Mortgage Refinance Program Extended

The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.

The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.The program allows borrowers who owe up to 25% more than their homes are worth to refinance to lower interest rates.It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.

Let me know if you are interested in refinancing and I can get you to a qualified lender who can help with this.sr

Outstanding, Large Holladay Townhouse

Price: $399,900

 Bedrooms: 3

Bathrooms: 3 Full, 1 Half

 Garage: 2

 Square Feet: 3,024

 MLS ID: 933034

2009 Salt Lake numbers at a glance!

Yesterday I went to the Salt Lake Board of Realtors forecast luncheon and here are a few statistics I found. 1) In 2009 only 900 new single family homes were built in Salt Lake county-the lowest level since the 1940’s; while about 9100 existing single family homes were sold. 2) Historical experience suggest housing prices in Salt Lake Country will remain under downward pressure in 2010. 3) Foreclosures are the greatest threat to price increases as foreclosures continue to increase in Utah.

Salt Lake Home Sales are Climbing…

The Salt Lake Board of REALTORS reported sales of existing homes and condos climbed 77 percent in November. There were 1,071 homes and condos sold in November compared to 606 sales in November of 2008. The median price of all homes sold in November dropped to $202,000, down 12 percent compared to $229,000 in November last year.

How much have home prices dropped in Salt Lake City?

Salt Lake County Sales Graph

One of my clients asked me this question yesterday and it is a very good question.  From the Salt Lake Board of Realtors, the average sales price for the 3rd quarter of 2009 was $251,500.  At its peak (3rd Quarter of 2007), the average sales price was $281,300.  That is a 12% reduction in sales price.   But this is very misleading because on the high end priced homes ($500,000 +) they have dropped anywhere from 20 to 30%.  Love to get your comments on this.