Utah Real Estate News
November 6,
2009
Government Set to Extend and
Expand Tax Incentives to Home Buyers
President Obama is set to sign a $24
billion tax stimulus package to extend the $8000 tax credit to first time home buyers. Buyers must have their
homes under contract by April 30, 2010 and closed by June 30, 2010.
In addition to first time home buyers,
existing home owners may be eligible for a $6500 tax credit if they purchase a new home. To be eligible for this
tax credit, the home owners must have lived in their current home for five of the past eight
years.
October 23,
2009
Existing Home Sales Up For
September
Existing home sales
were up 9.4% for the month of September. This is the highest level since July 2007. The improvement is largely
attributed to first time home buyers.
Most economist suggested the government
tax credit together with favorable interest rates and higher inventory have contributed to the
improvement.
October 9,
2009
Long Term Mortgage Near Record
Low
Thirty-year, fixed mortgages approached the all-time
record low. In May, the record low was 4.82 percent. This past week Freddie Mac reported the rate was 4.94 percent. This is down from 5.94 percent from one year
ago.
September 25,
2009
Buyer
Beware of Credit Card Scrutiny
Buyers that plan to close before Nov 30 and take advantage of the $8000
first time home buyer credit need to be extra careful.
Many lenders are running
credit checks just prior to closing to see if anything has changed on the credit report. If there is an increase in
credit card or other debt, you could loose your loan.
Buyers should not check out any types
of new large purchases, because even a credit check could scare off the lender. It is best to wait to check out any
new purchase until after the home is closed.
September 9,
2009
More Details on Second Utah Home Run Grant
Utah Association of Realtors
News Release:
Gov. Herbert
announces second round of Home Run grants
The Home Run program that
provided grants to buyers of newly constructed, never-occupied homes has been reinstated, Gov. Herbert announced on
Friday. The reinstated program will provide $4000 grants to approximately 1,950 buyers. The grants will be awarded
on a first-come, first-served basis to buyers who apply for the fund through their Utah Housing
Corporation-approved lender by Nov.
30.
Unlike the original program that was only available for homes that were ready for occupancy upon
closing, Home Run 2 allows buyers to receive grants for homes that will be constructed, are currently under
construction or are move-in-ready but have never been
occupied.
Buyers can apply for the funds through a Utah Housing Corporation-approved lender. Once the
application is complete, Utah Housing will issue a grant commitment. For purchases of move-in ready homes, the
commitment will expire after 10 days. For homes under construction, the commitment will be in effect until June 30,
2010, giving the builder plenty of time to complete the
home.
Although the program is not limited to first-time home buyers, there are income restrictions. For
singles, incomes cannot exceed $75,000 and married couples cannot have incomes greater than $150,000. For more
information about the program and to find a UHC-approved lender, visit www.UtahHousingCorp.org and look for the Home Run 2
link.
September 4,
2009
New
Utah Home Run Grant Available!!
Governor Herbert just issued a press
release that the Utah home run grant # 2 is ready. The grant is for $4000 and is for anyone buying a home that has
never been occupied. You do not have to be a first time home buyer to qualify. First time home buyers can use both
the $8k tax credit and this $4k grant. The home run grant is available at closing for a down payment... That's
great news for Utah!
Commercial Real Estate Loses Ground
Commercial real estate lender, Moody's
Investor Service, reported a $1.6 billon quarterly loss, which could force a possible Chapter 11 bankruptcy filing.
This could mean a wave of commercial property losses is on the horizon.
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