Township in Salt Lake County

Township in Salt Lake County
Settlement of the area began in 1851 shortly after the Mormon pioneers reached the Salt Lake Valley. Early Farmers settled in 1868 at the base of the northern Oquirrh Mountains and called their community Pleasant Green. By 1900, there were about 20 families in the area. 

During the 1970s, as part of a general west valley suburbanization trend, the community experienced more dramatic growth. Inexpensive land south and east of the historic town center began being developed into moderate priced single-family homes. The new neighborhoods trended to attract middle-income working class couples with younger families. 

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How to Identify a Healthy Housing Market

How to Identify a Healthy Housing Market

Houston-based real estate consulting firm Metrostudy uses 'drive-bys' to help it gauge the health of the residential market in different U.S. metro areas.  Employees drive through newly built—or still under construction.. 

If there are toys on a house's front lawn, for example, that is a good sign that a family has moved in.  Another positive sign is if a garden hose is attached to the side of the house.  Not only is the home occupied, it also has an owner who cares about his or her property. 

Among the bad signs are the absence of curtains in the windows, a high number of empty lots, and newly completed but clearly vacant houses.  Metrostudy researchers say these are indicators that a developer may have badly overestimated demand and could soon be saddled with inventory. Download here: Common Closing Costs for Buyers

Closing Costs Rise 6% Over Last Year

Closing Costs Rise 6% Over Last Year

Mortgage closing costs are up 6 percent over the past year, according to a report from Bankrate.com. 

The average closing cost across the United States rose over the year to $2,402. Origination fees increased 8 percent to $1,730—accounting for the bulk of the increase in closing costs—while third-party fees rose 1 percent to $672. 

Demand for Non-Traditional, Sub-prime Loans Up: Adding to concerns of a new housing bubble, lenders reported an increase in demand for “non-traditional” 

Rising Mortgage Rates Show Impact

Rising Mortgage Rates Show Impact

Rising mortgage rates are beginning to impact the housing market, as pending home sales declined in June after reaching the highest level in more than six years, according to the National Association of REALTORS®. May but still 10.9 percent higher than June 2012.

“Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June,” said NAR chief economist Lawrence Yun. He noted that a persistent lack of inventory also contributed to lower contract signings. See Rates: Mortgage Rates Bounce Around This Week  Mortgage rates ticked up this week but still remain “relatively low 

Home prices rose 'Near Five-Year High'

Home prices rose 'Near Five-Year High'

Case-Shiller Indices: Home prices rose to their highest levels in almost five years in May, increasing by a non-seasonally adjusted 2.5 percent, according to the Case-Shiller Home Price Indices released Tuesday.

The 10-city index rose to its highest level since September 2008, and the 20-city index to its highest level since October 2008.

All 20 cities included in the survey improved both month-to-month and year-to-year.

Construction Spending Dipped in June: Housing construction, meanwhile, was flat for the month, with a gain in remodeling offsetting a decline of 0.8 percent in single-family construction and a drop of 3.3 percent in multifamily housing development. Even with the slowdown, residential construction activity was 18.1 percent higher than in June 2012.

Eminent Domain for Troubled Mortgages

Eminent Domain for Troubled Mortgages

City Moving Forward: Despite national controversy surrounding the issue of using eminent domain to stop foreclosures, the city of Richmond, Calif., will become the first to implement the practice.

The city plans to use eminent domain to buy underwater mortgages and reduce home owner debt by refinancing the loans. The intention is to keep struggling home owners in their homes. 

About two dozen local and state governments — including Newark, N.J., Seattle, and several other cities in California — have been considering similar uses of eminent domain. 

But strong opposition has kept other cities from moving forward with such a plan. Lawmakers, banks, and members of the real estate industry — including the National Association of REALTORS® — have argued against using eminent domain in such a way, calling it unconstitutional and unprecedented.  “The banks have warned that such a move will bring down a hail of lawsuits and all but halt mortgage lending in any city with the temerity to try it,”  See Report....

Is Home Ownership Becoming Too Exclusive?

Is Home Ownership Becoming Too Exclusive?

Homeownership Rate at Its Lowest Since 1995: The home ownership rate dipped to 65.1 percent in the second quarter, falling to the lowest level since the fourth quarter of 1995, the Census Bureau reported Tuesday.

The drop coincides with efforts by consumer groups and lawmakers to try to make home ownership more inclusive, particularly at a time when affordability is still high. 

In 2004, the U.S. home ownership rate soared to a record 69.2 percent. But the home ownership rate will likely reach bottom at about 64 percent in the next year due to the high number of foreclosures in the pipeline and rise in rental homes, capital Economics Inc. analysts predict. Meanwhile, lawmakers and consumer groups are trying to make home ownership more within reach to more families. Watch our video:Home Sales Index Falters in June Remain High on Annual Basis: Responding to higher mortgage rates,