supply: Utah Housing and Mortgage Trends Compared to Other States - 10/26/11 07:26 AM
U.S. Housing and Mortgage Trends
(Source: October 2011 report by CoreLogic)
The homeownership rate is down... almost 10% compared to the homeownership rate in 1980. The median household income is down... (lowest level since 1996) Both renters and owners are spending a greater percentage of their income on housing costs (over 1/3 of their income for both groups. Renters are generally paying 5.2% more of their household income toward housing expenditures than homeowners. 66% of foreclosed properties became REO, i.e. Real Estate Owned ("bank owned") More investors are skipping the foreclosure auction in favor of buying the REO homes directly from the bank. Sales … (0 comments)

supply: Owning Becomes More Attractive as Rent's Rise, Home Prices and Interest Rates Fall - 04/09/09 06:48 PM
Demand for rental homes and units in many parts of the country is on the rise as many homeowners who are unable to refinance their mortgages to today's lower rates because their property values have declined have sold their homes "short" or left them altogether after foreclosure. Increased restrictions for obtaining mortgage financing (high credit scores and larger down payments) have also reduced the pool of renters who "qualify" for homeownership.
As demand rises for rental units, the cost of renting should rise. As inventory of homes available for purchase grows, and demand shrinks (or is reduced due to a smaller … (1 comments)

supply: Salt Lake City, Utah Job Market Among the Most Healthy in the Nation - 10/02/08 09:22 AM
The latest Conference Board Press Release (Dated October 1, 2008) shows some areas of the country where the number of available jobs exceeds the number of unemployed. One of those cities (the one at the top!) is Salt Lake City, Utah.
The Conference Board reports that "35 of [the] top 52 Metro areas post over-the-year declines in job demand." Those living in the Salt Lake City area have a lot to be greatful for. The real estate "boom" here started late and ended early when consumers saw surrounding areas starting to bust. Home values have held fairly flat, which is pretty … (4 comments)

supply: Why fewer housing starts in Salt Lake is a good thing. - 08/19/08 02:44 PM
I know you know this, and I know this, but the media doesn't seem to get this...
Fewer housing starts are a good thing!
(Well, at least for now.)
Remember how builders overbuilt and there was a glut of inventory on the marketplace?
Remember how builders were offering the craziest incentives rather than lower their asking prices?
Remember how appreciation all but ceased as thousands of overpriced homes sat on the market?
Well, it would appear that the excess inventory in the Salt Lake Real Estate marketplace is shrinking. Both existing and new construction.
The fact that builders have slowed production … (1 comments)

 
Benjamin Clark, Buyer's Agent - Certified Negotiation Expert (Homebuyer Representation, Inc.) Rainmaker large

Benjamin Clark

Buyer's Agent - Certified Negotiation Expert

Salt Lake City, UT

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Address: PO Box 701481, SLC, UT, 84170-1481

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