Stunning Salt Lake Remodel

Price: $228,500

 Type: Single Family

 Bedrooms: 3 

Bathrooms: 2 Full

Square Feet: 1,200

CUTE, CUTE, CUTE! Complete remodel. New custom kitchen with maple cabinets, granite counter tops and stainless steel appliances.  Hardwood floors in living & dining room. Travertine Fireplace. New double pane windows bring in tons of natural light.  Master bedroom has a beautiful private bathroom. This great backyard offers a patio setting with tons of room and shade.  The entire house has all new paint and flooring throughout. Easy to show this wonderful place! Call Scott Robbins today to arrange a showing of this place 801.209.1120

http://www.circlepix.com/tours/6?wfrnum=985211

MBA: Mortgage loan applications increase 2.7%

The number of mortgage applications last week rose 2.7% on a seasonally adjusted basis from the prior week, once again pushed up by refinancing activity that remains at the highest level since May 2009, according to the Mortgage Bankers Association.

The MBA said the index rose 2.3% on an unadjusted basis. The seasonally adjusted refinance index climbed 2.8% for the week ended Aug. 27 from the week earlier. The purchase index rose 1.8% for the week.

“Refinancing activity picked up again last week, reaching new 15-month highs, as borrowers took advantage of even lower mortgage rates,” MBA vice president of research and economics Michael Fratantoni said. “The drop in mortgage rates was in line with Treasury rates as the latest data continue to show weak economic growth and an exceptionally weak housing market.”

In four-week moving averages, the seasonally adjusted market index is up 5.2%, the purchase index is down 0.2% and the refinance index is up 6.3%.

Fratantoni said the sharp decline in the firm’s purchase application index in May foreshadowed the drops in home sales the following two months, and he doesn’t expect sales activity to increase for August or September.

Refinancings accounted for 82.9% of all mortgage applications last week, up from 82.4% the week prior and at the highest level since January 2009. MBA said the unadjusted purchase index decreased 0.4% from the prior week and is 37% lower than the year ago.

Interest rates for 30-year fixed and 15-year fixed mortgages continue descending to the lowest rates ever recorded by the MBA survey. The average rate for the 30-year fell to 4.43% from 4.55% and the 15-year decreased to 3.88% from 3.91%.

The Mortgage Maxx weekly index, which adjusts data to reflect the number of households applying for a mortgage, showed application activity rose 6.9% last week after dropping 2.4% the week before.

Refinancing Effort

With July home sales coming in at a level not seen since 1985, the Obama administration is rolling out two new tools to help homeowners pay their mortgages. Speaking to CNN Sunday morning, Department of Housing and Urban Development secretary Shaun Donavan said officials plan to launch over the next few weeks a refinancing effort through the Federal Housing Administration and an emergency loan program to help unemployed homeowners.

Meanwhile, Wall Street’s political contributions have swung back to the right again, as Washington has started looking to increase financial regulation. And The New York Times reports hedge-fund manager Paul Singer is just one reason why the tide has shifted.

About a quarter of all US homeowners who refinanced their mortgage during the first half of the year moved into 15-year fixed mortgages, The Wall Street Journal reported. For all of 2009, about 18.5% of refinacings became 15-year fixed and it may not behoove all homeowners to shorten a mortgage’s length to secure a lower interest rate, according to the WSJ.

Gorgeous West Jordan Townhouse

Price: $159,900

 Type: Condo/Townhome

 Bedrooms: 3

 Bathrooms: 2 Full, 1 Partial

 Garage: 1

Square Feet: 1,256

What is going on with the Salt Lake Real Estate Market?

I have not seen it this slow in the 7 years.  Right now showings are slow…very slow.  Prices are very attractive and interest rates are crazy low.  So where are all of the buyers? Most of my buyers need to sell first and that has been the problem.  Prices will need to come down a little more to intice buyers.  We will keep you posted.