The Northern Wasatch Association of Realtors October issue of “The Voice” provided a brief report on the September 2008-2009 homes in Utah. The total number of home sales year to date is 3,802 and the average selling price was $241,260. The low price was $11,500 and the high price was $875,000. The number of homes sold declined from 2008 to 2009 in zip codes 84015, 84016, 84075, 84201, 84404, 84414, 84067, & 84315. The selling price of homes followed suit, i.e., where there was a decline in number of homes sold, there was also a decline in average price. The difference in the number and prices of sales among the remaining zip codes was minimal except for the higher end that existed in zip codes 84310, 84317, 84018, & 84050.
Given the data, much of the media suggestions that the nation is in recovery would appear to be less than accurate. In my opinion, if the seller does not have to sell, it would be wise to sit tight. There is still a large inventory which continues to drive prices down. It is a great time to buy, although there are still challenges for financing. I still am waiting for an answer as to where the bailout money is and why lending is still so tight.
Avg. Sales Price: 379,000
Free Market Alerts 
The Federal Reserve has pledged $1.25 Trillion ($1,250,000,000,000.00) towards the Mortgage Backed Security Purchase Program, which has driven interest rates to near 100 year lows. Today we have about $297,000,000,000.00 ($297B) more to be used in this program, which is scheduled to run 1st quarter of 2010.
The money has been used to purchase conforming and FHA mortgage debt this over the last year. Ihas not gone towards jumbo or stated income programs, which we won’t likely see again for several years, when values start to steadily increase and foreclosures subside.