Foreclosure filings slow in Utah but spike elsewhere - Utah Down to 15th Nationally

The Salt Lake Tribune noted in the article below that Utah is down to 15 now in foreclosure. This is good new for consumer confidence.

With the lack of inventory on the market,  the number of buyer rising and interest rate at a 40 year low this is a great time to sell your home.

One thing to think about when deciding to sell your home is the number of homes you will be competing with (supple and demand) this will help you as a seller to get a high price for your home. So let get that home on the market and get you the highest price possible.

Call me today for more information

 

THE SALT LAKE TRIBUNE

First Published Mar 15 2012 07:21 pm • Last Updated Mar 15 2012 11:57 pm

Utah, which had one of the nation’s highest rates of foreclosure filings for much of the past two years, has eased back to 15th highest, a new report shows.

With a rate of one in every 721 households receiving some sort of notice in February, Utah is faring better than the national rate of 1 in every 637 households, according to foreclosure-listing firm RealtyTrac.

Nevada continued to post the nation’s highest rate last month, with one in every 278 households in the state receiving a foreclosure-related filing. That’s more than twice the national average.

Foreclosure activity surged last month across about half of the nation’s states, as banks tackled a backlog of homes with mortgages that had gone unpaid yet remained in limbo because of delays stemming from foreclosure-abuse claims.

The increase occurred across 26 states where the courts supervise the foreclosure process. In contrast, the 24 states where the courts do not play a role in the process saw activity decline in February, RealtyTrac Inc. said Thursday.

Utah, which falls into the latter category, saw foreclosures drop by 61 percent from February 2011 to the same month this year, according to the report.

Although uneven, the pace of foreclosures is accelerating after a $25 billion settlement reached last month between the nation’s biggest mortgage lenders and officials in 49 of the 50 states (including Utah). The settlement was tied to the industry’s foreclosure abuses.

Major banks temporarily put foreclosures on hold in the fall of 2010 after claims surfaced that lenders and mortgage servicers were processing foreclosures without verifying documents. As a result, many homes that would have normally ended up foreclosed were left in a procedural limbo, particularly in states where courts play a role in the process.

But that logjam has begun to ease, and banks are moving to sort out their roster of problem mortgages.

That means potentially more foreclosed homes hitting the market this year that could drag down the value of neighboring homes.

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Among states with a judicial foreclosure process, foreclosure activity rose 2 percent last month from January, and climbed 24 percent from February last year, the firm said.

Foreclosure activity across states without a court-supervised process fell 5 percent in February from the previous month and declined 23 percent from a year earlier.

RealtyTrac bases foreclosure activity on filings that signal when a home is in some stage of the foreclosure process — an initial default notice, a scheduled home auction or a home repossession, which is when a property goes back to the lender.

Overall, U.S. foreclosure activity dipped 2 percent from January and was down 8 percent from February last year. Taken individually, some states registered far higher increases in foreclosure activity last month. Banks repossessed 63,834 U.S. homes last month, down 4 percent from January and a decline of 1 percent from February las

Items to Consider When Buying a Home with Historic Value

Have you thought about buying a historic home? Maybe you have entertained the idea of owning your own bed and breakfast or just find the architectural aspects of such homes intriguing. Perhaps you have inherited a beautiful home that has not been restored. Historic homes have much to offer, and typically much to repair. Before you make a decision and find yourself overwhelmed and committed to a restoration project, take a step back and consider this article.

As you consider it you may feel 100% prepared to move forward, however even if not, you will appreciate the time you took to hesitate.  You may find that the home you have chosen is not the best fit for you and find a different and even better home.  If you are considering a historic home purchase or just trying to decide if you should begin making changes in your current home, the following tips may help you feel confident in your choice.

First, consider the structure of your historic home or hire an inspector or licensed contractor to do so. Make sure a complete and thorough examination is done. Water damage or dry rot to the framing and foundation could end up resulting in a very labor and cost intensive project. It is much less devastating to walk away from your potential new home paying only the inspection bill than it is to buy a home in need of repairs that exceed your budget.  Prior to initiating repairs, consider the historic value and materials used in the original construction of the home, and then proceed with like materials. Provided you have the resources, all repairs should be considered as “restorative” and use original materials.

If you will be living in the home, evaluate whether your “new” home will meet the current needs of your family. Often smaller rooms and less bathrooms are typical in historic homes, however you can choose to remove walls and windows or adapt them to create a better suited floor plan, while still maintaining the original intent of the initial homebuilder. Some of these issues may seem more difficult to solve, and may even cause unexpected emotions to flare depending on the importance to the parties involved, when discussing home features. In such situations, it may be wise to evaluate all alternatives and work out a compromise or other option prior to doing the work.

Historic homes can be quite beautiful and definitely worth the expense and love required to restore them. Your finished project will bring a smile to your eyes and warm the hearts of others who visit your home in the years that follow.  Most importantly, though, you will be happy with your decision to purchase and restore your home, knowing you did your homework first.

RIVERDALE CITY - Council OKs more kids per daycare

RIVERDALE — Home daycare and preschool center owners can now increase the number of children they care for. In a unanimous vote, the Riverdale City Council increased the limit from six to eight, following state code that regulated child daycares.

The provider’s own children younger than age 4 will be counted toward the limitation.

According to the new ordinance, the provider cannot care for more than two children younger than age 2 at one time. In written comments, City Administrator Larry Hansen called the change a minor one that “brings our local ordinance closer in consistency with state statute.”