Years resolutions, make them good, make them attainable. Now that is the hard part. Well we have the usual ones, lose weight, get rich, exercise more, the list can go on and on. Well in May I had kind of a mid year resolution, I was going to lose weight once and for all. Well since then I have lost 80 Lbs. and I am still going!!! WOO HOO! It was easy and fast. I started on the Take Shape For Life program. It is a portion controlled meal replacement program. It was a no brainer. You eat six times a day with one snack and the weight just comes off. Women lose 2-5lbs a week and men lose 3-7lbs. You are not hungry !!! Your cravings go away. It has been a life saver. I had such good results that I became a Health Advisor for the Company. I can't tell you what an improvement in my life this has made, it is tremendous.
If you need help just give me a call you will never be sorry. 801-440-0067 or 208-766-6613 www.debrasiglin.tsfl.com Have a look investigate and then call me.

Have a great New Year and Be Healthy
Debra

SALT LAKE NAMED ONE OF 25 CITIES TO REBOUND

2008-11-03T18:36:00.000-08:00

Smart Money magazine names Salt Lake as a city ready to rebound
Salt Lake City is in great shape to rebound from the struggling real estate market, Smart Money, the monthly personal finance magazine from the Wall Street Journal, reported in its November issue. The article, noting that the national housing statistics are dragged down by boom-and-bust markets like Las Vegas, said there are signs that “the overbuilding and speculative pricing that inflated the housing bubble are working their way through the system.”
Salt Lake was named one of 25 cities poised for a rebound because of job gains in a variety of industries such as health care, education and natural resources. “That diversity has offset tough times for local home builders and information technology companies, keeping job growth in positive territory — and putting a safety net under home prices,” the article said. Citing an analysis by mortgage insurer PMI Group, the article indicates Salt Lake City has a less than 1 percent chance of home prices being lower two years from now than they are today.
Some good news for home sellers and buyers. Maybe the market will start picking up. Now if we can get the mortgage industry on its feet, that would be a good thing.
Winter is upon us so get ready to enjoy it.

SUMMER IS ON ITS WAY OUT!!!!!!

2008-09-02T11:28:00.000-07:00

Summer is fast leaving the area. In the mountains Labor day weekend just above Salt Lake City we had snow!!!! I really don't want to think about it. BRRRR. Here is a little goods news, 10 cities where jobs and home prices are growing. Woo Hoo!!! SALT LAKE CITY IS AMONG THEM.

10 Cities Where Jobs, Home Prices Are Growing To determine where home prices are expected to rise most in the next couple of years, Forbes.com looked at projections for housing starts from the National Association of Home Builders and job-growth projections from Moody’s Economy.com. Forbes identified cities that are likely to be vibrant markets because jobs are increasing and the housing market wasn’t overbuilt during the boom."The logic is pretty straightforward," says Mark Zandi, chief economist at Moody's Economy.com. "People will spend as much on housing as their income will allow them. House prices are very closely tied to household income over the long run when you look at business cycles."According to Forbes, these are the 10 cities where home prices are most likely to rise:
Albuquerque, N.M.
Charlotte, N.C.
San Antonio, Texas
Portland, Ore.
Austin, Texas
Salt Lake City, Utah
Colorado Springs, Colo.
Minneapolis
Atlanta
Oklahoma City

LARGE INCREASE IN HOME SALES

2008-07-31T16:45:00.001-07:00

SALT LAKE BOARD OF REALTORS® REPORTS LARGE INCREASE IN HOME SALES,
ACTIVE LISTINGS REPRESENT 8-MONTH SUPPLY
23 July 2008 (Sandy) – The number of single-family homes sold in Salt Lake County in the second quarter of 2008
increased to 2,581 homes, a 39 percent increase (725 more homes sold) compared to 1,856 homes sold during the
first quarter in 2008, according to a report today by the Salt Lake Board of REALTORS®.
This year’s increase in home sales follows a period of declining home sales that began in the second half of 2007 and
resulted in a bottoming out in January, an eight-year low in monthly sales. Since the end of January, Salt Lake home
sales have climbed consistently over the past five months.
Home sales in the second quarter of this year were down 28 percent compared to the same quarter a year ago (2,581
sales versus 3,590 sales).
“Last year’s reckless lending artificially inflated sales,” said Jillinda Bowers, president of the Salt Lake Board of
Realtors. “Finally, we have gotten rid of the rampant speculation and loose lending standards. This year’s sales are
down compared to last year, but we are cautiously optimistic going forward that home sales will continue to gain
momentum as they have since the end of January.”
SINGLE-FAMILY HOME PRICE: The median sales price of single-family homes sold in Salt Lake County
during the second quarter increased to $249,900, up 3 percent compared to a median sales price of $242,000 in this
year’s first quarter, but down 2 percent compared to a median sales price of $254,000 in the second quarter of 2007.
CONDOMINIUM SALES VOLUME: The number of condominiums sold in Salt Lake County during the second
quarter increased to 587 units, up 25 percent (116 more condos sold) compared to 471 condominiums sold in the first
quarter in 2008. Condominium sales were down 32 percent in this year’s second quarter compared to the same period
in 2007 (587 sales versus 866 sales).

Jillinda Bowers
President

CONDOMINIUM PRICE: The median sales price of a condominium sold in Salt Lake County in this year’s
second quarter dropped to $172,500, down 1 percent compared to $174,500 in the first quarter and down 1 percent
compared to $173,800 in the second quarter of 2007.
TOTAL ACTIVE LISTINGS: The combined number of active home and condominium listings in Salt Lake
County in the second quarter totaled 8,142 units, representing roughly an eight-month supply of “for-sale” inventory.
In the first quarter, active listings represented an 11-month supply of inventory. In the second quarter of 2007, active
listings made up a seven-month supply of inventory. Total active listings in the second quarter were down 1 percent
compared to 8,212 listings in the first quarter of this year and down 17 percent compared to 9,823 listings in the
second quarter of 2007.

TAKE SHAPE FOR LIFE

2008-06-09T10:32:00.000-07:00

Hi just wanted to let you know about a great weight loss program I have started. I have lost 20 LBS WOO HOO!!! in a month. My friends had been on it, they lost 90lbs in 2 months between them. It is a meal replacement, Medifast is the parent Company. They have been in business for 25 yrs, with 15,000 physicians using the program in their practices. But now we have it available to us the general public. It works fast and is easy. If you would like more info go to my web site www.debrasiglin.tsfl.com or call me.

MOVING MADE EASIER

2008-06-09T10:00:00.000-07:00

Hope everyone is having a good spring, it hasn't quite made up it's mind. Here is a little information that I hope is useful to everyone.

Moving can be very exciting...but it can also be a bit of a pain as well. Besides packing and unpacking, there is a long list of details to be handled. Things like choosing a mover, connecting utilities, getting Internet and cable service, or subscribing to newspapers or magazines in a new area can be quite a chore. And if you forget to connect one of the utilities you could be stuck in your new home for several days without that much needed service. To ease the stress of moving and schedule new connections for all of the utilities in one convenient location, simply log on to www.whitefence.com.
You can quickly compare prices for movers, phone, electricity, television, or high-speed Internet. Just select the service you wish to compare--for example, phone, cable, and electric. Or, enter your address on the home page, hit search, and within seconds a list of services and prices available in that area will appear. Next, click on the service of your choice to view details and pricing or comparison shop by choosing three providers. Once you determine the provider, select the service plan, complete the requested information, enter the connection date, and within minutes a confirmation will be sent to you.
If you want to change your current provider, simply hit the icon for phone, cable, or Internet, select "switch provider", complete the requested information and a list of providers in the local area will appear. Choose the new provider and the service will be changed.
Additionally, on the site you can complete a change of address form, subscribe to local newspapers, and order magazine subscriptions. Moving to a new home should be enjoyable and exciting. Using this tool can help remove a bit of the stress of moving and will also help save valuable time.
Have a great Summer, remember it is a great time to buy a home, if you are a first time home buyer or are thinking of moving up. Interest rates are good and home prices are down.

Salt Lake City Recession Proof !!!

2008-05-10T08:54:00.000-07:00

Forbes says Salt Lake is practically recession-proof
The nation may be facing a number of economic challenges, but in cities like Salt Lake things are just fine, says a new article from Forbes magazine. Salt Lake City came in at No. 6 on Forbes’s “10 Recession-Proof Cities” list because the city has one of the lowest unemployment rates in the country (even though the rate has seen a rise) and the state is still creating jobs. Forbes also factored in a report from the U.S. Conference of Mayors that projected that “Salt Lake City would be one of the few large cities in the country not to suffer a decline in gross metropolitan product from the mortgage crisis.”To calculate the cities with the healthiest economies, Forbes analyzed key measures in the country’s 50 largest metros: unemployment and job growth from the Bureau of Labor Statistics for the year ending February 2008, the most recent home price data from the National Association of REALTORS®, and information on gross metropolitan product growth from the U.S. Conference of Mayors.

WALK-AWAY BORROWERS!!!

2008-04-21T12:51:00.000-07:00

Daily Real Estate News Consequences for 'Walk-Away' Borrowers The government and the lending industry are taking aim at “walk-away” home owners who stop making payments and months later send the house keys back to their lender. Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are “documented extenuating circumstances.” In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at least a 10 percent down payment and have a FICO credit score of at least 680 to qualify for a Fannie Mae loan.Freddie Mac, which counts foreclosures as major credit black mark for seven years, is now aggressively pursuing walk-away borrowers where permitted under state law, a senior official said.Federal legislation enacted last year allows home owners who negotiate loan modifications with lenders and have portions of their principal debt eliminated to escape income tax liability for the amount forgiven. Walk-away borrowers, by contrast, have nothing forgiven, and the Internal Revenue Service may demand taxes on the balance they never paid, the IRS says.Source: Washington Post Writers Group, Kenneth R. Harney (04/12/2008)
Hopefully this scenario is not happening to you. But if you are thinking about this,Stop and call for help. The options available to you might be a better plan. A Short Sale or other options could help, the consequences of just turning over the keys are to great. Call Me!!!801-440-0067

PHOTOS HELP SELL HOMES

2008-04-10T14:07:00.000-07:00

Photographs that accompany home listings on the Web or in brochures, newspaper advertisements, flyers, magazine articles, and other marketing materials play a significant role in attracting buyers. These images serve as the first impression, and buyers often decide whether or not to see a home in person based on their quality and presentation. Research reveals that the more photos a listing has, the quicker it sells. A property with a single photo spent 70 days on the market (DOM) on average, while DOM fell to 40 with six photos, 36 with 16 to 19 photos, and 32 with 20 photos. Additionally, listings with one photo sold for 91.2 percent of the original price, while homes with six or more sold for 95 percent of the original price. The photos to be used in an agent's marketing materials should be taken by a professional, with experts noting that sellers will recoup the costs of professional photos if their homes sell faster and at a higher price.
This article from the NAR

TAX BENEFITS FOR HOMEOWNERS!

2008-04-09T10:10:00.000-07:00

We all know the old adage about nothing being certain except death and taxes. However, on a more positive note, you can also be certain of tax benefits if, that is, you are a homeowner.
Purchasing a home can provide valuable tax savings to homebuyers. Mortgage interest, property tax, and other payments associated with financing a home can apply to your tax deductions. They may decrease the amount of income tax you must pay to the federal government.
Another financial advantage to owning a home is that as you begin to pay off your mortgage loan, you build equity in your property. In other words, the value of your home can increase as your total mortgage amount decreases over time.
For those who rent, the tax savings of ownership go to the landlord, not to the tenants. Wouldn't you rather build equity for yourself every month instead of paying someone else and giving away "your" tax savings?

NEW FHA GUIDLINES

2008-04-08T17:28:00.000-07:00

Good Morning Everyone! I have some REALLY BIG NEWS in the mortgage arena today- and I wanted to pass it on NOW.

FHA has increased the loan limits in Salt Lake, Tooele, and Summit County to -----(are you ready for this?)
$729,750!!!
That is More than DOUBLE the old limit! What does that mean for you as a home buyer? Homes up to approx. $750,000 can now be financed with FHA (with the great low rates FHA offers, and the 3% down requirement, and the low, low mortgage insurance rates FHA offers!!!). Also they except down payment assitance programs.This will REALLY open the door to buyers with little down payment who want a more expensive home. It also allows people to buy these more expensive homes with out having to pay Jumbo interest rates!
Maybe you are that “move-up” buyer who has little equity in their home, and want a larger more expensive home, but don’t have much down payment………perfect opportunity here! This is also a great opportunity for someone to refinance a home that was over these limits before and combine that high interest rate first and second mortgage!
Please don’t hesitate to call for more information, or for payment quotes! This is really an exciting day for YOU!

Here is a bit of good news for a couple of areas!!!

2008-04-08T16:57:00.000-07:00

Forbes.com rates Salt
Lake City the #1 best
city For Bargain House-
Hunters.
"Good places to look? Salt Lake City
and Raleigh, N.C., where there are
plenty of sellers slashing prices, but
not because of a lending meltdown.
Timing a market is tricky business, and
prices alone may not be the best way
to determine a bargain opportunity.
What you need is a buyers' market,
where there is healthy job growth and
more houses available than people to
buy them. This is not due to
foreclosures and economic downturn,
but to overbuilding that should
balance out in time." - Matt Woosley,
Forbes