Winter weather advances

The rare occurrence of snow is expected to be visible outside the windows of St. George today, and the National Weather Service warns that significant accumulations are expected.

Since Sunday, Washington and Iron counties have been under a winter storm advisory by the National Weather Service that was to remain in effect until 6 a.m. today for the St. George area and noon for the Cedar City area.

Due to hazardous driving conditions, the Utah Depart­ment of Transportation cautions that unnecessary travel should be avoided until the warning is lifted.

Despite the warnings, those with law enforcement and the school district say things ran smoothly Monday and are expected to run smoothly today.

On the highways, Utah Highway Patrol officers from both the St. George and Cedar City areas said things weren't all that bad Monday, but that doesn't mean they're not prepared for the storm, which is expected to continue into today.

UHP Senior Trooper John Gardner said there were much fewer problems than expected Monday in the St. George area, but the snow expected to be on the ground today could create problems.

"We're bracing for it," he said. "But it will probably be business as usual."

If people have to head out on the highways, Gardner said, it's best to drive a lower speeds.

"In snow the contributing factor to accidents is always speed," he said. "We just need to tell people to slow down."

UHP Sgt. Ryan Bauer, who patrols the highways near Cedar City, said there were a few more accidents in that area Monday, but things were still better than expected.

"Most of the afternoon the roads had just been wet," he said. "We'll deal with whatever we're given. We won't close anything unless the storm dictates it."

Officials from the St. George Police Department said the number of accidents was up slightly Monday, something that could have been attributed to poor weather conditions.

"It's not too large of an increase," said Officer James Schafer. "Usually, when we have snow or rain, they do increase É but it's nothing major."

Marshall Topham, assistant superintendent for secondary education with the Washington County School District, had a similar view of the storm. He said as of Monday evening the school district has no plans to alter bus routes or cancel school.

"Right now this storm doesn't look like a storm that's threatening to us," he said. "If it's just a snowy day where the roads aren't slick then we can negotiate that."

Topham added that school district officials planned to wake up at 4 a.m. today to assess the situation, but it's unlikely school will be affected.

"This one isn't too impressive to me," he said. "I don't think this is going to be a big deal."

BY BRIAN AHERN

THANKSGIVING FUN FACTS

Snoopy has appeared as a giant balloon in the Macy's Thanksgiving Day Parade more times than any other character in history. As the Flying Ace, Snoopy made his sixth appearance in the 2006 parade.
According to the U.S. Census Bureau, Minnesota is the top turkey-producing state in America, with a planned production total of 49 million in 2008. Just six states—Minnesota, North Carolina, Arkansas, Virginia, Missouri and Indiana—will probably produce two-thirds of the estimated 271 million birds that will be raised in the U.S. this year.
According to the Guinness Book of World Records, the largest pumpkin pie ever baked weighed 2,020 pounds and measured just over 12 feet long. It was baked on October 8, 2005 by the New Bremen Giant Pumpkin Growers in Ohio, and included 900 pounds of pumpkin, 62 gallons of evaporated milk, 155 dozen eggs, 300 pounds of sugar, 3.5 pounds of salt, 7 pounds of cinnamon, 2 pounds of pumpkin spice and 250 pounds of crust.

Washington County Housing Report Summary

Home sales are up month to month and year over year. Permits remain steady in the range of 40 to 50 per month. Absorption of existing new homes is almost at a stand still as new home sales are barely outpacing new home permits. Lot sales are off slightly over last year’s volume, and off 80% to 90% from the peak in 2005. Homes instead of PUD/condos make up a greater percentage of dwelling sales than a year ago. West St. George, Washington and Hurricane/La Verkin continue to dominate existing dwelling sales. Homes over $300,000 are taking one and one-half to two times longer to sell than homes under $300,000. Foreclosures are at an all-time high in the range of 150+/- and are expected to remain in the 120 range for the remainder of the year. A higher number of homes with filed Notices of Default are foreclosing. Lending has picked up, even though the dollar volume remains low. Foreclosures will drop slightly but still provide a lot of competition to the existing home and new home market. Low interest rates (around 5%) and the extension and expansion of the federal housing tax credit program to include move-ups should assist dwelling sales through the end of the year and into the early months of next year.

Economics 101 Deficiency Judgement and Debt Cancelation

There are many realtors out there that will list a short sale and are not aware of a possible deficiency judgment against the property owner after the home has been sold.
What is a deficiency judgment?
The difference between the mortgage balance and the discounted amount will be the total that the lender may seek a deficiency judgment against the seller who sold their home "short" of what they owed on their mortgage. If granted, this judgment may affect the homeowners and their credit report just as any other judgment. Likewise, the same judgment can be sought after if the homeowner has let their home go back to the bank and the bank sells it at auction for less than what was owed.
What is a 1099 on a short sale?
A 1099 may be given to homeowners as a result of the benefit they've received from the sale of their home. For example, if the bank is owed $100,000 and agrees to accept $75,000 for a short sale, the homeowners actually made $25,000 (the short sale amount). Therefore, the homeowner can receive a 1099 for that amount. It is recommended that your client speak with a local accountant and/or attorney on how a 1099 on a short sale may affect them. Activerain
Home Foreclosure and Debt Cancellation
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.
What is a cancellation of debt?
If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the canceled amount in income for tax purpose, depending on the circumstances. When you borrowed the money you were not required to include the loan proceeds in income because you had an obligation to repay the lender. When that obligation is subsequently forgiven, the amount you received as loan proceeds may be reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt.
IRS.gov

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.
Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by tow additional factors:
1. The price of the home.
2. The buyer's income.
Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.
If the Buyers Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale. NAR

Tax Credit Extension?

The first time home buyer tax extension is definitely the talk of the real estate and mortgage industry at the present time. With the expiration on the tax credit looming, November 30th, many real estate agents and homebuilders are pushing lawmakers to send the credit before it expires on November 30th. The expiration date of November 30th is on the closing of a home so those first time home buyers starting the process now will not benefit from the tax credit.
Senator Bill Nelson of Florida feels that the tax credit should be able to be extended by the end of the week. He made the statement while with President Barack Obama so this is a very positive sign. Senator Majority Leader Harry Reid and Senate FInance Committee Chairman Max Baucus are hoping to add an extension of unemployment benefits along with the extension of the home buyers tax credit.
Baucus and Reid have proposed the extension of the home buyers tax credit through 2010 in which the full $8000 will be received. The tax credit would then be reduced by $2000 each quarter until expiring at the end of 2010. There is very little question as to whether the first time home buyers tax credit has helped the housing industry. For the last three months we have seen home prices stabilize or move higher which has been greatly aided by the tax credit. It will be interesting to see how the housing market reacts if the tax credit is not extended.
Mortgage News Source—October 30, 2009

Loan Modification

If you're concerned about how to do a loan modification, here are 7 things you should be aware of.
1. Review your financial situation: Prepare a Financial statement including a detailed list of your expenses (food, gas, credit cards and other financial obligations) in a spreadsheet and calculate the average costs on each item for the past 3 months or so. This is important because most lenders would ask you questions on your financial situation and require you to submit a Financial Statement.
2. Hardship letter: Prepare a Hardship letter of not more than 2 pages wherein you'll put down why you aren't able to carry on with the usual payments and why you need a loan modification. Know how to write a hardship letter.
3. Collect documents: You need to gather certain documents which the lender may review when you request for mortgage loan modification. The documents are:
Pay stubs and bank statements for past 2 months
W-2 Form for last 2 years for the employed
Form 1040 for last 2 years if you're self employed
Rental Agreement if the loan is not on your primary home
Most recent mortgage statement
Property tax statements
4. Contact your lender: Call up the lender and make him aware of your situation. An even better way to communicate is by sending a hardship letter. It is easier to get a home loan modification if you're behind on payments. However, you may get approved even though you're not yet late but are not sure whether you can keep up the payments.
5. Fill out paperwork: Once you qualify for mortgage modification, the lender will send an information packet and a financial worksheet for you to calculate your expenses. You need to attach documents you've collected along with the worksheet. This is for your lender to assess your financial situation and interpret whether you can pay your mortgage after home loan modification.
What you need to prove by filing out the paperwork is that the loan modifications will help improve your situation and make your payments manageable.
6. Written Agreement: Once the lender reviews your paperwork, he may verbally agree to modify your loan. He'll also send you a document explaining the loan modification offer for your approval.
7. Stop gap repayment plan: Once you accept the offer, the lender will need you to start off a stop gap repayment plan till the mortgage modification goes through. This will go on for maximum 60 days during which the lender reviews your loan status, financial statement and documents in order to assess the risks in modifying your loan.

During the stop gap period, you need to prove that you can afford monthly payments along with other expenses after loan modifications. Only then you have a fair chance to get your loan modified.
Home loan modification may be offered alone or as a part of forbearance. However, not all loans are appropriate for mortgage modification. Loans being modified are mostly those which are above the market rates or have lower loan-to-value ratios and mature terms. Mortgagefit.com
Note: If you feel that you need help with the negotiating process, Fortified Financial is a Loan Modification Company (with offices in St. George) that can help people modify their current home loan who cannot refinance. They have been extremely successful in helping families from losing their home from foreclosure.
Visit their website at fortifiedinancial.com

Like it or not more stimulus may be coming

Homebuyer tax credit expansion
An estimated 1.4 million tax filers to date have taken advantage of a temporary first-time homebuyer tax credit aimed primarily at people making less than $75,000 ($150,000 for joint filers). An estimated 15% of them bought their home specifically because of the tax break.
The latest iteration of that credit is worth $8,000, and it's scheduled to expire on Nov. 30.
Many lawmakers want to extend that deadline, expand eligibility beyond first-time homebuyers and include those who make more than is allowed under the current rules.
Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn., co-sponsored an amendment to the unemployment extension bill that would extend the credit until the end of June 2010 and be available to single filers making up to $150,000 and joint filers making up to $300,000.
The amendment may or may not remain attached to the unemployment bill -- which has been stalled due to political skirmishes between Democrats and Republicans. But Congress Daily reports that senators and aides "said both [measures] appear likely to clear the chamber in some form this fall."
It's still not clear where the White House stands. At a Senate Banking hearing on Tuesday, Housing Secretary Shaun Donovan said "within a few weeks we'll have sufficient data to get to a conclusion on this."
Estimated cost: The Isakson-Dodd bill is estimated to cost $16.7 billion. Isakson said at the Senate Banking hearing that he'd be happy to look for ways to pay for it and Dodd concurred. Typically, if a measure is considered stimulus it is not something that lawmakers feel obligated to pay for by either reducing spending or raising revenue in other areas.
CNN Money

Home Buyer Tax Credit Initiatives

NAHB sent letters to the House and Senate this week thanking members for introducing legislation that would extend the $8,000 first-time home buyer tax credit, which is due to expire on Dec. 1. House Ways and Means Committee Chairman Charles Rangel (D-N.Y.) recently introduced HR. 3590, the Service Members Home Ownership Tax Act of 2009. The legislation would extend the credit for one year for qualifying service members.
In a letter supporting Rangel’s effort to ensure that the home buyer tax credit is fully available to all of the men and women in service to our country, NAHB Chief Lobbyist Joseph Stanton said “we look forward to working with you to extend the credit, so it can continue to provide a much-needed boost to the economy.”

Meanwhile, Sen. Ben Cardin (D-Md.) introduced S. 1678, a bill to extend the home buyer tax credit for six months. The bipartisan measure has six co-sponsors, including Senate Majority Leader Harry Reid (D-Nev.) and Sens. Saxby Chambliss (R-Ga.), Kirsten Gillibrand (D-N.Y.), Jon Ensign (R-Nev.), Johnny Isakson (R-Ga.) and Debbie Stabenow (D-Mich.).

NAHB on Sept. 22 sent a letter to Sen. Cardin stating that S. 1678 is an “important first step in ensuring that this powerful economic incentive does not lapse as the Nov. 30, 2009 expiration date approaches. However, NAHB believes that the tax credit must be extended for an additional year and made available to all purchasers of a principal residence.” The message on the tax credit conveyed the same points that NAHB is issuing as part of its “Revive Housing, Restore America” campaign, which also seeks congressional action to resolve the credit crunch, correct a faulty appraisal process and expand the tax code’s net operating loss carry back provision for businesses to help prevent further layoffs.

An extension of the tax credit for a full year and an expansion to all purchasers of a principal residence would spur more than 383,000 additional home sales and help mitigate the resurgent foreclosure crisis, the NAHB letter to Cardin said. “Extending and expanding the credit would also create nearly 350,000 desperately-needed jobs during the coming year in many industries, including manufacturing, retail and real estate-related industries.”
There are a number of bills pending in the House and Senate that seek to extend and enhance the home buyer tax credit. NAHB is continuing its advocacy efforts on all fronts to let Congress know that prompt action is needed to help create jobs and move housing and the economy to higher ground. For example, NAHB President and CEO Jerry Howard this week emphasized these same points regarding the tax credit in interviews with CNN/Money, Congressional Quarterly and the L.A. Times.
NAHB Chief Economist David Crowe tied in the need for Congress to act on the home buyer tax credit in an appearance on Fox Business TV to discuss the government’s new-home sales report for August. He stressed the same message while discussing the new-home sales data with ABC Radio, CNN Radio and the Associated Press, and these points were also highlighted in a press release to the media. Also aiding our efforts, the Philadelphia Inquirer this week reported on a study by Campbell Surveys that says the home buyer tax credit has directly resulted in 357,000 home sales between Feb. 17 and Sept. 15. Using transaction information obtained from real estate agents, Campbell Surveys found first-time buyers accounted for 32 percent of home sales before passage of the American Recovery and Reinvestment Act on Feb. 17, and 42 percent to 43 percent in ensuing months. The article noted that the data “adds support to calls for extending the credit past its Nov. 30 deadline,” and quoted NAHB Director of Tax Issues Rob Dietz, who said: "We're looking for one more year, to Nov. 30, 2010, and extending the $8,000 credit to all primary-home buyers."

Give First Timers the Direction They Need

Nervous. Arrogant. Cautious. Excited.
Although these words seem contradictory, they sun=m p today's first time home buyers.
"First time homebuyers are many things at once," explains Paul Gorney, a sales associate in Chicago. "They're scared to pay too much, excited to get a "good deal", and confused because the number of homes and the situations in which sellers are selling, such as short sales and foreclosures.
"First timers need serious guidance," he says. That guidance is especially critical for buyers who are trying to beat the Nov. 30 closing deadline to qualify for the federal first time home buyer tax credit. Here's how to overcome three false assumptions that can derail first timers.
1.The housing market is weak.
First timers have likely read every stitch of the news about how homes are not selling. The trouble is that simply is not true in many entry level markets.
"First time home buyers need to understand the environment they're competing in," says Dana Graham.
2. I need to see all the options.
Many buyers exceed with excessive caution because of the endless inventory and their desire to find the perfect home. That can lead to paralysis by analysis, says Kathleen Alexander, a sales associate with Keller Williams Realty in Boston. Like Graham, Alexander uses facts to get buyers off the fence. "I make sure they're armed with all the data they could possibly desire-which homes have sold in which areas and for how much- and I explain how to interpret the data," she says. "I want them to have a firm grip on the market. That takes away a lot of the hesitancy."
Graham stresses today's interest low rates. "I tell them the rates are as low as the 1950's type rates. "They have nowhere to go but up. If they go to an entire plausible 7.5 percent which is still low-prices would have to still go down another 20% to make up the difference in their monthly payments."
Don't forget about the first time home buyer tax credit deadline. I tell them the tax credit is truely $8,000 they will get back when they file their taxes,: says Sam Seaboard from Remax in Seattle. "If they normally get a refund they'll get an additional $8,000. It is a gift from the government to get them started as home owners."
3. I've Found a Bargain!
It's true that affordability is at record levels today, but many buyers need help putting price into perspective.
"They think they can get a really nice house for $50,000, but the average home in our market is $200,000. They perceive that there are really great deals, which is true. But a lot of the homes are stripped of all their fixtures.
That can be hard for buyers to accept. Show them they really low priced homes so they can see they don't want to do all that work.

Rescuing Homeowners

Several new businesses have started up to address the particular problems of the housing mess. Designer Home Tending of Utah is one such company; it finds responsible tenants to live in empty homes. The tenants pay rent to the Designer Home Tending, and has to move in with fine furniture and keep the house clean and well kept. “It really helps a homeowner who has a house sitting vacant and abandoned,” owner and founder Cathy Cardenas says. “A house sells 30 to 60 percent faster, and if you’re the homeowner at least you get your utilities paid.” By moving someone in, the empty home is again furnished, making it easier for buyers to see how they would distribute their furniture through the space. It’s like getting a free management company that watches over the house while the seller is relocated in another state.
Designer Home Tending gets paid through rent from the home tender, while the home tender gets to live in a luxury house at a bargain price—although they have to move whenever “their” house sells. After testing the home tending concept in Boise, Cardenas moved the company to Salt Lake City, but it now operates in 10 major Western cities. ‘When you walk into a vacant home, all it says is “desperate,” Cardenas says. “When you walk into a house that’s tended, you can see yourself living there.”
On the more urgent front of rescuing homeowners from foreclosure, SaveUtahHomes.com works several angles to try to keep delinquent homeowners in their homes instead of on the street. “Homeowners who are behind on house payments are a target for unscrupulous investors and loan sharks that are attacking them from every angle,” owner Ryan Wright says. He started the company in 2002 and won a Best in State Award earlier this year. Wright’s staff works with homeowners by trying to modify the lender’s loan terms, obtaining a new private loan to eliminate the debt that’s piling up from missed payments, sells the home to a private investor who then leases it back to the troubled owner or arranges a short sale which preserves the homeowner’s credit. The service is free. Wright’s income comes from commissions paid by lenders for saving them the expense of foreclosure. The last thing lenders need in this climate is more vacant homes to resell. SaveUtahHomes.com is one of several firms which have risen in recent years to answer the need. –www.utahbusiness.com

Lease With Option To Buy

If you’re ready to buy the home of your dreams, but your credit or savings isn’t quite ready yet, a lease with option to buy (often simply called a “lease option” or, somewhat inaccurately, “rent to own”) may help you move in.
Lease Options can be useful home-buying tools, but they’re not for everybody. In fact, some of lease options do not end with the lessee (the renter or prospective buyer) purchasing the home, and while that’s sometimes for a good reason, ask yourself a few questions before you decide to pursue a lease option in general or before you sign one on a particular house.
Can you afford the option money? An upfront payment may be quite small, or it may be 3-5% of the purchase price. All of this money should go toward the purchase price or down payment on the home if you decide to buy the house at the end of the lease term. Unlike a security deposit, you don’t get the option money back at the end of the lease if you can’t purchase the house or decide not to.
Do you plan to stay in the area? You should be fairly certain that you want to buy the house at the end of the term. If you don’t, you lose your option money that you've paid in your monthly payments.
Will you be able to secure financing at the end of the lease term? A lease option can help you get a more favorable loan than you otherwise would be able to, but it’s no guarantee, so you’ll want to be reasonably sure that you’ll be able to qualify for a loan at the end of the term.
Lenders especially like to see stability over two years, so if you’ve been living in the same house, making payments on it, and working at the same place for that long, you may qualify for better loan rates.
Don’t wait until the last minute to apply for a loan. You should begin your application process no less than 45 days in advance of the end of the lease, and to be safe you should probably start a full two months or more before you need to buy the house.
Can you afford the monthly payments on the lease? Typically (but not always) the monthly payments on a lease will include the fair rental value plus option money that will go toward the purchase of the home. Thus, the monthly payments under a lease option will usually be more than you would pay if you were renting the same house.
Lease Option Tips - There are some companies that specialize in lease options, and in some places government programs will buy a house for you and then offer you a lease option. More typically, however, you can just find a house for sale and see if the owner will consider a lease option. A licensed Realtor can also guide you in this process.
Making improvements on the home during the lease term can help earn you equity (so-called “sweat equity”) in the home because the agreed-upon purchase price stays the same. This increased equity may help you get a more favorable loan if you exercise your option to buy. In essence, by increasing the value of the home you are increasing your down payment.
Lease options are typically better options for sellers than most people think they are, largely, if the lessee does buy the house, the seller has accomplished his or her goal of selling the house and in addition, lease option buyers are often willing to pay market value or even slightly higher due to their unique circumstances, so the seller can be sure to get a fair price for the home. During the length of the lease option the seller is able to collect enough rent to cover the mortgage and not incur additional expenses associated with a standard rental. Usually the property is taken care of better because this person intends on it being their home.
Lease option tenants realize this is a great way to acquire the home they want to own. It may not be their ultimate dream home, but they’re willing to start with something less than perfect, often while they straighten out their personal finances and upgrade their FICO credit score so they can qualify for a home mortgage. -Information obtained from various website sources.

HOME RUN 2 GRANT

As announced by Gov. Gary R. Herbert, there is a new $4,000 grant (Home Run 2 Grant Program) to assist home buyers. This cash grant, coupled with low interest rates, stable home prices and the $8,000 Federal Tax Credit for first time home buyers will enable many Utahans to achieve the dream of owning a new home. As with the original Home Run program, the Home Run 2 Grant will be administered by Utah Housing Corporation. Grant funds will be wired to the settlement agent closing the home purchase transaction.  Funding will be available for approximately 1,950 grants.  The approximate number of remaining grants may be viewed at all times on the Utah Housing website at www.utahhousingcorp.org.

How is Home Run 2 different from the first Home Run program? The first Home Run program, which ended in June 2009, provided a $6,000 grant to eligible home buyers. Home Run 2 provides a $4,000 grant. The first program required that homes be ready for occupancy upon closing. Home Run 2 buyers have two additional options. They can purchase a home that is contracted for construction or partially finished and contracted for completion. Homes that have been previously occupied do not qualify.
Who is eligible to receive a $4,000 Home Run 2 Grant?
Home buyers who did not receive a $6,000 grant under the previous $6,000 Home Run Grant Program. Home buyers (any person taking title) must meet the following income restrictions:
Single person, maximum income, $75,000
Married couple, maximum income, $150,000
If more than one unmarried person is taking title to the
Eligible Home, each such single person is subject to the
$75,000 income limit.
Home buyers must occupy the purchased home as a primary, permanent residence.

If home buyers need a mortgage loan to purchase the home, the loan must be a fixed interest rate, amortizing mortgage loan with a term of 30 years or less.

The Home Run 2 Grant Program is effective only for home purchases closed after a Home Run 2 Grant Commitment has been issued for that specific transaction. The grant funds may not be issued for homes purchased prior to obtaining the Home Run 2 Grant Commitment.

What type of loan can a home buyer use to purchase the home?
If a home buyer needs a mortgage loan, it must be a fixed interest rate loan with a term of 30 years or less. Loans may be obtained from any Approved Lender. Examples of qualifying loans include:

Conventional loans
FHA, VA, or Rural Housing loans
Utah Housing Corporation loans

Cash Buyers should contact Utah Housing directly for assistance in qualifying.

To learn more about the Home Run 2 Grant visit www.utahhousingcorp.org.

Housing Starts Up as Inventory Thins

The National Association of Home Builders reports a substantial uptick in housing starts for multifamily homes, but says single family homes were also up and those increases tended to be nationwide.
"Having drawn down inventories to very thin levels over the past year, some home builders are now carefully replenishing their supplies in response to demand from smart buyers who are taking advantage of low interest rates and prices," said NAHB President Joe Robson.
Single family housing starts gained 7.5 percent in May, breaking the 400,000 mark for the first time since November 2008 to reach seasonally adjusted annual rate of 401,000 units. Meanwhile, starts in the much more volatile multifamily sector posted a 77 percent gain.

Housing Affordability

Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today The HOI showed that 72.3 percent of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5 percent during the previous quarter and up from 55.0 percent during the second quarter of 2008.   “The increase in affordability — along with the $8,000 federal tax credit for home buyers — is stimulating demand, particularly among young, first-time buyers,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market.”   Robson noted that the tax credit, which expires on Nov. 30, is currently limited to just buyers purchasing their first home. NAHB

St George, Utah

Southern Utah is Utah's "Hotspot"..... warmer than anywhere in the state at almost any time of the year. Couple that with some of the most unique & beautiful scenery to be found anywhere in the world, and you've got a winning combination of weather and recreation.
Southern Utah is known for it's wide range of scenery and "things to do": Beautiful Red Rock sandstone hills surround the cities, heavy pine forests within a short drive, Water skiing at Lake Mead or Lake Powell, and snow skiing at Brianhead Ski Resort; all on the same day, if you'd like.... Golfing at any of our 10 courses such as the Troon World-Class Entrada Course or one of our fantastic City Courses. And don't forget.... Las Vegas is just 110 miles to the South.

Housing and Economic Recovery Act

The mortgage industry is certainly undergoing many changes to help provide homebuyers better information when it comes to financing a home. New government regulations may impact your closing dates. The following information will help you to understand some of the new regulations and investor requirements that are taking effect—especially those that impact timelines.
There are four key elements that you will need to know:
1. If the homebuyer is financing the property, these new regulatory and investor guidelines will impact—and could even—dictate—the closing date. Historically, homebuyers and sellers would agree on a closing date, and then service providers, including lenders, would work as best they could toward meeting that date. Going forward, purchase contracts can still be written with a specific closing date in mind, but all parties need to take into account that the earliest any home purchase transaction can close is 7 business days after the homebuyer is issued his or her initial mortgage disclosures from the lender.
2. Upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered “received” the next business day—(excluding Saturdays) allowing the fees to be collected on the following business day. Historically, upfront fees could be collected immediately at the time of application for both in person and phone applications. Moving forward, the homebuyer must receive his or her initial disclosures before upfront fees can be collected. The only exception is the credit report fee which can be collect at application.
3. The homebuyer must be provided with a copy of his or her appraisal a minimum of 3 business days prior to closing. This means that the homebuyer may receive his or her appraisal before or simultaneous to the lender receiving their copy. If the homebuyer believes the 3-business-day required period is not necessary for whatever reason, he or she has the right to waive that requirement.
4. An increase of more than .125% in the Annual percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyer with the time required to determine if the homebuyer is comfortable with his or her loan choice. If mailed, The TIL disclosure is considered “received” 3 business days after mailing. A more typical contract date may be 30-45 days—or possibly longer (such as with a new construction loan).
Considering that many things occur and may be changed or finalized throughout the course of the transaction, there are a number of things that can impact the homebuyer’s APR. Therefore it is critical on the front end to ensure that estimated fees are as accurate as possible. It is essential to work together to ensure timely closings—everyone plays a key role. Set realistic expectations upfront and throughout the transaction with the listing agent, the seller and the homebuyer in regards to potential closing dates. It is wise to plan for at least a 30-day close.

Guidelines For Appraising Distressed Properties

Using foreclosed and distressed sales as comparables with appraisals on single-family homes without adequately reflecting the differences in the condition of the respective properties is needlessly driving down home values, according to the National Association of Home Builders (NAHB).
 “Any home buyer can recognize the difference between a well-kept home and a distressed property that is damaged or not properly maintained. So it only makes sense that an appraiser should be required to consider the overall condition of a property and the specific factors related to a foreclosure or distressed property sale when selecting and adjusting the value of comparables,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
 Appraisers are often only required to conduct exterior inspections of properties that are being used as comparables because they are normally unable to enter these homes and examine their interiors. Too often, properties that have been subject to foreclosure or distressed sales have issues related to deferred maintenance or internal damage that an external inspection simply cannot reveal.
 “While most appraisers do a fine job, there needs to be proper regulatory guidelines for those who use distressed or foreclosed properties as comparables when determining home values,” said Robson. “It is essential that appraisers have the proper experience and guidance to accurately assess values in distressed markets.”
 In neighborhoods where comps include a large number of short sales or foreclosures, appraisers should have the option of expanding the geographic area or extending the time frame for eligible sales to get a more representative basket of the value of homes sold in the area, Robson added.
 Currently, improper or insufficient adjustments to the comparable values of foreclosed and/or distressed homes often results in the undervaluation of new sales transactions.
 This practice must be corrected because it contributes to the continuing downward spiral in home prices, forestalling the economic recovery,” said Robson. - NAHB

St. George, Utah Down Payment Assistance Program

Introduction
This Program is established to provide eligible homebuyers with a recoverable no-interest loan for down payment/closing costs. Funding for this program is from a HUD Grant and sponsored by the City of St. George. The Five County Association of Governments, a voluntary association of local governments from the five southwestern counties of the State of Utah, has partnered with the city to administer this loan.
What Is It?
The City Of St. George Down Payment Assistance Program is a federally funded program with a goal to assist eligible buyers with down payment and or/ or loan closing costs by providing up to $10,000 in the form of a non-interest bearing loan payable due when the home is sold or refinanced. The Program is open to owner-occupied housing units within St. George city limits. The maximum home price allowed is $281,537 for detached home and $177,510 for attached townhome/condo.
How Do I Qualify For Assistance?
You must be a first time home buyer (have not owned a home in the past three years.
You must meet household income limits. Have a gross annual income which does not exceed 80% of median income adjusted for a household size. (Income verification will be matched with your prior year income tax return and current paystub for final determination of eligibility.)
The loan will only be available for owner-occupied housing units within St. George City limits, and the home must be the only home owned by the applicants.
You must be at least 18 years of age and a U.S. citizen or a resident, FCAOG will need to make a copy of your Drivers License or Identification Card and your Social Security Card.

Short Sales Knowing When to Fold Them

Short sales are becoming fairly common practice in the real estate market these days and anyone who has completed one knows that you had better be prepared for rough riding when you get the seller to sign a listing contract when they are upside down.

If the term “short sale” is unfamiliar to you, it refers to a situation when the sale of a home will not net enough to cover the mortgage and closing expenses. It is a problem which occurs frequently in today’s market place.

Whether the consumer is upside down because of refinancing, new construction “trickeration,” the economy in general, or having used an exotic loan product which resulted in owing more than the home is worth - the end result is they are stuck and want you to help them get out.
This is not the kind of listing timid real estate sales people, brand new agents or folks who want to close “just one more before Christmas” should take on. Short sales are fast becoming both an integral and significant part of the market, so the rest of you agents should read this article very carefully, turn the page back and keep it handy as a ready reference as you go off into “short sale land.”
You’re out there, wading in the water and doing an admirable job of trying to get the lender to agree to a short pay-off on a transaction which is rapidly headed toward foreclosure. You’re making headway (you think) but you “gotta know when to fold em” and walk away. The risk to your brokerage firm as well as yourself is significant if you do not recognize when you are no longer able to help and need to withdraw the listing and move on.
WARNINGS: There are a number of opportunities for you to remove yourself from a short sale transaction. Your broker and your errors and omissions insurance company would both appreciate it if you:

1. Understand when these opportunities present themselves

2. Act prudently by not only removing yourself but by also documenting that by the use of a mutual release or similar document.
When any of the following occur, you should remove yourself from the listing as quickly as possible:
Bankruptcy
Judicial Foreclosure
Notice of Sheriff’s Action
I know you heard differently someplace else, but I am prepared to explain to you why removing yourself is the right option.
BANKRUPTCY: The borrower files bankruptcy, either 7 or 13. The filing of bankruptcy is a legal action, in fact a lawsuit, against all creditors. Their lender is one of those creditors. The house is not available for sale while it is under the protection of the trustee of the bankruptcy court. It can not be sold, gifted or otherwise transferred. Release the listing immediately once you are informed. It should not be re-listed unless, or until, you have written authorization from the trustee to do so. It would be a mistake to hold the listing hoping that the trustee will let you sell it after the bankruptcy has been completed. One of the trustee’s possible options is to instruct the borrower to sign a deed-in-lieu of foreclosure in favor of the lender. This means there will not be an opportunity to sell the property at all unless you later get the listing from the lender who has become entitled.
JUDICIAL FORECLOSURE: The borrower’s court date for judicial foreclosure has arrived and you do NOT have a signed letter authorizing a short sale with a closing date prior to the foreclosure date. The lender will become entitled on the date of foreclosure; the borrower who might still be legally entitled to possession does not have the legal right to transfer title. It is mutual release time.
NOTICE OF SHERIFF’S SALE: The borrower informs you, or you become aware, that a sheriff’s sale has been scheduled on the It does not matter that the lender is suddenly anxious to work with you to facilitate a short sale. State law states that the home is to be offered at sheriff’s auction, so you need to remove yourself from this transaction until such time as it has gone to the auction and the redemption period (which ends on the day of confirmation of a sheriff’s sale) has expired. The borrower’s right to redemption is a strong consumer right.
I am very aware that many short sales are being completed during this window of time. Nonetheless, state law says that they should not be, and as a licensee it would be in your best interest to refrain from any sale between judicial foreclosure and the end of the confirmation period.

Do not participate in circumventing that right by working with an investor or other buyer and the lender at this juncture. The foreclosure is still on the borrower’s record. A short sale does not save their credit. The foreclosure (when judicial) has already occurred and is documented.

A lender assuring you that they will not report it does not UNDO the fact that it is recorded as a foreclosure in local court records and that the borrower needs to answer honestly when they apply for a new mortgage, that “YES” they had a foreclosure in 2006. You may offer them hope, but no real substance, and the risk that you might later be accused of facilitating the signing over of their redemption rights is a risk you need to avoid. Keep it ethical. You might approach the lender later about representing them once the redemption period has ended; but for now, utilize the mutual release.

It’s always better to be SAFE professionally than to be sorry. You should be as diligent in the completion of files as you are in opening them. Your success rate (in life as well as in real estate) is tied to how well you recognize the age old principle of knowing when to fold.
By Mildred Wilkins, Founder and President of Home Ownership Matters, LLC.

Tax Credit Can Be Used for Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Current Market Conditions

Its no secret. The U.S. economy has slowed since the Fall, with the housing market in decline, unemployment levels rising, and consumer spending dropping sharply.

But Federal Reserve Chairman, Ben Bernanke, reports that the pace of contraction may be slowing.

He says, "We expect that the recovery will only gradually gain momentum and that economic slack will diminish slowly. In particular, businesses are likely to be cautious about hiring, implying that the unemployment rate could remain high for a time, even after economic growth resumes."

In terms of housing, the Fed forecasts indicate the housing market is in fact stabilizing. The "sharp inventory liquidation" should slow throughout the year.
Published by Realty News

St. George Information

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Tuacahn St. George, Utah

“I was awestruck,” wrote Orval Hafen, upon first seeing the area that is now home to the Tuacahn Center for the Arts. He and his wife, Ruth, bought an eighty-acre parcel in the box canyon and built a cabin below the pristine red rocks. Describing the scene at the turn of the 20th century, he stated:

“There before me lay a scene of indescribable beauty: wild, primitive, unspoiled, largely unknown, waiting to be enjoyed, waiting to inspire folks.” Within these “towering red sandstone cliffs,” he desired that “others [might one day] share this beauty and drink of the inspiration that is here.”

Orval Hafen’s vision came one step closer to reality in 1993 when Doug Stewart, noted playwright and St. George resident, stumbled upon the spot as he was searching for a location for an outdoor amphitheatre in the St. George area. “The stunning beauty and perfect surroundings stopped me in my tracks,” Stewart recalled. “I was brought to tears when I first stood there, and after taking it in for some time – envisioning an amphitheatre and a stage with an awesome backdrop of 1,500 foot red rock cliffs, and hearing the sounds of music echoing from the canyon walls – I literally flew back to town and straight to the county recorder’s office to see who the land belonged to.”

Through Stewart’s efforts, a non-profit, 501(c)(3) organization was established to raise funds for construction of the Tuacahn Amphitheatre and Center for the Arts on the 80 acre parcel at the base of Padre Canyon. The plan was more than ambitious–a 42,000 square foot facility featuring a 330 seat indoor theater, a dance studio, a black-box theater, a recital hall, a costume shop and scene shop, studios and classrooms, and a gift shop, all of which were built to complement the jewel of Tuacahn - a 1920-seat outdoor amphitheatre, which was designed as the home of the original musical UTAH!. The grounds were landscaped to compliment the magnificence of the surrounding canyon. In the spring of 1995 the 23 million dollar facility was finally completed.

From the outset, Tuacahn pursued a dual mission of providing quality arts education coupled with inspiring entertainment. The Center of the Arts provided instruction in music, dance, and drama, while the musical UTAH! debuted in the summer of 1995, rightly labeled as “America’s Most Spectacular Outdoor Musical,” complete with pyrotechnics, live animals, a massive cast, and a live re-creation of a flash flood, with over 60,000 gallons of water pouring across the stage.

Live Flood Scene From UTAH! performed onstage at Tuachan Center for the Arts AmphitheatreUTAH! recounts the story of Jacob Hamblin, who was sent by renowned colonizer and Mormon leader Brigham Young to supervise the early settlements in Southern Utah. Jacob Hamblin made peace with the native Indian population, and to this day, his treaty with the local tribes stands as the single compact between white settlers and Native Americans that has never been broken. His story was reenacted for over 250,000 patrons over the course of three years.

In the summer of 1998 Tuacahn presented a new version of UTAH! with a completely new script and in the fall of that same year Tuacahn produced an entirely new show entitled How the West Was Won featuring the acclaimed American Folk Ballet Company.

In 1999, the Tuacahn Board felt that it needed to shift its strategy and pursue a new direction. “We're proud of what we accomplished with UTAH!,” said Kevin Smith, Tuacahn's Chief Operating Officer, “but after several years of one show, it was clear that people wanted to see something new.”

Ironically, “something new” came in the form of two musicals that have been performed throughout the state for years. Instead of offering just one production for summer patrons, Tuacahn created their first “Summer Festival of Theatre,” which featured a double bill of Joseph and the Amazing Technicolor Dreamcoat and Seven Brides for Seven Brothers. The shows were well received and the amphitheatre found itself in the enviable position of dealing with huge crowds and sold-out houses. Over 100,000 people from every state in the Union and twenty-five countries attended the festival's 70 performances. “I know there were some concerns about doing familiar Broadway shows, because they’ve been performed so often, ” said Kevin Warnick, Tuacahn's Managing Director. “However, we discovered that the Tuacahn Amphitheatre provides a unique setting for these Broadway favorites that cannot be duplicated anywhere else.”

Several more successful seasons of Broadway fare followed, and the audience and critical reception was overwhelmingly positive. The Las Vegas Review praised Tuacahn’s version of Joseph for being “lively” and “engaging.” In 2000 The Salt Lake Tribune wrote of another Tuacahn production: “Tuacahn’s The Music Man revels in its good old-fashioned simplicity and its Americana sound… [and] makes a strong case to spend a breezy summer night in the quaint town of River City.”

Tuacahn’s 1999 production of Seven Brides for Seven Brothers and the 2000 production of Fiddler on the Roof included the flash flood made famous by UTAH!. The Provo Daily Herald gave Tuacahn’s 2001 production of Oklahoma! its highest rating, calling it a “solidly entertaining theater experience… as fresh and fun as it was when it premiered [on Broadway] in 1943.” The Sound of Music presented the same year became Tuacahn’s second best selling show right behind Joseph and the Amazing Technicolor Dreamcoat.

Tuacahn also presented indoor productions in its 330 seat Orval and Ruth Hafen Theatre including the very funny Greater Tuna and acclaimed musical revue The Taffetas in 1995, the stirring musical Quilters and nostalgic classic The 1940’s Radio Hour in 1996, the raucous comedy See How they Run in 2000, and the hilarious musical Nunsense in 2001.

Annie Get Your GunIn 2002 Tuacahn’s summer amphitheatre productions of Annie Get Your Gun and Joseph and the Amazing Technicolor Dreamcaoat (back by popular demand) broke all previous Tuacahn box office records, and in September of 2002 Tuacahn officially commenced with its inaugural fall season by presenting the original UTAH! which had been on the shelf since 1997. For the first time Tuacahn had combined an original work with Broadway productions

“UTAH! demonstrated that a new musical can succeed in a new environment,” says Scott Anderson, Tuacahn’s Artistic Director. “When Broadway connects with its audience and produces quality family fare like The Lion King, people are beating down the doors to see it. In The future, Anderson hopes to have new musicals being performed side by side with theatrical classics at Tuacahn. “We want musicals written by individuals with a positive, uplifting world view,” says Anderson.

In 2003 Tuacahn presented The Wizard of Oz and The King and I in the summer, and The Unsinkable Molly Brown in the fall. The Wizard of Oz broke all previous box office records.

In the summer of 2004 Tuacahn produced two classics which take place in the streets of Manhattan, namely, West Side Story and Guys and Dolls. Tuacahn constructed a fifty-seven foot single-unit steel set to recreate the New York City streetscape for the productions, and then manipulated the set to present Singin in the Rain in the fall of 2004.

2005 marks Tuacahn’s ten-year anniversary in which Disney’s Beauty and the Beast and Joseph and the Amazing Technicolor Dreamcoat are the productions chosen to celebrate this milestone.
“Ticket sales for these shows are well ahead of any season we’ve ever done and we expect that trend to continue, as we commemorate ten years of Broadway In the Desert,” says Kevin Warnick, Tuacahn’s Managing Director.

Initially, the Tuacahn Amphitheatre was almost exclusively a summer theatre enterprise. That changed forever in 2000, when Tuacahn presented its first Christmas Festival of Lights. In 2001 the Festival of Lights expanded to include a Live Nativity, presented throughout the Christmas season in the Tuacahn Amphitheatre. With professional sets, costumes, lights, and music, and with the help of an all-volunteer cast, Tuacahn recreates the sacred events of the traditional Christmas story. Mary rides in to Bethlehem on the back of a live donkey, and the Wise Men with real live camels bring gifts as they journey to find the Baby Jesus. The result is a unique presentation that touches those who see the production and all those who participate as well.

“It’s a profoundly moving experience,” said Shelyce Maxwell, who played the Virgin Mary one night in 2001, “I was seven months pregnant with my own child, and reenacting Mary’s journey made the Christmas story intensely personal for me.” The Live Nativity is free to the public attracting thousands of visitors seeking to be reminded of the true meaning Christmas.

Over the years, visitors have also enjoyed the many concerts presented in the Tuacahn Amphitheatre and indoor Hafen Theatre including such noted performers and groups as The Mormon Tabernacle Choir, The Vienna Boys Choir, Ririe-Woodbury Dance Company, Abramyan String Quartet, Victor Borge, The Utah Symphony, The Kingston Trio, Merle Haggard, Michael Martin Murphy, Kenny Rogers, The Osmond Brother, Diamond Rio and many others. The concerts have helped compliment the summer/fall theatre season and with the Festival of Lights have contributed to Tuacahn’s success in becoming a year round destination for quality entertainment

However, Tuacahn is not only known for its commitment to uplifting entertainment, it is also known for its devotion to quality education. In August of 1999 Tuacahn began operation of the Tuacahn High School, under the direction of School Administrator Dr. John P. Broberg. The Tuacahn High School known today as the Tuacahn High School for Performing Arts and Technology, is the first public charter high school in the state of Utah. The school combines a rigorous college preparatory curriculum with an emphasis in music, drama, dance and computer technology.

For two years running, the Tuacahn High School took first place in the SUU Utah Shakespearean Festival Shakespeare Competition, and has been the recipient of several music, drama and speech and debate awards received through statewide competitions. More than eighty percent of Tuacahn graduates go on to college and several Tuacahn students have received scholarships to prominent universities. “We’re defining the charter school movement in the state of Utah,” said Broberg, “and we’re redefining the role of public schools in arts education.”

The school also has a tight-knit relationship with the Amphitheatre productions. “Our students have been given unprecedented opportunities to rub shoulders with the working theatre professionals who staff the Tuacahn Amphitheatre. No other public school provides this level of exposure to a professional theatrical operation.”

Tuacahn High School reached full enrollment for the first time in 2001. Calling the enrollment numbers a “credit to the power of school choice,” Fred Lampropoulos, Tuacahn's Chairman of the Board, praised Dr. Broberg’s efforts: “Students choose to come here, and if we don't do our job well, they can choose to leave; the fact that we've reached full capacity so early in our history is a credit to how well Dr. Broberg and the Tuacahn faculty have served the educational needs of the students.”

“Tuacahn’s future is firmly planted in a quest for excellence in education and in the kind of quality entertainment that the whole family can enjoy,” says Hyrum W. Smith, Tuacahn’s Chief Executive Officer. Furthermore, thanks to the leadership of Hyrum Smith and Fred Lampropoulos, Tuacahn also has a renewed commitment to maintaining and improving the facilities while providing quality productions and exceptional customer service.

The Broadway in the Desert™ summer theatre season has expanded into the fall, the annual Festival of Lights featuring the Live Nativity is now a community tradition that runs four nights a week from the day after Thanksgiving to December 23rd, and Tuacahn has recently added spring and fall concerts to its performing arts offerings.

The Tuacahn High School continues to grow in size and capacity and has recently added a new computer lab and learning center known as the Ivins Smart Site at Tuacahn. This Smart Site not only benefit the students in the school, but also the community at large.

Established to awaken the nobility of the human soul and transmit light and hope to people everywhere through the arts and education, the Tuacahn Center for the Arts has the great fortune of having accomplished much over the last several years with so much more to achieve.

This years plays are:
ANNIE
FOOTLOOSE
AIDA

Please call Paul Jones at 435-313-6708 or email me at prjones@kw.com for more information.

Short Sales and Foreclosures

Not all homes that go into default go all the way through foreclosure. Many sell before the notice of default is finalized. Home buyers and investors are attracted to short sales and foreclosures because they want to buy a home for less than market value. Sometimes sellers in default and buyers who want a short sale or foreclosure can see eye-to-eye and enter into a profitable transaction for both parties.

But it's not for the faint of heart. Distressed home sales are often complicated and sellers have rights when in foreclosure. Both sellers and buyers should seek legal advice before entering into such a contract.

Sellers in Foreclosure

It's all too common for sellers in foreclosure to want to ignore the problem and hope it will go away. Some stick their heads in the sand. But help is available. Sellers in foreclosure have options.

* How to Stop Foreclosure can help sellers keep a home through reinstatement, forbearance, mortgage modifications or repayment plans.

* Short Sales for Sellers clarifies how to transfer title to a buyer before the redemption period ends by persuading the lender to accept less than the unpaid mortgage balance. Not all lenders will accept a short sale, however. This covers what lenders want from sellers. Negotiation is key.

* Foreclosure and Short Sale Taxes discusses how the I.R.S. will treat a foreclosure or short sale for tax purposes. It's called debt forgiveness, and until tax rules change, sellers could owe the government taxes even though sellers lost money on the sale.

Buying Foreclosures & Short Sale Homes

Not all foreclosures and short sales are profitable. To pull a home out of foreclosure, buyers need to make up back payments to the lender, pay all imposed fees and either pay off the loan or make arrangements to sell the property. Few lenders will let a buyer assume an existing obligation.

* Buying Distressed Homes involves three ways to purchase: from the seller in foreclosure, negotiating a short sale or buying from the lender after a public auction. Read this carefully as investors in California cannot be represented by a real estate agent.

* Buying Short Sales details why the process is complicated and can take much longer to close than an ordinary transaction. Not all short sales are profitable, and this article explains why.

* Buying Foreclosures before the home goes to a public auction involves negotiating directly with the seller. Buyers also have the option of bidding on a foreclosure at the public auction, but read the procedures first.

* Drawbacks to Foreclosures talks about the repercussions and inherent problems that are often present when buying a foreclosure. Buyers who bid at public auctions will benefit from getting as much information as possible beforehand.

* Defaults Hit Home Values. Nearby homes will feel the effect, which could pull the market value of a newly purchased short sale or foreclosure even lower. This article goes into detail about how appraisers determine the value in neighborhoods with distressed home sales.

Fixing Up Foreclosures & Short Sale Homes

One way to make money in real estate is to "buy low and sell high." Couple that principle with fixing up the home or improving it, and the amount of profit can be even greater. Besides, many distressed homes fall into disarray and require repairs.

* Repairs Before Resale can boost bottom-line profit. But not all repairs or improvements return 100% of an investment. Read why.

* Top Do It Yourself Mistakes. This article covers 10 common errors home owners make when trying to flip a house. Don't think about buying a foreclosure until you read this.

* Fix-Up and Sell is a five-part series with links at the end of each article to the next. It's a first-hand description involving simple to complex remodeling projects that were completed on five flipper homes.

St. George, Utah Quick Facts

Saint George is a city in Washington County.
It is the county seat.
The community was named for George Albert Smith, Mormon elder.
The latitude of Saint George is 37.104N. The longitude is -113.583W.
It is in the Mountain Standard time zone. Elevation is 2,700 feet.
The estimated population, in 2003, was 56,382.

How do Property Taxes work for the St George Utah area?

The tax rate is as approximately, .55% (or a 1/2%)per year if it is your primary residence and about double that if you are not (1%). Now, I'm not sure about what values they get derided off of because people were complaining about too much taxation when the values of their homes went down and they were going off estimated values much higher than the new values would be. Some I've heard submit for new value, don't know if that is what can be or is done at the time of the sale or not or if it goes off when it was yearly assessed at a particular time.

I just got off the phone with the Assessor's office to get the full scoop as I've often wondered. My above information is correct. But the house values are not generally reappraised or in other words, reassessed, at the time of sale. Rather, they are off the assessed values off what the county has on record for assessments Jan 1 of each year. So, homeowners do need to... can bring in escrow statement in showing value and depending on the time it is brought in..., taxes reassessments preliminary deadline closes middle of May, so if you brought it in before that time, it could be assessed towards this year. Taxes are due at the end of November, for that prior year- paid in arrears. If people want to pay monthly they can contact the Treasures office and arrange that with a coupon book.

Public notice is given to all St George homes and property owners at the end of July what the taxes are or will be assessed at that year. This can precipitate complaints or petitions in what is subsequently a Board of Equalization that meets at end of Aug and beginning of Sept. So, if a home owner had it appraised it in June (or yes if there has been a sale or a couple comparables on their street sold, could petition at that time), then could go into the Board of Equalization for a look at it, and they could reassess regarding it.

What is going on with Housing in St. George

Here are the numbers.
Number of active listings 2517
Number of pending 420
Number of expired 1475
Average days on market 143.3
REO absorption 47

New Map Search

To view all properties in Washington County check out the new search map. Look at all cities St. George Real Estate, Ivins Real Estate, Bloomington Real Estate, Bloomington Hills Real Estate and all other cities. Checkout Condos, Townhouses, Single Family and request foreclosure and short-sale lists at:

http://www.mlsfinder.com/ut_wcmls/pauljones

Sun River St. George

COMMUNITY CENTER

At SunRiver all the elements of everyday life - work, play, home, and leisure - are brought together in a magnificent setting to create a harmonious and friendly community that successfully balances privacy and sociability.

Serving as the social hub of SunRiver is the luxurious Community Center, a 29,000 sq ft multi-purpose facility packed with plenty of invigorating activities. From tennis to golf, lawn bowling to swimming, aerobic fitness celebrations, the Community Center is the focal point of activity.

Throughout the community, the 18-hole golf course winds its way past charming homes, walking paths, even a stream nearly 1/4 mile long. And although the visual appeal of the community's beautiful landscaping and quality built homes is impressive, it's the people who choose to make SunRiver their home that make this community truly remarkable. From the moment you move in, you will be welcomed by friends and neighbors who share in your ambition to enjoy life to its fullest.

LIFESTYLE FITNESS & HEALTH

The NewLife Fitness Center will be the focal point of your active living at SunRiver St. George. The NewLife Fitness Center is packed with state of the art fitness equipment; however, it is the NewLife Fitness Program that makes the difference. The NewLife Fitness Program is designed and developed to offer participants an individualized workout program based on your own strengths and weaknesses. This personalized approach to fitness is established through an initial, individual assessment with a certified personal trainer.

Your assessment focuses on use of equipment, exercise education and workouts based on your abilities. Once you are a part of the NewLife Fitness Program you receive ongoing supervision and support with follow-up assessments to track your personal progress. You will see dramatic results and be motivated to exercise through participation in the NewLife Fitness Program! Come give it a try!

We also have ongoing fitness classes, Aerobics, Yoga, Muscle Toning, health and wellness, nutrition to help you maintain your active lifestyle.


LIFESTYLE SOCIAL

EDUCATION
Learn about all the things you never had time for. In addition to the classes and activities provided at the SunRiver St. George Community Center, St. George is home to many other institutions of learning. Residents are especially enthusiastic about the opportunities offered by Dixie State College through its Institute for Continued Learning (ICL). For a small annual fee, currently about $40, you can attend classes ranging from Geology and Utah History to Broadway Musicals and Birdwatching, go on 4-wheel drive outings, participate in ICL-sponsored hikes and field trips, and enjoy several social events during the year. In addition, many residents have discovered the Zion Canyon Field Institute at nearby Zion National Park, where an intriguing range of 1, 2, and 3-day classes are offered focusing on wildlife, geology, botany, landscape photography, and regional history. And closer to home, the St. George Senior Center offers classes that often supplement those available right here in SunRiver. Clearly, at SunRiver St. George, our “active adults” are exercising both mind and body.

PLAY GOLF IN THE COMFORT OF YOUR BACKYARD

SunRiver St. George Golf Club is one of southern Utah's finest championship eighteen hole courses. The layout is set next to the Virgin River and surrounded by the most colorful desert landscape in the country. At its center, between holes nine and eighteen, is a beautiful lake, a favorite resting place for migrating birds and a challenge for golfers, who, upon reaching hole number nine, have to hit over the water.

A distinguishing feature of the SunRiver course is that it is suitable for a wide variety of skill levels, challenging the accomplished player while still accommodating the weekend novice. And soon to come is a 5500 square foot clubhouse, which will include a lounge area with a stone fireplace, a restaurant, a bar, and a golf cart storage area. The clubhouse is destined to be a gathering place where golfers and non-golfers alike can enjoy good times, good food, and good conversation.


If you would like to view the available homes in Sun River please call Paul Jones at: 435-313-6708, or email prjones@kw.com

Study: St. George, Utah Ranked Most Secure Place To Live

According to the third annual "Most Secure U.S. Places to Live" rankings from Farmers Insurance Group of Companies, the most secure location to live in the United States is St. George, Utah.

The rankings, compiled by database experts at www.bestplaces.net, took into consideration crime statistics, extreme weather, risk of natural disasters, environmental hazards, terrorism threats and job loss numbers in 379 U.S. municipalities. The study divided the communities into three groups: large metropolitan areas, mid-size cities and small towns.

The Provo-Orem, Utah, area was ranked first in the 2004 Farmers Insurance study, while the Richland-Kennewick-Pasco area in southeast Washington was tops in 2005.

"Everyone looks for a safe, secure place to live," said Jeff Beyer, senior vice-president and chief communications officer for Farmers. "Whether you are single or raising a family, a secure environment is important. It offers the well-being so necessary to succeed in today's fast paced world."

Top-ranked St. George, whose population of 110,515 places it among the small towns, offers a climate that features mild winters, low annual precipitation and clean air. St. George had the lowest crime rate of all 379 communities in the Farmers study and the lowest unemployment rate among the 138 small towns.

The Boise City-Nampa, Idaho, area topped all large metropolitan areas with populations of 500,000 or greater. Nestled against the foothills of the Rocky Mountains, the area is shielded from severe weather and has one of the lowest unemployment rates in the Farmers study. The Most Secure Mid-Size city with a population between 150,000 and 500,000 is Las Cruces, New Mexico. Las Cruces scored well in the extreme weather and unemployment categories.

Beautiful Home for Sale in St. George

Beautiful home located at 2508 S 2310 E,St. George, Utah has just been listed for only $399,000! This is a two story 3,340 square foot home located in Red Butte Subdivision. It has all the upgrades! Central Vac, Granite countertops, the works!Spectacular one of a kind custom home. Ornate natural stone & hardwood flooring accented with an impressive staircase. Brand new!! Never lived in!! Lots of storage closets. 20 foot ceiling in the great room. Totally fantastic curb appeal with an interior to match.

Sand Hollow Resort

It has been a busy spring at Sand Hollow Resort. In the past few months, thousands have been there for the parade of homes, to enjoy the nice weather, and to play the incredible golf courses. For the rest of you, here is a quick update:
They currently have 21 completed homes at the Resort, with another dozen under construction. Several more are scheduled to begin in the coming months while even more are working on their plans.
Since opening in September, The Championship Course at Sand Hollow Resort has had an astounding 22,000 rounds played! Golf Week magazine rated the course the #1 public course in the state.
Construction prices and interest rates are hovering near record lows, and on March 19th Governor Huntsman signed a bill authorizing a $6,000 “Home Run” grant to assist in the purchase in any new construction home and there is an $8,000 federal tax incentive available to qualified buyers as well (call us to see if you qualify). It seems to be raining incentives for new home buyers.
It’s always a good time to come back out to Sand Hollow Resort. See all the development progress for yourself and stop in to see us at our new Sales Center. They have moved into the parade home in the center of the resort.

An Economic Boost For Utah's Housing Market!

Those buying a new home in Utah could get a grant of as much as $6,000 under a bill recently passed. If buyers are able to combine the grant with an $8,000 federal incentive, they could get $14,000 just for buying a home.
At the state level, SB260, sponsored by Sen. Scott Jenkins, R-Plain City, sets aside $10 million in federal stimulus money for the homebuyer grants. Enough money is theoretically available to provide grants to about 1,600 people. Both the state and federal incentives have income limits. But unlike the $8,000 federal tax credit, which is designed for first-time buyers or those who haven’t owned a home in the past three years, the state grant is not targeted toward any specific type of buyer. Another difference: The $8,000 federal tax credit is available to those who buy new or used homes, while the state grant is available only for those buying new construction.
Why new construction? The sector has been the hardest-hit sector of all Utah industries affected by the downturn.
Grants of $6,000 would be available to Utahans who buy newly constructed homes and who meet certain income criteria.

Keller Williams #3 in Real Estate

Keller Williams has announced that we are the #3 Real Estate Co in the US overtaking Re/Max by 3686 agents!

Only company just in North America to grow Remax has 72 countries!

Keller Williams has no debt and profited every QTR in 08 and shared over 2 million in owner profit to associates and no layoffs at KWRI

Restoring economy begins with housing stabilization

Realtors across the country have been advocating for a comprehensive stimulus package to reduce housing inventory, make mortgages more affordable and available, and help deserving families refinance or modify their loans so they can keep their homes.
We are committed to these goals and to getting something done immediately. There can be no doubt that stabilizing home prices and restoring confidence in the housing market are critical to an overall economic recovery.
It is vitally important for President Obama and Congress to complete a bipartisan stimulus package focused on housing. The American Recovery and Reinvestment Act of 2009 is a good start, but much more needs to be done. It is imperative that the federal government act immediately to encourage homebuyers to re-enter the market and to stop families from losing their homes to foreclosure.
Federal "rescue" dollars should be directed to buy down mortgage rates - a half million additional homes could be sold if interest rates were lowered by just 1 percentage point. Additionally, banks must find ways to help prevent foreclosures and unclog the credit market. These steps are necessary to stabilize housing and ensure that home values do not become artificially low, exasperating today's problems.
Realtors support a $15,000 homebuyer's tax credit and its expansion to include all homebuyers, not just first-timers. The elimination of the repayment feature and the credit extension through December 2009 will have a meaningful impact for home buyers. Reinstating the increased FHA, Fannie and Freddie loan limits that expired Dec. 31, 2008, also will help the recovery by increasing mortgage liquidity. Banks need to begin lending again.
The federal government, Realtors, lenders and local municipalities need to work together to turn the economy around. President Obama and Congress will have to move quickly to get a comprehensive housing recovery plan in place to protect families, homes and jobs. A stable housing market is the only way to begin an economic recovery.
We see first-hand that consumer confidence is shaken, but we find the dream of homeownership still very much alive. We urge all parties to work together - and work quickly - to restore confidence in the housing market and the U.S. financial system.
BY VARDELL CURTIS

If you are interested in purchasing or selling Real Estate please call Paul Jones at 435-313-6708 or email prjones@kw.com

Buying A Home In Southern Utah

Finding homes, such as resale, new homes, pre-construction, home builders, luxury homes, condos, townhomes, land, lots, golf course community, gated communities, retirement community, or investment property, and getting relocation help in St George Utah and the surrounding communities, such as Santa Clara, Washington City, Ivins, Entrada, Leeds, Veyo, Hurricane, LaVerkin, Toquerville, Central, Pine Valley, Brookside, Dammeron Valley, Gunlock and New Harmony, is sometimes a challenge. You can find it here on my St George Utah real estate website, though. In fact, make your home search easier and become a VIP Buyer. Get immediate information on ALL new listings that match your criteria emailed to you. As always, if you have any questions about the Southern Utah real estate market, or finding that perfect home here in the St George area, please let me know. Please call me at (435) 313-6708
Paul Jones.

Thank You For Visiting Your Southern Utah Real Estate Information Source! I strive to provide the highest quality of service to all our clients while making each transaction as profitable, professional, successful and stress-free as possible. I understand the importance of professional ethics, integrity and continued education. Call or E-MAIL me today for information on your next Southern Utah real estate transaction.
Paul Jones
prjones@kw.com
435-313-6708
Website: http://www.paulsellsdixie.com