I am providing the following statistics to contrast with the State of the Union information to be offered this evening. By no means is this a pre-emptive strike, but an attempt to help you see that Utah has a lot of good going for those that live here.
Forecasts on the U.S. Economy are not as cheery in light of the massive fiscaland monetary stimulus that was pumped into our economy due to thepainful recession. Growth is expected to be below standard in the first half of 2012.
Nationwide, most economists forecast national home prices stabilizing by mid-year 2012, with a very modest price appreciation following. Fixed rate mortgages have been at a 60 year low below 4% for a 30 year fixed rate mortgage.
We currently rank 3rd behind North Dakota and Oklahoma in employment growth rates over the past year. Over 32,000 new jobs were added in the last 12 months. We have recaptured of about half of the jobs lost in the recession from 2008-2010.
Forbes magazine has ranked Utah #1 in the nation as the best state in the U.S. for doing business and establishing a successful career. The second year in a row for this accolade, Forbes stated: “No state can match the consistent performance of Utah.”
According to the latest national reports, Utah foreclosure filings were at 3,285. This is up in November 74% from October, but 23% below November 2010. Inventory rates have dropped about 30% from last year, sales are up almost 10% and median sales price has dropped 8.4% to $175,000
Jeff Thredgold, a respected Utah economist said: “One could make a case to delay a home purchase for 6-12 months, but mortgage rates could rise enough to offset any slightly lower home price. Now may be an outstanding time to purchase a new or foreclosed property and to refinance a mortgage.”
Great things can be expected of our great state and our strong local economy as well as the increasing diversification of employers & employment. Utah is gaining ground still as a place to conduct business. Something we already seemed to know…
May you have a great and prosperous year. Please let me know how I can be of service to you or others you know.
All the best,
FHA Condo Approval Changes Compound Housing Woes, Limit Condo Options
If you own a condo, or hope to buy one someday, changes in FHA’s mortgage program could end up costing you — and further crimp the housing market. Read
Visit houselogic.com for more articles like this.
Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®
Incandescent light bulbs have been saved from a January 1 deadline by a last-minute rider which stopped or de-funded a ban on cheap, energy-guzzling light bulbs. According to the 2007 energy standards more energy-efficient bulbs would be required to be manufactured and sold.
The original idea was bipartisan in creation, but has come to be hated as a big-government approach to controlling how we live.
I personally know people who have nearly panicked at the idea of not having their trusty incandescent bulbs as the carpet seemingly is pulled out from under them. Congrats to the Federal Government for easing our collective pain a little and giving us time to move in the desired direction.
Thad Barkdull was born in Ohio and raised in Virginia. After graduating from BYU in 1996, he went to medical school at the Uniformed Services University of Health Sciences, the U.S.’s military medical school (class of 2000). He completed Family Medicine Residency in Fort Belvoir, Virginia, in 2003, and then served multiple assignments in the U.S. Army in Utah, Virginia and Hawaii, as well as two tours to Iraq with the 4th and 2nd Infantry Divisions. Dr. Barkdull also completed a fellowship in Sports Medicine in 2007, and then trained Family Medicine, Pediatric, Transitional, Internal Medicine residents and medical students in sports medicine at Tripler Army Medical Center in Honolulu, Hawaii for the past four years.
Dr. Barkdull has been able to hone his skills in sports medicine as an assistant team physician for the Georgetown University Hoyas Athletics Department, and Madison, Virginia High School Athletics Department, as well as providing medical consultation and “sideline” support for the Hawaii State Football Championships, the Kona Ironman World Championships, USA Boxing, Mixed Martial Arts tournaments, and the X-terra Cross Country World Championships, as well as humanitarian service in Bangladesh after Cyclone Sidr in 2007, and in Nepal.
Dr. Barkdull is happy to provide some new, unique services to the Tri City Family, including:
1. Acupuncture (typically fee for service, check with your insurance provider to see if they provide any coverage)–musculoskeletal injuries, digestive disorders, pain disorders, smoking cessation and more!
2. Exercise Treadmill Testing (assess functional capacity, risk of heart disease, and determine rehabilitation progress after cardiac stenting or bypass surgery)
3. Prolotherapy and PRP (treatments using your own body’s healing factors to accelerate the repair of injured ligaments and tendons–also fee for service, not typically covered by insurance)
4. Guidance and counseling on exercise programs
5. Assessment of sports-specific injuries and medical concerns, including disordered eating, safe exercise with chronic health problems (ie. asthma, diabetes), overtraining syndrome, and many more (seehttp://www.amssm.org/BrochureImages/WhatisaSportsMe-1.pdf to learn more about what a sports medicine specialist does)
6. Coming soon: Musculoskeletal Ultrasound. Dr. Barkdull has extensive training in utilizing ultrasound to diagnosis many musculoskeletal injuries, as well as using ultrasound to ensure appropriate placement of injections in musculoskeletal conditions like arthritis and overuse injuries).
While Dr. Barkdull is excited to bring his sports medicine skills to Utah Valley, he also loves to practice all aspects of Family Medicine, including obstetrics. Please call now if you would like to learn more about how he can help you get and stay healthy.
He, his wife and three daughters live in Pleasant Grove.
Thad is accepting new patients.
Tri City Medical Clinic, Inc.
830 North 2000 West
Pleasant Grove , Utah 84062
Location Phone: 801-756-3511
Location Fax: 801-756-1705
New Guidelines Affect Loan Modifications and Credit Scores
By: Christine Hynes
New Guidelines Affect Loan Modifications and Credit Scores
Starting November 1, 2009, borrowers can have a little more assurance when it comes to loan modifications and how they impact credit scores negatively.
Previously, the effects of a loan modification on one’s credit score was something of a mystery. Some banks would not report late or partial payments to the credit bureaus during the trial modification process while others would. This led to confusion among borrowers, leaving many afraid of further damaging their credit with a loan modification.
Thanks to new guidelines set forth by the Consumer Data Industry Association, loan modifications under federal programs Making Homes Affordable and the Home Affordable Modification Program are to be listed on credit reports as, “loan modified under a federal plan”. This notification on the credit report will not have the same negative impact previous entries such as “partial payment” have had. In many instances, a report of a partial payment during the trial loan modification period could drop a borrower’s credit score as much as 100 points.
For the time being, FICO has agreed to take no action on these new entries… yet. Instead the credit reporting agency plans on studying the long term outcome of these loans and then making an appropriate score assessment based on the success rate of modified loans. As it stands now, banks are supposed to report the loan as current if the borrower is current on their normal mortgage payment and is current through their trial. However, if a homeowner is behind on their payments as they begin the trial process, their late entries on their credit report will not be expunged. When the permanent loan modification is approved and implemented that is when their loan will be brought current, but the late that are currently on the credit report will continue to report on the credit report.
It is important to note that these new guidelines only apply to loan modifications under the umbrellas of the federal loan modification programs MHA and HAMP. Individual bank loan modifications do not qualify and the banks will report to the credit agencies based on their specific policies. In addition, even if the borrower’s credit score is not affected by the “loan modified under a federal plan” entry will still be visible on a borrower’s credit report, which may affect a lender’s decision somewhere down the line.
Ultimately, the decision still rests with the homeowner on how to proceed with their specific situation. While a loan modification may or may not have an impact on credit reports, the impact of a foreclosure or short sale on credit scores will most likely be far more severe.
Finally, FICO will wait one year in order to gather data on this new ruling to see if they will retroactively decide to report negatively on the borrower’s credit report. This of course will be an across the board decision. And yes, they will retroactively ding your credit if they decide that is the appropriate course of action. However, any creditor that pulls your credit will still see some type of term listed on the credit referencing a loan modification. This means the new creditor will be aware of the modification, which may impact their decision.
* Provide help in most states.
(ArticlesBase SC #1495272)
(used with permission of seller of the property that received agreed settlement short of full payment).