The 20 Happiest, Healthiest Cities In America

2nd High Ranking in the same week!

This time Ogden, UT is ranked one of the happiest, healthiest cities in the U.S.

Farmington is half-way between Salt Lake City and Ogden, so I get the best of both cities.

Read all about it here....

The 20 Happiest, Healthiest Cities In America

One of my basic goals is to be happy and healthy, so I'm glad I live somewhere that supports both of those goals!

Bank of America vs. Citizens of Utah: Continued

Once again, the private sector comes through! The Utah attorney general's office threatened to sue Bank of America, but the Salt Lake City law firm of Mumford West & Snow struck the first blow last week.

Learn more from our friends at the Salt Lake Tribune.

Utah law firm sues to halt Bank of America foreclosures | The Salt Lake Tribune

So, who has a mortgage with Bank of America?

Utah vs. Bank of America: Round 2

As far as government goes, the State of Utah has a good one! They are fighting for the rights of its citizens to have a local office to work with if they are facing foreclosure!

I posted last week that Bank of America is IGNORING a court order to STOP using out of state foreclosure services! When I posted this on Facebook I said "Maybe Utah should SHUT DOWN all Bank of America foreclosures!"

Well, someone must have read my blog because now the attorney general is suing Bank of America to stop using out of state foreclosure processors.

Click here to read the original Salt Lake Tribune article.

Well, don't you love it? A small state sticking up to a GIANT bank to defend it's citizens!

In a home search? These websites can help | The Salt Lake Tribune

People ask us "How do we find bargain houses in Utah?" The answer: We have multiple sources.

Are you looking for multiple sources to find a home or investment property? Check out this Salt Lake Tribune article:

In a home search? These websites can help

Video Blog of Transaction #14 of 52 in 2011- Before (After in a Month or So)

I asked on Facebook if people prefer video or written blog postings. The answers were mixed so I decided to do both! This is our transaction #14 of 52 in 2011:

We usually don't buy this kind of property, but we needed to salvage a loan that we did so we ended up owning this property at 2053 Adams in Ogden, UT. Drop buy and visit some time if you want to see a rehab in progress (April 5, 2011 until about May 1, 2011.)

It needs a new roof and we need to create a bedroom. Right now it is just a really big studio. We met a next door neighbor today and he had a huge smile on his face when we said "yes" to his question "Are you going to fix-up that place?" It has been vacant for at least four years. How do we know? It didn't have water for the last four years!

You can see why it was condemned for destruction by the city. It's ugly from the outside and there are no bedrooms on the inside! We will spend $18,000 - 20,000 on clean-up, fix-up, and curb appeal. We will have less than $50,000 total investment and a $700 a month rent by the time we are done.

Come back in about 3-4 weeks and I'll have the "after" video ready for viewing.

Utah Real Estate- Don't Wait!

My biggest complaint about the real estate market in Utah is that the general public is listening to the news instead of doing research for themselves. This is leading to waiting for...what?

Interest rates to do down? They did and they are going back up.

Prices to drop? They did (a little) and they are now flat.

Waiting for a short-sale/foreclosure/bank owned property? They are much fewer and far between than you would think.

Take a look at this posting to get even more insight.

Utah Dave- Why People are losing today!

FHA & IRS Cooperate to Allow Tax Credit Bridge Loans

Up to now consumers have had to wait to receive their (up to) $8,000 tax credit.  They were not able to use it at closing to buy down the loan and lower monthly payments.  Up until last Friday, they were also not allowed to use a bridge loan to buy down the loan.  (They are not allowed to apply the tax credit to their 3.5% down payment.)

What happened Friday?  New guidelines from the FHA on how to Use First-Time Homebuyer Tax Cuts at closing.

Interested?  Go to http://tiny.cc/1NVoM  and read letter directly from the FHA website.

Bottom line:  First time home buyers who work with FHA approved lenders can get a bridge loan so they can apply their tax credit to reducing the loan. 

Expectation: First time home buyers will be able to pay more for properties.

Thanks to Shawn Watkins at Investors Workshops for the heads up.

http://investorsworkshops.blogspot.com/

http://www.investorsworkshops.com/

Northern Utah Real Estate Update

Prices Holding to Slightly Down,

Volume Falling

The Salt Lake Board of Realtors announced on April 28, 2009 the median home price in Salt Lake County sold through the Multiple Listing Service (MLS) fell by less than 1% when compared to Q1 2008. The median home price during Q1 2009 was $240,000 compared to $242,000 during Q1 2008. Volume was down by 24% compared to the same period in 2008.

The statics for Weber County, where Clear Day Capital does most of its lending, show a slightly upward trend in prices. The median home price, for homes sold through the MLS, in Weber County during Q1 2009 was $165,000, up from $164,000 during Q1 2008. Volume was down 28%.

Why are prices relatively stable when volume is down? Some possibilities:

• Seller Financing Transactions Are Up- These sales are often not recorded on the MLS
• People Don't Need To Move- Many moves in Utah are local moves to upgrade, update, or be nearer family. People are waiting instead of dropping price.
• People Are Renting Their Homes- Instead of panic selling, they are renting their residence.
  

Utah a Strong State

While the nation is heading towards double digit unemployment, Utah remains under 5% and business are still investing in Utah.

• Utah Ranked America's "Best State to Live"- Forbes Magazine ranked Utah #1 in it's March issue. "Residents reported a high level of satisfaction in several areas, including work environment, emotional health, and their local communities."
• Investments from Federal and State stimulus packages will create up to 60,000 jobs for Utahns, according to the Salt Lake Chamber.