St. George Utah Real Estate

Utah Senate Bill 42 Impacts St George Utah Real Estate

noreply@blogger.com (Brian Habel) — Mon, 19 Mar 2012 21:47:00 +0000

St George Utah Real Estate - Senate Bill 42

St George Utah real estate has received a boost in the arm by brand new Utah Senate Bill 42 coming out of our legislature. Under prior arrangements most sellers have not known that when selling their property as a Short Sale, that they could be held on the line for up to 6 years afterwards for the banks to come back after them to sue for the deficiency owed. Under the new Senate Bill 42, state law forces banks to match current foreclosure laws- which means they can come back and sue for a deficiency, only within 3 months or 90 days after the sale. This change could help sellers more bravely pursue a St George short sale rather than giving it up for dead to a foreclosure.

This information was gleaned from current Realtor® podcasts coming through from the Utah Association of Realtors reports. I see this as a significant boost toward a St George Short Sale being seen as safer and easier to do, along with recent timelines in being able to get one accomplished becoming significantly reduced to a three to four month process to what typically used to be more a six to ninth long process. This is Brian Habel, your St George Utah real estate connection.

St George Real Estate Update - 2012 Outlook

noreply@blogger.com (Brian Habel) — Tue, 10 Jan 2012 01:36:00 +0000

2012 outlook for St George real estate is positive in the direction of an increase in home sales as well as the values rising.

Utah Real Estate
New activity in both Washington County and Utah real estate has shown a significant reduction in inventory levels. The number of sales have risen in the last quarter of 2011 for real estate in St George Utah as well. Here is a graph showing the numbers of inventory in the entire state having reduced to lower levels than before until April 2007- see below graph.

Utah Real Estate

St George Real Estate
St George real esate inventory levels have also shown a significant reduction with the rate of sales surpassing the new listings coming on. We could get an insurgence of new listings on the market as a reason, but still a projection across the board on sales and small price appreciation is expected. This St George real estate graph below will tell a story regarding the last two years and one can see the increases that we well could be heading toward, if a decreasing trend in our inventory levels for our rate of sales are any kind of marker. This typically can predict future sales. The outstanding uknown involves how the market responds with new listings and how many new distressed sales will come on. How much will come on and to what degree? With inventory levels, are we getting back to normal levels?

Greater St George Real Estate

This is good news for sellers and not so good news for buyers. So, because interest rates are at an all time low and prices, now is as good as time as any if you are a St George real estate buyer or seller.

Give me, Brian Habel, your St George Realtor a call and increase the number of visitors to your home, should you decide to list- try 1,300 visitors a week to our site. While I set this site up for buyers, it has had the affect of being the best place for sellers then, naturally. We can show case your home on the home page. And if your a buyer, Brian rests his case, he's been helping mostly buyers for the last 8 years and is ready to get you your deal!

St George Land for Sale
By the way, if you are examining all your options, you may have thought of building on some St George land for sale. If so, you worry if that is the right way to go precisely because things have been hit so hard, how could that be affordable. Well, there are few builders that are making it work, but I know a couple of them and they have to continue to do homes to stay in business, so it is a win-win for the both of you because they have to keep the cost down in order to make it work. You'd be surprised what they can pull off. I've seen it first hand, built in equity and surprising degree of quality and product. To get the low down on land and St George AAA Recommended Builders click on my page St George Land for Sale.

St George Utah Real Estate - A good time? A unique enough place?

noreply@blogger.com (Brian Habel) — Tue, 11 Oct 2011 19:19:00 +0000

St George Utah real estate is a good bet always, but what about right now? I can just imagine being a buyer right now. I'd be wondering, where in the heck can somebody go on the line telling me if NOW is a good time to buy OR NOT. Also, is St George Utah a good place to do that buying, uniquely so, now, or NOT?

I'll try to answer those questions as I tend to always play it safe for the buyer, actually putting myself in their shoes and not going out on the limb, even when it would benefit me of course... because as you know, I am a St George Utah Realtor® and benefit by saying now is a good time to buy as always folks, in the Greater St George Utah area... as is always a good bet. Well, so lets get to it, now that is out of the way and you understand a bias, that I am influenced by one naturally, and that I'm NOT going to let it get in the way of (do my best), other than the subject being present, IF it is a good time or not, and Here, in the St George area, peculiarly, or not. First, primarily BECAUSE we are so borderline on things where nobody knows, appreciate with me will you, how tough it is to go out on a limb with this AND therefore, the greater likelihood for me to be influenced by my bias.

#1- I believe, but do not actually know, that it is a good time to buy if you are having to get a loan, precisely because, generally prices will probably be at their all time low right now and secondly, because interest rates, I think may never be lower and I predict more confidently, that they will go up and when they do, it will be TOO LATE. I think massive inflation [hint: also in our interest rates] is in our futures because of where the value of our dollar is headed in going down.

#2- I believe that now could possibly be the very best time to buy in St George, based on prices being generally at their all time low right now. Some speculation says they could go lower. I admit, I do not know and have seen them do just that (house prices drop). HOWEVER, I believe (not know) that the economy has to take a more taxing down turn such that the separate variable of uniqueness of our area has to be out matched, in terms of demand in the real estate market, being outpaced by higher inventory levels here. I do not believe that demand for the area can generally be outmatched by an oppressed economy at first. Perhaps when and if the government ever gets drastic enough to go after pension, securities and social security. I know that sounds drastic [and I'm really out there right now], but if it happened, our retirement base, that really holds up our area, would be depleted. I do believe that where as we have largely snowbirds flocking here, in my opinion, it will be more than that in terms of the older adult populations flocking in here from all different parts of the country.

Regarding inventory levels in the St George area, I have seen them shrinking and as such, I think it will keep prices where they are, or in certain segments they are actually already having increased. For example, to get a condo/townhouse right now with pool and amenities is increasingly difficult. A development called Hidden Valley Town Homes is a prime example of this. There used to be several units available in there, it was completely saturated with available inventory. Now, you cannot throw a stick at one before it is snatched up, they are all virtually gone. Also, I think everyone would say prices have gone up at least 5 thousand if not 10 thousand in there. I've bid on several on there so have first hand knowledge of what I'm speaking about. There are some other market segments that have felt similar decrease in inventory levels as to St George market conditions and trends.

Now, word of caution involving foreclosures, there are supposed to be more coming. However, stats show a decrease in foreclosures on the market, perhaps as short sales become increasingly more effective in being accomplished, they then do not slip on over into a foreclosure OR we just have less and less distressed homes on the market- some indication of movement in that direction (check the Notice of Defaults with any title company). This has been the single biggest factor driving low prices as those prices have prevailed or assailed the comp base, therefore, how things get valued across the board to include regular resales. When this dries up, so to do prices indicate a notch up in terms of what is fueling the comp base.

#3- Not only is St George Utah Real Estate ripe for the picking in my estimation, but the way the economy is going, I'd say if you are a buyer [that is not leveraged too much right now or in being over-extended on investments], then NOW is a very good time to buy. I defined buyer as somebody that has scrimped their money and saved OR that just does not want to make a mistake, then I'd possibly risk something if it were me. But I would pursue it methodically and WITH a St George Realtor®, like myself. I say this because of short sales and how tedious and involved on the surface of even knowing how available it really is, based off it just saying Active

I think the economy is in for a shock regarding how badly the government has overspent and our own lack of saving money. Thus interest rates being so favorable now, I think, would be my own best bet on getting in now, while they are so very low. But then if the economy goes south, the risk does increase involving real estate taking a further hit. I do not know which will be the most impactful variant in which to pursue to be honest and I'm only guessing our initial course of how bad things will get in the economy and on what level.

#4- This leads me to answer the next question I posed in our beginning paragraph, regarding if St George Utah is peculiar and unique enough, for which to be pursuing investment now, for later. I hedge upon thinking how even when times get tough, people have to have a good place to live and an increasing commodity that people will want is the community values and the way in which a community either rallies to help each other or does not. I believe that intrinsically people know St George, Utah offers that buffer from the rest of the world in terms of the low crime and greater civility in the face of economic unrest.

I believe that these very things, besides the fact of its beauty and charm and cultural richness, will keep St George Utah Real Estate, still, a very viable, unique (see St George Attractions & Resources) and likely candidate for further demand, even into a tougher future influencing purchasing power.

Real Estate at Large in St George Utah

noreply@blogger.com (Brian Habel) — Thu, 28 Jul 2011 01:45:00 +0000

Where are prices going with St George Utah real estate? This might be your question if you are a buyer and don't forget, if you are a seller. The answer to this question may decide the difference between a price reduction for a seller and whether or not you purchase if a buyer. After showing over 45 homes in 3 days I'm exhausted! Never have I worked so hard to help a buyer buy St George Utah real estate here in good ole St George'y St George Utah.

Folks, this is not year of the crystal ball. My latests "reads" on the market are such that the question is put- are we bouncing along on a rocky bottom OR are we bouncing along on a downward trend. The word is not out nationally. So, should it be in St George? However, can you afford not to take advantage of soon to possibly sky rocket interest rates? I think it is a rocky bottom and indications of less foreclosures to dominate the landscape does mean that we have... OK, maybe we haven't "turned" the corner, BUT we have enough activity in the market to think we have. I think that unless things get really ugly nationally, that St George Utah real estate has the chances to hold its own based soley on location, location, location.

St George, Utah is located in the Mid-West and many of an older to middle aged folk are looking to either get out of the cold or find some place a bit more friendly. I think St George is "it". I do find people generally "finding" a move to St George and being rewarded in thinking it is friendlier here than elsewhere, where they moved from, than where they could have ended up. So, what does St George have going for it if it is not immediate jobs, for we are not booming in that area? It has friendly people that seem to live the values they demonstratively seek for in this area. It is the Law of Attraction in "order". I want one friendly person at the super market, one less snarly driver, a side of neighborly hailing and a boss that appreciates me. That is what you have in St George Utah on most sunny days.

Hey, its been a great summer, who cares about one day of 106 degrees! That's right, you heard it, 106 degrees- when you have the rest that goes with it.

OK, here is a comparison as we are not usually that high- see Salt Lake City weather as compared to St George Utah weather. Many people talk about crazy people to think of so hot, when, we who live here and move here will say, that is why air conditioning was invented folks and we can't tell the difference. As if you got up off your silly chair during the day. At least we do and don't even notice because our car has it too. Whose sporting around now, because when the winter comes and it will come, no more jackets, no more withering heights for you, for our desert lizards will see more light and warmth than you will. St George is not just an exotic wish, but a lifestyle and a mindset. Either you live with it or without it. Either way I'm confident if I build it, they will come. Yours truly, your St George Utah Realtor- Brian Habel.

St George Short Sales and the Ethical Basis to Pursue One

noreply@blogger.com (Brian Habel) — Wed, 01 Jun 2011 09:42:00 +0000

When looking at pursuing a St George Short Sale, many candidates wonder about the right time, although for many it seems imminent because of the hardship in continuing to be able to make ones house payment. There are also another distressed group whom are depleting family savings and perhaps job opportunities and family situations based off the idea of honoring their commitments on their mortgage. I personally believe this to be the way I'd go with things in trying to honor my commitments. Also, I delve into the personal ethical considerations involved in cases I look at and how to come up with a criteria that will help to judge cases where in we could help justify when it could be a right time to do a short sale. Basically, on my St George Real Estate website I detail three ethical consideration criteria on when I personally think a short sale could be the ethically correct or the right thing to do and these items could be taken in tandem with each other.

When it is financially impossible to make the house payment anymore or there is considerable financial strain.
When it is causing a troubled family situation based on economic duress.
The situation is becoming more and more unrecoverable.

I cite an example of an actual St George Utah Real Estate case example to help demonstrate some of these criteria in practice. My hope is that this will help the St George distressed homeowners who do not know regarding the ethical considerations as well as dilemma's involved for doing a St George short sale.

St George Real Estate- Recap, Pick-Up, Long Term Forecast & New Economic Boost

noreply@blogger.com (Brian Habel) — Mon, 09 May 2011 23:49:00 +0000

St George real estate has seen a lot of ups and downs in its economy in the last 6 years.

St George Real Estate Recap
In the St George real estate sector, having been one of the last places to capitalize on investments, investors helped push up real estate values at an unprecedented rate. So fast did St George property values rise, that we either led the nation or ranked third or fourth for a year or two consecutively. Many locals saw their home values virtually double witin a couple of years. Well, like the rest, we felt the bubble burst. Not only does "what goes up, must come down", but how fast we went up has had a relationship with how fast we have came down too. We spiked up and spiked down. Our bell curve was steeper. As such, one could also speculate a little more educatedly, that perhaps we have reached the bottom.

Many believe St George real estate values spiked higher than most places. Well, I saw a St George commercial real estate presenters assessment of our residential values with graphs and so forth and he showed that actually we did not spike any higher than say California. They just had a much more gradual increase over time. So, I don't know if anybody has been to the Lagoon amusement park here in Utah, but they have a roller coaster that emulates what happened to us. A big tall ascent followed by a huge descent... and then two upside down loops to go with it. All this unravel can lead us to think things are worse than they reall are here.

Tangible Pick-up in St George Real Estate Market - Second Quarter of 2011

St George Real Estate Market Stats

A tangible pick-up in the St George Real Estate market is noted by many St George Realtors to include myself starting in April 2011. It is marked by LOTS more buyers looking at properties. However, almost as much seem to refuse to buy. But that little difference, marks a pick up in transactions however. Nationally, we are still taking a cold shower. What remains to be seen is how many new listings are coming onto the market to replace this pick up in activity that might just be normal for the time of the year. Coming off months prior, the trend of listings sold to ones that are Active or being newly put onto the market was in favor of increasing inventory levels, while March did a small reversal to a little more solds than new ones coming on. The first part of the second quarter of 2011 seems to mark a significant increase of activity. Whether it translates to more solds than new listings being put on and a subsequent diminishing of inventory, has yet to be seen.

St George Foreclosures

St George Foreclosures and Short Sales have typically been the measure for how a comparable base of solds and at what price, represent our current pricing of homes on the market. The graph to the right will tell the number of Greater St George sales as to new listings being put on, for this last one year- for FORECLOSURES only. St George Foresclosures can be one indication of what is leading the market, perhaps helping keep prices flat lined or somewhat the same. I'd say with our increase of activity that pricing is stagnet. We will probaby stick around this bottom we are experiencing for some time yet.

Long-Term Forecast
St George Notice of Defaults

The Notice of Defaults are people who are defaulting on their loan payments and Washington County does have a measure of knowing. Therefore, because there is the beginnings of a pattern showing these as declining, this could become predictive, months down the road, that of a slow transfer again towards more of a Sellers market. If I could represent a number of defaults per year by comparing each years average amount with the musical notes going up on a music scale, say from "Do, Re, Mi, Fa", then Do=2007, Re=2008, then missing one up to Fa=2009, and then back down one for Mi=2010, and... so far 2011=Re with its trajectory in March heading us down even a bit lower. This is a significant sign of diminishing distressed properties. Eventually, this coud translate to regular sales becoming more the prevailing type of property forming the comparable sold comp base. This lends itself away from distressed properites setting pricing on the market and being of a different type of listing inventory base. As such, one could logically speculate toward eventual price stabalization towards more of an average St George appreciation rate. Still it may take some time with the national market conditions influencing local St George real estate trends.

New St George Regional Airport Brings Economic Boost Ahead
It's official. The new St George Utah Regional Airport is opened for flights and business as of January of this year- read more regarding the opening of our new St George Airport.

St George Real Estate Market Plugging Along

noreply@blogger.com (Brian Habel) — Fri, 03 Dec 2010 21:56:00 +0000

The St George Utah real estate market is plugging along. By that I mean that it appears that no real big fluctuations in the market are taking place. Listings come on and off the market at about the same rate, maybe a little more onto the market this time of the year. Now, for some reason, a couple months ago, my pulled numbers from the MLS (Washington County Multiple Listings Service), appear to have been skewed or off. Foreclosures are not going off the market at a paced level yet, enough to reveal dwindling numbers, as I had thought from my last post. However, the numbers involving Notice of Defaults being reported as less, was accurate. Indeed, a trend could surface down the line towards less St George Foreclosures on the market.

Given the current rate of St George Ut homes for sale that are actually selling, we predict that the market is not going to go anywhere in a real hurry. Subjectively speaking the activity levels are fairly decent, however, they do not represent this synergistic rush on purchasing homes that Realtors would like to see. St George Realtors are kicking in to entertain any buyer that wants to go look and perhaps collect more nuts for the winter (make a sale). Brian Habel, that's me, bowing, your St George Realtor, is shucking off his seasonal collected version of Scrooges hum bugs with a brighter and cheerier disposition to showing even Short Sales.

Feel free to visit our page for St George Ut real estate statistics- an update that takes us clear through November 2011. We include for you a report on distressed properties singly for both St George Foreclosures and St George Short Sales on that page. Also, feel free to search the St George real estate market listings as a whole.

If you are a buyer that will need a St George loan, my thoughts are that the interest rates are projected to go up with the bond market being hit hard. Translated, interest rates make your monthly loan payments go up and for your affordability to take a hit on what you can afford in a home or even if you can afford it at all. Inflation, which will influence things in that direction is bound to hit us. China is matching our artificial money creation in order to make it easier on their exporters, but it is causing inflation on food where 50% of your income goes toward the food you buy already. They are worried about price fixing with the government and even rioting if they sustain too much more price fixing by the government in a free market society. I think the inflation will impact us all the way to St George.

In the U.S., some say interest rates are not going up because of any kind of real improvement in employment rates, but the U.S. bond bubble is preparing to burst because of inflation. I think this is a good time to compliment our local St George city officials for setting the right example where other governments are strung out on debt. St George came in and finished the new St George Regional Airport with funds from savings, picking up where the federal government was supposed to augment with their portion, and now they will have to pay us back. On more reason to come buy a piece of St George Utah Real Estate, before it could become a lot tougher.

St George Distressed Properties- Trends

noreply@blogger.com (Brian Habel) — Wed, 06 Oct 2010 05:17:00 +0000

St George distressed properties are influenced by the Notice of Defaults. As such, notice of defaults have been down for four consecutive months of decline, thus following a pattern that might be indicative of the future. Notice of Defaults are home owners in St George who did not make their month over month house payments, being in default. The county does have a record of it and records typically show a parallel coorelation of a high amount of notice of defaults perhaps leading to a high volume of St George distressed properties. September 2010 represents the fourth month over month number of notice of default filings being down. While we are up in our amount of St George area foreclosures over last year and while January through April 2010 represented a 40% increase over 2009, May through September 2010 only showed a 6% increase over the same period last year. Thus a trend appears that the number of notice of defaults is decreasing. This is not conclusive by any means, but it does show a movement towards perhaps less and less distressed home owners and thus perhaps a decreasing amount of distressed properties to be coming onto the market in the future. We will keep you posted regarding this St George Utah real estate market update.

An update to this post on 10/19/2010 involves me posting the new Foreclosure data statistics up through the end of September 2010, in which a trend of the supply of St George Ut real estate foreclosures depleting faster than the new ones that are coming onto the market is showing.

St George Utah Real Estate - Market , Buyer Tax Credit Only Worsened Things

noreply@blogger.com (Brian Habel) — Mon, 23 Aug 2010 23:17:00 +0000

St George Utah real estate has experienced a bit of increase in sales and activities surrounding the buyer tax credit. Now that it is gone, sales are down. It is argued now that the buyer tax credit did not help the market, but only served to worsen it. Just last week, the NAHB Housing Market Index came in worse than thought and shows housing to be at a seventeen month low. Now, if the buyer tax credit stands not as a booster, but its own blip on the radar screen, it only served to possibly raise prices a bit on real estate or give sellers the wrong idea, through short term increase in sales and demand, when in reality those prices have to be reset down to reality meeting the dilapidated shape of the housing market values. In other words, a void or softer period in the market now exists, potentially pointing towards billions of dollars wasted. Building Permits and Housing Starts were also lower than expected.

If you will check out our latest real estate update regarding St George Ut real estate market statistics, a decline is noticed, where we have a lower amount of sales now. This appears to confirm that what is being said for the national real estate market, is also true for our local St George Utah real estate market.

One syndication article I get says, that the bottom line is that the labor market is the foundational bedrock of our economy and infers that job growth is the most sustainable way for our [real estate] market to recover. Initial Claims, a leading indicator for the health of the labor market is being pushed in the wrong direction. Just how then, the various factors of the real estate market pricing affecting the labor market or how the labor market is affecting the real estate market is explored in our new article called "Is This a Good or Bad Market?". The anti-business regulatory environment is at least partly to blame for deficiencies in the labor market.

Interest Rates Could Rise Real Soon
Home loan rates are at historic low levels. If one thing can really sway things it is inflation, which is said to be on the horizon, the arch enemy of Bonds and home loan rates. Both the Producer and Consumer Price Indexes were recently reported hotter than expected. If rates do start to rise, they will likely do so quickly. Now could be just about the best time to buy.

St George Real Estate Update - Interest Rates Help Scene

noreply@blogger.com (Brian Habel) — Mon, 02 Aug 2010 20:33:00 +0000

Hi, this is Brian giving you your St George Real Estate update. I have personally experienced buyers coming to buy who plan on relocating as much as in a year from now, but feel that now is the time to get in on the real estate. However, if you are a second home buyer, realize that lending limits require bare minimum, probably a 10% if not 15-20% down payment. To find a good source for a loan I have taken strides to make good referrals, so feel free to look at one of our St George Home Loan people. That link will also help any buyer understand the importance of getting pre-qualified.

Besides second home buyers, there has been a pickup that has maintained some momentum in our market. The stats are listed here below and also at St George Ut Real Estate.

July of 2010 has seen some slow down in the number of sales per month that we have previous been able to maintain.

Real Estate Market Conditions and Predictions by Economists

noreply@blogger.com (Brian Habel) — Sat, 12 Jun 2010 03:13:00 +0000

The Real Estate Market Conditions and Predictions by Economists I'm about to share, includes gleaning from an article written by Utah Association of Realtors (UAR) Communications Director, Deanna Devey. This article is highly informative because it draws on a myriad of economic analysts to include a survey of 92 economists by MacroMarkets LLC that "says U.S. home prices will begin a gradual recovery by next year". While the economists predictions varied widely, the average prediction was prices will rise 12% over five years.

Mark Zandi, chief economist and co-founder of Moody's Economy.com predicts, that while home prices are near bottom with the Case-Shiller Home Price Index having shown home prices increasing in recent months, that he still anticipates a 5% dip again in prices on the national average due to more foreclosures to come onto the market. Zandi says that the country is two-thirds the way through our supply of foreclosures.

Andres Carbacho-Burgos of Moody's Economy.com tells the Salt Lake Tribune that median home prices in Utah won't stabilize until the end of this year of the first couple months of 2011.

Yung, the chief economist for the National Association of Realtors which garners the most widely distributed data on home sales, gives a lot of credit to the home buyer tax credit diminishing the supply of homes on the market by about 2.5 months and a positive home price impact of 5 to 8 percent, and overall preservation of $1 trillion in housing wealth. He believes more optimistically, that this has helped stabilize and limit future foreclosures.  David Crowe, chief economist of the National Association of Home Builders, says that low interest rates are helping to carry forward the momentum, also the pent up household formations, budding employment growth and stabilizing prices.

A Utah Work Forces press release reports that the United States has turned an economic corner and is now beginning once again to add jobs on the net. The groundswell of economic rebound with more jobs on the net is finding roots in Utah. Economists suggest that there is a direct relationship between the job market improving and housing formulations and demand.

Economist warn against the countries high debt-to-GDP needing to be tamed in order to spell us off from becoming another situation similar to Greece.  Devey, UAR Communications Director, ends with, that while the Federal Reserve is "expected to keep interest rates at near rock-bottom levels at least through the end of the year", with Crowe saying they will barely break 6 percent by December 2010, that Zandi predicts measurably higher interest rates in 2011 and 2012.

Utah Real Estate has seen the number of sales increase by 20 percent in the first quarter of 2010 over the first quarter of 2009 home sales (includes condominiums).  A Utah ecomomists January prediction had Utah home sales increasing at a rate of 10 percent in the year of 2010.

This article is brought to courtesy of: St George Utah Real Estate or SoUtah.com with
Brian Habel
Fidelity Real Estate, PC
1244 Silk Tree Circle
St George, Utah 84790

St George Real Estate - A Good Bet Running On 2010

noreply@blogger.com (Brian Habel) — Fri, 21 May 2010 21:20:00 +0000

The following video discusses that St George Utah real estate is a good bet running on into 2010 and beyond precisely because several global economic factors are affecting the volatility in the market, keeping interest rates down for now. So, now is a good time to purchase your piece of St George Utah Real Estate.

St George Utah Real Estate Interest Rates

noreply@blogger.com (Brian Habel) — Mon, 17 May 2010 17:23:00 +0000

Interest Rates Being Influenced by Several Factors

Several factors are weighing in on how interest rates continue to be influenced for the St George Utah Real Estate market, most of them being global economic factors.

Economic Factors Abroad

The same bale-out that was being done locally where the local government borrowed money and bought several bond backed securities, to help influence the markets stability, which kept interest rates down, the same thing that was done here, is now being done on the global scale to bale-out several countries in Europe, the European Central Bank along with the International Monetary Fund unveiled a $955 Billion loan package. One impact is a weakening confidence in the Euro.

On another note, inflation is growing in China, a big player for our goods.

Local U.S. Economy Factors

One result of the U.S. weakening dollar was that while imports became much more expensive, exports looked more attractive to foreign purchasers and this helped many local muti-national U.S. corporations. With the Euro weakening, this situation is now reversing and less confidence is going to stocks again, which could help bond and home loan rates. However, other factors, to include the arch enemy to home loan rates, inflation, looms ready a viable candidate on the horizon. The affect of China's inflation to watch will be that it will cost more for their imports, causing inflation to spill over into our country as well. This entire scene of complex factors continues to keep bond and home loan rates in volatility. However, they appear to be staying down for now and as such it is making for this still being a good time to buy real estate in St George Utah.

This blog has moved

noreply@blogger.com (Brian Habel) — Fri, 30 Apr 2010 04:25:00 +0000

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St George Real Estate - Tipsy Economic Climate - Local Inventory Decreases

noreply@blogger.com (Brian Habel) — Tue, 20 Apr 2010 03:49:00 +0000

St George Real Estate has seen a bit of spike in foreclosure sales and many short sales are being gobbled up at least with offers on them. Real Estate tid bits on the horizon and economic factors will most likely show forth an unpredictably volatile market.

National Economic News - "Tipsy" Tid Bit Clips - Affecting the Local St George Market

The Securities and Exchange Commission (SEC) recently charged Goldman Sachs financial giant with fraud. Knowingly making fraudulent deals surrounding sub-prime mortgages while obtaining insurance or bets against them, that they would 'go south', allowed them to become richer in the process- what has been called Collateralized Debt Obligations. These allegations caused Stocks to plunge lower, which had the trade off of bonds being in demand and being bought, helping home loan rates to improve.

Speculated high points in the economy are being downplayed. For instance, there is speculation that improvements in a business bottom line may be due to having laid off workers, thus possibly contributing to a worse problem. It is speculated that inflation has been overly downplayed in order to keep government incentivized lending and interest rates lower.

There is some good news lately on the housing front with new housing starts increasing. Yet it might be overrated with anxious builders speculating too much on demand. It is hoped that housing starts will be more in relation to demand and not increase supply on an already supply oriented market.

It is suspected that the Existing Home Sales Report will also bring some positive news.

St George Real Estate

In St George, I think some investors are surprised at how unavailable some of the inventory they are looking at really is, when it consists of many short sales perhaps, that look RATHER to be tied up with offers on them. This can contribute to making the rest of regular inventory look not as attractive. Bank Foreclosures are lapped up in the beginning month if they are decent deals. Some strategy actually seems for the bank/listing agent to price it competitively enough to spur on a "bidding war" (couple offers to multiple offers). They try to get just the right level of low price to get lucky with it.

Go For It- Brian's Hot Deals!

On the other side, many buyers shy away when that is what other buyers thought too and the one or two that did go toe-to-toe, may have found that it was not pushed up that far in price, even in the "bidding war" and actually made out pretty decently. This is keeping prices down in the comparable's along with more short sales that are going through. As such, the serious buyer is advised to get onto Brian's Hottest Weekly Deals list if they'd like to participate in being educated about where and how fast some of these new hot deals do and can go, in order to participate in getting one of these good deals yourself.

The Tax Credit incentive dies the death this April 30th and it is not too late to take the plunge before that date, if you haven't already. You only need get a offer signed and under contract on something by then and have it Close by June 30th, 2010.

Remember that generally bad economic news improves the stable investment into bonds and thus helps home loan rates, where as good economic news promotes investments the other way and leads to worsening interest rates. Many think that interest rates are bound to go up and as such, variables towards making your loan affordable, might lead to this time, now, being as good as ever to get in on buying St George Real Estate.

Interest Rates Notification

noreply@blogger.com (Brian Habel) — Mon, 29 Mar 2010 16:42:00 +0000

St George Utah Real Estate Interest Rates Notification

We wanted everyone to know- interest rates are going to go up, not making it any more affordable to buy a St George Utah home for sale.

As part of the government stimulus package to stabilize the housing market, the Federal Reserve has been buying up Mortgage Backed Securities (MBS). However, they have stopped doing that and have announced several times that they would be pulling out of the business of manipulating them and becoming now, instead, a seller. The announcement is that on March 31, 2010, they will remove the demand they have been creating as buyers and will instead become a seller of MBS, putting more supply into the market. This in turn will have the natural effect of pushing Bond prices lower and therefore home loan rates will go higher.

Word to the wise, for those on the precipice of buying anyway, do not procrastinate buying your home soon. We wanted you to know the news, to keep you informed, so that you could feel as comfortable as a baby in a blanket toward moving ahead now, in purchasing your St George Utah Real Estate. It is not very often that what is going to happen to interest rates is as predictable as they are now. Go to Brian's current blog on Active Rain network for Brian's St George Utah real estate market predictions.

St George Utah Real Estate - Some Sluggishness

noreply@blogger.com (Brian Habel) — Wed, 03 Mar 2010 00:15:00 +0000

St George Utah Real Estate Market Trend

I just wanted to give an update on the St George Utah Real Estate market, on the most recent numbers rendered through February 2010, that I've noticed. As somewhat expected, January and February 2010 have a little bit of a slump to them. See the graph below.

This is a little bit of surprise I think to a lot of agents because a flurry of activity has been noticed. I have, pretty much, the most real estate traffic on my website of anyone I know right now, and the numbers of people hitting the website went up considerably. So, it is safe to say, that while a flood of activity has been present, it was not enough for many of them to "pull the trigger", so to speak, on an actual purchase, at least in January or February of 2010. However, as I talked recently with other Realtors across the country regarding increased activity due to the Buyer Tax Credit Incentive, it could be that many of the "heated molecules" could just well enough be like the "popcorn popping" because we all know the buyer has to identify something by April 30, 2010. Brush up on who qualifies for the home buyer tax credit incentive 2010.

Now, this is just me, but if I was a buyer, I would not wait one minute, because every day that gets closer, I predict that the closer we get, perhaps the less good deals that will still be available. It really does not take rocket science if you are a realtor to figure it out. Right now, even with pretty good inventory levels, it seems like there is only one or two real good "cherries" in each price bracket that is ripe for the picking. Doesn't take long when the heat is on for them to get "picked" folks. So, word to the wise, don't put it off IF you are going to get in on a piece of St George Utah real estate. Please call me now at (435) 674-3600!

As you will notice, in the graph above, the number of Solds in January and February of 2010 is a little less, than what we have been doing. On the opposite side, the number of New Listings really went up in January. However, if you will notice that a more noticeable pattern may exist generally speaking, in a down market, that last January's New Listings seemed to shoot up too and then a lot less in February too. Since that time, active listings inventory, has been trailing off a bit.

The last quarter of 2009 marked the lowest inventory levels as to the ratio of actives that were selling- the sold rate to actives, of listings on the market- see chart below under Months Inventory.

St George Area Absorption Rate
Basically, there is a table below that does show how much inventory as to projected sold rates of how long that inventory would take to empty the market. Please realize that the function of the last column of inventory has to do with absorption of that current months rates of actives to selling ratio. January and February are therefore probably skewed a bit, as months that are slower than normal. At very least, we have talked about how that seems to be a pattern now, as to last year as well. We hope that this has been an informative update on the St George area real estate market. If it has, please use Brian and call him any ole time. We also have some general trend info and links available on our St George Ut Real Estate stats page.

St George Utah Real Estate

noreply@blogger.com (Brian Habel) — Fri, 05 Feb 2010 01:48:00 +0000

When you look at St George Utah Real Estate values over this last year it is important to consider how it is that the influx of Short Sales and Foreclosures has had a direct and dramatic affect on values. How and in what way the values increase, decrease or stay the same may may have a lot to do with whether or not the inventory of short sales and foreclosures dissipates.

With some return of sales and activities across the nation and with some indications of the inventory or supply levels leveling off or decreasing, one could speculate that a return of activity and values is on the horizon if not already present for some places in the country. While St George has felt some return of activity and particularly realtors and title people that look at the numbers, have been optimistic, still a lot will be yet determined by foreclosures and short sales, if the supply decreases or if as a persistence of supply takes place. We believe that it is already tapering off some, but it is not completely clear yet as to the amount of short sales and foreclosures that may still persist some throughout this year.

A few months back a large title company here, at least one of their statisticians pointed to how there already is indication of a downard slope of Notice of Defaults. What notice of defaults are, is that when somebody is first having problems making their house payments and default on them, this tends to be the start of a possible short sale or foreclosure.

We also believe here at St George Utah Real Estate, that unemployment percentages and interest rates will also feed into this short sale and foreclosure supply equation. If you feel this has been informative in helping you stay ahead of the pack and in getting in on a purchase now, while the tax credit for existing and first time buyers, then please give Brian a call.

St George Utah Real Estate - Invest in Your Active Lifestyle

noreply@blogger.com (Brian Habel) — Wed, 27 Jan 2010 04:47:00 +0000

If you invest in your St George Utah real estate, you will be impressed with what kind of active lifestyle you can begin living no matter your age. Now, for all you retirees or young bucks, I say- Go for the Ironman Gusto. It is the Ford Ironman St. George race of a lifetime that is coming up on May 1, 2010. Now, in case you are ambitious, you can do it! You can swim 2.4 miles, bike 112 miles, and then run 26.2 miles. Not a problem! Yes, you can do it- all in one day. You thought the St George marathon was ambitious? Try piling on top of it that 'little' bike ride and do a couple laps in the pool, right? Right! I say hats off to all you literally impressive specimens in spirit if not body. Either way iron is a really good metaphor to reveal the deep down truth of these people being truly the Ironman of our next decade. Yet, it is amazing how many truly stellar and real fighters we have entering this race. Each year it seems to grow and 2010 looks to be another amazing year. You probably knew that you can register even for the next years Ironman shortly after the race. After that, will you call me up and come buy your St George Utah real estate with Brian? Woo, what a day!

In other news, Hurricane city revenue is down 13%.

If you'd like to search for St George Utah Retirement Communities, after going there, you can do the Quick Search listed down in those paragraphs OR go to the home page by clicking on the banner and run the Advanced Property Search and click on Inclusions and Features option and you'll see the sub-option that says Adult Communities. Click that and then configure any other criteria you may want to limit your search by, such as price. If you ever need a good recommendation in pre-qualifying for how much you want to select up to for your price range see our preffered St George Utah lenders.

noreply@blogger.com (Brian Habel) — Sun, 17 Jan 2010 06:50:00 +0000

St George Real Estate

The following information is given regarding interest rates from a local lender:

Hello, I wanted to give you an update on where the rates have been at this past week. The national average for the past week on a 30 yr fixed mortgage is 5.06% with a .7% discount point and for a 15 yr fixed mortgage it is 4.45% with a .6% discount point. Our rates for today on a 30 yr fixed mortgage are as follows: *4.875% with .5 discount point *5% with no discount points.

St George Real Estate seems to be picking up some for the St George area. I am noticing realtors phone voice mails are full and still some surging of the foreclosures is imminent and possibly clearing the system by the end of the year. For more information please don't hesitate to contact us.

Real Estate Recovery - St George Real Estate

noreply@blogger.com (Brian Habel) — Wed, 30 Dec 2009 04:57:00 +0000

Real Estate

National real estate sales showed signs of recovery from November sales. The National Association of Realtors said real estate sales rose 7.4 percent. This was more than expected. Pete Flint with Trulia.com reports, "Things are stabilizing".

Now of course, the new home buyer tax incentive that was first reported to end in November helped boost these numbers. None the less, the government initiatives, like this program that is now extended to even existing home owners who relocate, has helped to stabilize things. Even so, the high unemployment rate of 10% with employers continuing to cut jobs, is not helping, especially since 14 percent of homeowners are now struggling either to make their mortgage payments or are in foreclosure.

The Federal Reserve recently pledged to keep interest rates low so that the recovery can gain traction. President Obama, after meeting with community banks recently said that businesses will now be able to start growing and hiring again if they can get the investing credit that they need.

Homeowners who have lived in their current properties for at least five years can, now claim a tax credit of up to $6,500 if they relocate. Buyers must sign a purchase agreement by April 30 in order to qualify.

St George Real Estate

In Utah or the Salt Lake area, unemployment rates continue to be lower than the national average. The economy, for the most part, continues to be strong. The St George Real Estate Market continues to stabilize even though the inventory levels involving Short Sales and Foreclosures remains relatively high. Some consensus among Realtors and a lot of buyers seems to be that the exceptional deals are almost gone while we enter the longer phase of good deals still being available. This window may be shortened given the fact that interest rates are slowly, but recently steadily, seeming to rise.

Real estate has traditionally over time held its value, and if you are like minded in thinking that now would be a good time to get into the St George Real Estate Market, than for heavens sake, give Brian a call today at 435-634-5479.

Utah Real Estate - Home Sales, Prices & Interest Rates

noreply@blogger.com (Brian Habel) — Mon, 21 Dec 2009 17:07:00 +0000

Utah Home Sales

In Utah, real estate sales were up 2% for the third quarter of the year compared to the year before. Along the Wasatch front, home sales were up 25% in October over the previous years month of October. On the national level, for the last nine consecutive months pending home sales have been on the rise.

Utah Real Estate Prices

The director of the University of Utah's Bureau of Housing and Economic Development, James Wood, at a meeting of the Utah Association of REALTORS Convention, said that he believes housing prices for Utah reached their low point and bottomed in the first quarter of this year of 2009.

Nationally speaking there seems to be consensus among economists that housing sales have reached a bottom. However, the views are varied regarding the degree of stabilization with some saying that the bottom for prices may continue as long as into mid-2010. Mark Zandi, chief economist and co-founder of Moody's Economy.com who originally forecasted the bottom of prices this year and now projects them into mid-2010, says that the Obama administration's loan modification plan delayed a number of foreclosures that are likely to hit the market next spring, extending the price drops. You can read all about the Utah & St George Real Estate Neighborhood Stabilization Program Reform Act in our previous blog post. Whether this has anything to do with it or not, Zandi is pointing to the way in which we slow foreclosures happening, are of course having repercussions in extending the time it takes for home prices to completely stop declining. Most economist are connecting the bottom of house prices, as being closely tied to the share of distressed home sales declining.

St George Real Estate
Prices in Southwest Utah, namely, the St George real estate area market, has historically seen a quick spike in prices, with a drastic windfall of price depreciation. As such, many locals believe prices have reached a bottom and in some neighborhoods price appreciation, or at least rebounding of prices, has been felt. Statistics for the Washington County Utah area have shown some decrease in Notice of Defaults, which are the pending notices of buyers that are not being able to make their house payments any more- the prelude to our St George foreclosures and subsequent depreciation of home prices.

Utah Interest Rates

Utah home buyers have enjoyed low interest rates over the last year. This has been impacted largely by the Fed with their Mortgage Backed Security (MBS) purchase program... the program that has helped keep home loan rates low for much of the last year. Just this last week the Fed has announced that this program will end on March 31, 2010. What are the implications of this?

It's Economics 101... when Bond prices start to decrease from the diminishing demand of the Fed's purchases, home loan rates will naturally be likely to increase.

Bottom Line
The bottom line is that with all the tax credits available for buying, with interest rates being perhaps unsustainabley low, that buying Utah real estate now or this coming Spring of 2010 may be the very best time to buy before interest rates go up.

Utah & St George Real Estate Neighborhood Stabilization Program Reform Act

noreply@blogger.com (Brian Habel) — Fri, 04 Dec 2009 22:25:00 +0000

St George Utah Foreclosures - Neighborhood Stabilization

I'd like to detail how it is that an alternate view from our last blog post, where the rate or concern of St George Utah foreclosures is put forth through the Utah Neighborhood Stabilization Program of which counties are suffering the most in Utah. The allocated budget for Utah is $177,989,900 to be allocated.

The following is taken from http://www.opencongress.org/:

5/21/2009--Introduced. Neighborhood Stabilization Program Reform Act of 2009 - Amends the Housing and Economic Recovery Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009, to revise requirements for the use by state and local governments of emergency assistance provided to them for the redevelopment of abandoned and foreclosed homes and residential properties.

The allocated budget for Utah is $177,989,900. The following is taken from The Utah Housing and Community Development Website at http://housing.utah.gov/documents/NSPFinalActionPlan.pdf in which they cite Utah's need and Washington Counties need:
The low number of potential buyers who can afford or qualify for home mortgages, and the high number of households losing their homes, has created pressure on the overall rental market…The decrease in affordable rental housing puts Utah’s low-income households at risk…Although the foreclosure crisis is felt statewide, the crisis is more pronounced in five of the most populous counties: Salt Lake, Weber, Washington, Davis and Utah…Emphasis will be on stabilizing neighborhoods that have been most affected by the foreclosure crisis. The majority of funding will focus on land banks/trusts and on redevelopment. A portion of NSP funds will be used to revitalize foreclosed properties and make them available to families including homeless families. It is the State of Utah’s goal to provide safe, affordable housing and improve the quality of life for low-to moderate income persons and families.
Thus, it is apparent that Utah state or the Utah Division of Housing and Community Development (HCD) has ranked Washington County Utah as one of the populas areas needing help. I do not know much on how these funds will be allocated,but it is apparent they intend to target the areas of most need or in low income housing segments. This is although many of the foreclosures have been in the higher price ranges, they still hope to affect the lower income earners segment that are being forced out of housing and with low availability of rentals, now doubling the homeless shelters numbers. HCD administers eleven community-targeted
programs and the four HUD programs.

The housing plan does say that funds will be allocated by most need and while we don't know which areas are hardest hit, they do say most emphasis will be on Salt Lake county with the most population being affected.

St George Real Estate

Here in the St George Real Estate area market, Apple Valley to be exact, I know of one rural HUD home that mysteriously was taken off the market, where in the listing agent told me, that when these homes become about half of what the appraised value was, they take them off the market to give the community or city the opportunity to buy the home first for any of their low income assistance programs. This particular home went back on at a reduced price and was immediately sold to the highest bidder. Investors had to wait 5 days before bidding on that property, as it was exclusively available to primary home owners- buyers who intended to occupy it.

Another instance here in the St George area, in Washington, Utah actually, I recently helped a younger couple put under contract a new construction build job. However, at first, the land owners and developers were challenged surpassed loan limits of the bank that also had ownership, that initially constrained that land owner/developer from getting new construction funding. During the buyer refusing to get the construction loan a change came about with the bank that reportedly loan limits of the bank that had a stake in the property, that the limits had been extended now allowing them to fund the project. This may be part of the government getting involved to help spur on development, but maybe it was just part of economics playing out.

This real estate update is part of our way of wanting to keep you informed on the market. Feel free to go to our website for more statistics for the local St George Ut Real Estate market. Fee; free to contact me, Brian, your local St George realtor anytime to help handle your real estate needs.

noreply@blogger.com (Brian Habel) — Wed, 25 Nov 2009 16:28:00 +0000

First Time Home Buyer Tax Credit Extended for the St George Area!

The federal $8,000 tax credit has been extended, not just 'in time' for the first time home buyers, but also previous home owners now qualify for a tax credit of $6,500. So, prices are at an all time low and it is an excellent time to buy St George Real Estate. The details of the tax credit are as follows: The first time home buyer’s eligibility has been extended for income limits being up to $125,000 and for married couples up to $250,000. The first time home buyer definition extends to not having owned within the last three years. Previous home owners are defined as those who have owned 5 out of the last 8 years. Both groups must identify the property and sign a contract prior to April 30 and close on that purchase prior to June 30, 2010.

Economic Stimulus Package- Is it working?

Well proponents of the stimulus package point to rising housing prices as bringing stabilization to the previous tail spin of our economy. They say that the extension allows the second half of 2010 demand, to get a boost up front, with later payoffs in stabilization in 2010.

Nay say-ers of the stimulus package say that the stimulus package did not induce enough buyers who were not already going to buy anyway, to purchase. Further, the original intention was to have first time home buyers purchase regular re-sale homes or new construction where as many ended up purchasing foreclosures or short sales, often from home owners who intended not to repurchase. However, this may have minimized the cascading foreclosure affects segment of the market. So, further extending of the tax credit is hoped to shore up the existing normal resale and new construction segment of the market to offer the 'more balanced' approach toward stabilization.

Implications for the St George Real Estate Market

Implications for the St George real estate market could be positive toward the aim of necessitating more regular re-sales or new sales precisely because the notice of defaults, or pre-foreclosure or short sale types of scenarios are becoming less frequent in the midst of sustained sales. So, as the supply of the Foreclosures and Short Sale homes gets depleted, yet demand for buying sustains, then it follows that more purchases will be common among the new homes and regular re-sale market. This will tend to help a new scenario of regular resale homes to occupy the sold segment of homes. These in turn help represent the comparable sales used to represent new pricing on homes entering the active sales market, thus helping non-distressed sellers regain preeminence in setting price in the market place once again. The background for how this process has affected the St George area home sales is explained below.

Three Stages of the Foreclosure Market- St George Real Estate Affected

Some of these assumptions are based on a pattern that has shown some relevancy before- the three stages of the foreclosure market. First, let it be noted that a “Notice of Default” is the first signs of possible foreclosure where a buyer no longer can continue to make house payments. So, the very first stage of the foreclosure cycle has been that, resold St George Utah foreclosures set lower pricing and this helped create a “back draft” to push many more homes into foreclosure. This first part did show increasing numbers of Notice of Defaults that has been tracked by title companies here in St George. We, as Realtors, get these notice of defaults as public information, and thus for us, are as potential sellers.

Real Estate numbers and statistics in the St George area have already shown this first stage where in the number of defaults increased, with sales just being higher than notice of defaults. As these notice of defaults already took a plateau, stage two, virtually March through June of 2009, here in the St George area, the number of sales equated to be about the same as the number of defaults. Then the third stage seems to be evolutionarily showing itself currently, where in the number of defaults has started to go down with a significant jump down in August, while the number of sales have sustained or at least appears to be sustaining more proportionately higher. There seems to be a pattern set in the fall of 2009 here in the St George area, where in the first sign of Notice of Defaults are bumping lower, while sales are proportionately higher. This has the effect of also beginning to work on existing traditional sales and inventory in the market being sold. This presents a new spectrum of sold homes, thus comparable solds research helping to help set precedence for future pricing of active for sale homes.

St George Utah Home Values- 2010

How fast this product (new resale homes to sell) will dump onto the market could help influence St George house prices, how low prices will retain (with increased supply) or as in the tax credit giving buyers some bite onto sellers, the uptake of sellers (supply dumping onto the market) may lag behind demand brought on buyers taking advantage a tax credit. The net affect could make 2010 a moderately good year while influencing consumer confidence toward spending and some will then generalize it to the rest of the economy returning to some spending, thus normalcy toward increasing production jobs etc. This is the hope engendered by the Stimulus Package. Not all agree upon the methods as to the overall affect being a good one or not, or as to it being illusory, thus disagreeing to a 'bail out'.

The purpose of this article has been to discuss the intentions and affects of the stimulus package and the reality of some of the statistics for the St George area and not to argue for or against the stimulus package.

Bottom Line
One local title company statistician points towards the kind of opportunity this all provides for buying in the St George area. Some of these conclusions were alluded to as follows: that great deals will be gone in 4 months, but that good deals will continue for some time thereafter. Real estate activity will get considerably better over the next 18 months. Pricing is at its bottom with a few exceptions. REO or foreclosure companies are not pricing their properties as aggressively as they have been in the past. Finally, a good maxim for those who are thinking of investing into a piece of real estate, St George Utah, 'At the intersection of home prices and interest rates lies incredible opportunity'.

St George Utah

St George is situated along I-15 and is SW Utah's culture and business center. St George is a popular stop through tourist destination featuring red dirt and rock high desert landscape. It is also the gateway to Zion National Park where towering cliffs drop off exposing mother nature itself at work, with slot canyons with curvatures rolling forms of red and sandstone rock. The weather is partly why we have 'snow birds' and our St George Retirement Communities. This and other reasons, we think, positions St George as a premiere location for future demand and growth. We have the new St George regional airport coming on line real soon.

St George Real Estate Update - Clock Ticking on First-Time Home Buyer Tax Credit

noreply@blogger.com (Brian Habel) — Mon, 21 Sep 2009 16:14:00 +0000

St George Real Estate Update
St George real estate has perked up since March or April 2008, yet the pipeline seem to be so full of Short Sales and REO bank homes, that one wonders if house prices are dictating the "real" market as having really been curbed from falling. I think they have. From a realtor perspective I have seen less and less product on the market and little signs that buyers are going away. Nationally home prices have been slightly increasing since May with the glut of inventory on the market being scaled down. This really is the long of the short of it and uncertainty is on the horizon as to being watchful about inflation which would cause interest rates to rise.

Clock Ticking on First-Time Home Buyer Tax Credit
The clock is ticking on the first-time home buyer tax credit of $8,000. However, the odds that Congress will approve an extension are about 60 percent, estimates Jaret Seiberg, an analyst for the Washington Research Group.

The concern on Capital Hill is that the recession along with unemployment, and more stringent lending requirements lead the first time home buyer to have diminished interest and capacity. So, the widespread concern is that without the tax credit, home prices will begin falling again and reverse this year's gains in the housing market.

Indeed, coming up with that down payment or being able to pay their bill on time is what many a first time home buyer is worried about. The National Association of Realtors reports in July that about 3 out of 10 homes were snatched up by the first time home buyer, but that is down about 10% of what the previous 6 years reports for July.

Of course there are many critics of the first-time home buyer incentive that see it as a subsidy for people who don't need one. I've seen some of that... where a buyer is surprised or impressed after the fact of already wanting to purchase. However, others estimate that... the tax credit will draw about 400,000 buyers into the market this year, said Mark Zandi, chief economist for Moody's Economy.com, who supports extending the tax credit into at least the middle of next year.

The source for some of the above information came from mywire or the associated press here.

New Home Starts are Up
New home starts have had their first little pick up since June of 2008 after a long descent. Interest rates are holding down at 5 to 6% and with suspicions of inflation still looming large. Inflation is the archenemy of Bonds and home loan rates, so now, is as good a time as ever to invest into the market for the future. Most people do not know how easy it is to find out if they can pre-qualify for a St George mortgage.

Remember, if you can sustain home ownership investment, it is the best indicator, even through difficult markets, of wealth building. The commodoties market, with the materials valued in the home sustaining themselves, also tends to confirm this.

Remember there is a new Home Run 2 grant that also gives $4,000 on a new home or build job.

As always, I am here to aid and serve your bottom line when it comes time to buy or sell- please call me, Brian, your St George realtor, as I am every ready to help aid and secure your interests when it comes to your St George real estate needs for the area.