What State Is The Best For Buisness And Careers?

That's right, it is UTAH! Check out why...

No. 1 Utah

2009 Rank: 3

Business Costs Rank: 8

Labor Supply Rank: 5

Regulatory Environment: 6

Economic Climate: 1

Growth Prospects: 20

Quality of Life: 18

Utah tops our fifth annual ranking, knocking longtime leader Virginia from the top spot.

When voters in 37 states select their governors next month, the overriding issue will be, of course, the economy.

A recent CBS News poll found that 54% of adults think the economy and jobs are the most important problem the U.S. is facing today. Health care ranked a distant second, with 7% of the tally. Almost every state experienced decreased output, a loss of jobs and budget shortfalls during the economic downturn. Nationwide employment has declined by 7 million jobs over the past two years while gross domestic product growth has been sluggish this year after a 2.6% drop in 2009. No state has emerged unscathed.

But some areas are doing better than others, and for many of them, it isn't an accident. Who's doing the best job when it comes to fostering growth? Utah, according to our fifth annual look at the Best States for Business. The Beehive State captured the top spot in our rankings for the first time, after a four-year run by Virginia at the head of the list.

Utah's economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. This is three-and-a-half times faster than the U.S. as a whole. Total employment in the U.S. has shrunk over the past five years, but in Utah it increased 1.5% annually, fourth-best in the nation. Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average.

"We have a fiscally conservative government where we are trying to keep government off your backs and out of your wallet. We want the free market do what it does best," says Utah Gov. Gary Herbert, a Republican running for a full term this year after taking over the job in August 2009, when then Gov. Jon Huntsman was appointed U.S. ambassador to China.

Utah lowered its corporate tax rate from 7% to 5% in 2008, to the delight of businesses. The rate is now one of the lowest in the country. The regulatory climate is also pro-business, with the Pacific Research Institute rating Utah second-best in the regulatory component of its U.S. Economic Freedom Index. "We want to make sure we don't have any nonsensical regulations that inhibit the private sector from expanding and having a profitable bottom line," says Hebert.

Other factors the state have going for it include energy costs 35% below the national average; an educated labor force, with 90% of residents holding a high school diploma (and 29% a college degree); a great quality of life with low poverty rates; a healthy populous; and ample recreational opportunities. Utah boasts a triple-A debt rating from Moody's ( MCO - news - people ), S&P and Fitch. Earlier this year Forbes crowned Utah the country's most fiscally fit state government.

Companies across the country are taking notice. Goldman Sachs ( GS - news - people ) keeps expanding its operations in Utah, and its Salt Lake City office is now the company's second-largest in North America. Adobe ( ADBE - news - people ) announced plans in August to build a new campus in Utah that will create 1,000 new jobs there, building on its $1.8 billion purchase of Orem-based Web analytic firm Omniture ( OMTR - news - people ) last year. Oracle ( ORCL news - people ) and eBay ( EBAY - news - people ) are both building massive data centers outside Salt Lake City. -

Our Best States ranking measures six vital categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. We factor in 33 points of data to determine the ranks in the six main areas. Business costs, which include labor, energy and taxes, are weighted the most heavily. We relied on 10 data sources, with research firm Moody's Economy.com as the most-utilized resource.

Sources: Moody's Economy.com; Pollina Corporate Real Estate; Pacific Research Institute; Tax Foundation; Sperling's Best Places; Better Government Association; Census Bureau; SBA; FBI; Dept. of Education; Forbes.

Posted by MichaelLibbie | 10/15/10 08:55 AM EDT

30-Year Mortgage Rates Plumbet To New Lows Today...

Freddie Mac reports that the average interest on 30-year fixed mortgages slipped to an all-time low, for the third consecutive week, to 4.19 percent.

At the same time, 15-year fixed-rate loans and the five-year adjustable-mortgage rate both also hit record lows. Rates on the former were 3.62 percent, while the latter averaged just 3.47 percent.

Source: The Wall Street Journal, Nathan Becker (10/15/10)

Economists Say Housing Has Already Hit Bottom

Beacon Economics analyzed home affordability and came away feeling optimistic.

Beacon Economics founding principal Christopher Thornberg, whose firm advises a variety of business clients, says the high level of affordability is likely to drive demand and reduce the stock of excess inventory, ultimately resulting in the need for new housing, a rise in prices, and a pickup in new construction.

"While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us," says Beacon Economics Research Manager Jordan G. Levine. "We expect prices to stabilize around current levels and likely be higher in the next 12 months."

Source: Beacon Economics (10/11/2010)

Mortgages Hit Lowest Levels Since 1950s

Thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on records dating back to 1971, from 4.32 percent last week.

A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent last week, and the one-year ARM dropped to 3.40 percent this week from 3.48 percent.

Source: Chicago Sun-Times (10/08/10)

Mortgage rates drop to lowest on record...

30-year benchmark slides to 4.27 percent with 15-year at 3.72 percent

NEW YORK — Rates on 30-year mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.

The average rate for 30-year fixed loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That's the lowest on records dating back to 1971, and down from 4.32 percent the previous week.

The average rate on 15-year fixed loans, a popular choice for refinancing, dropped to 3.72 percent from 3.75 percent. That was lowest on records dating back to 1991.

Rates have mostly fallen since spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields.

The 30-year rate was 5.08 percent at the beginning of April, while the 15-year rate was 4.39 percent.

In recent weeks, Treasury yields have dropped as investors predict that the Federal Reserve will soon boost its Treasury purchases to help boost the economy. That has pushed down rates.

The yield on the closely watched 10-year yield reached its lowest point this year at 2.39 percent Wednesday following a surprisingly weak employment report.

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However, historically low rates haven't helped the struggling housing market, which recorded its worst summer in more than a decade.

Sales this fall are not expected to improve that much. Job concerns have kept many people from buying homes. Tighter credit standards have also dissuaded many would-be buyers from purchasing. Experts also expect the worst-hit cities to face more foreclosures and other distressed sales.

To calculate average mortgage rates, Freddie Mac collects rates from lenders around the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a given day.

Rates on five-year adjustable-rate mortgages averaged 3.47 percent, down from 3.52 percent a week earlier. Rates on one-year adjustable-rate mortgages fell to an average of 3.40 percent from 3.48 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount. The nationwide fee for loans in Freddie Mac's survey averaged 0.8 a point for 30-year mortgages. It averaged 0.7 of a point for 15-year and 1-year mortgages and 0.6 of a point for 5-year mortgages.

© 2010 The Associated Press.

12 Questions to Ask When Choosing a REALTOR

1. How long have you been in residential real estate sales? Is it your full-time job? (While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.)

2. What designations do you hold? (Designations, such as GRI and CRS, which require that real estate professionals take additional, specialized real estate training, are held by only about one-quarter of real estate practitioners.)

3. How many homes did you and your company sell last year?

4. How many days did it take you to sell the average home? How did that compare to the overall market?

5. How close to the initial asking prices of the homes you sold were the final sale prices?

6. What types of specific marketing systems and approaches will you use to sell my home? (Look for someone who has aggressive, innovative approaches, not just someone who’s going to put a sign in the yard and hope for the best.)

7. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? (While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. A good practitioner will explain the agency relationship to you and describe the rights of each party. It’s also possible to insist that the practitioner represent you exclusively.)

8. Can you recommend service providers who can assist me in obtaining a mortgage, making repairs on my home, and other things I need done? (Keep in mind here that real estate professionals should generally recommend more than one provider and should tell you if they receive any compensation from any provider.)

9. What type of support and supervision does your brokerage office provide to you? (Having resources, such as in-house support staff, access to a real estate attorney, or assistance with technology, can help a real estate professional sell your home.)

10. What’s your business philosophy? (While there’s no right answer to this question, the response will help you assess what’s important to the real estate practitioner—fast sales, service, etc.—and determine how closely the practitioner’s goals and business emphasis mesh with your own.)

11. How will you keep me informed about the progress of my transaction? How frequently? Using what media? (Again, this is not a question with a correct answer, but that one reflects your desires. Do you want updates twice a week or don’t want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?)

12. Could you please give me the names and phone numbers of your three most recent clients?

by Jim Cannon on Friday, September 24, 2010 at 1:30pm

HGTV'S House Hunters Is looking For Families in Utah

Are you looking for your first or new home in Utah?

HGTV's "House Hunters" has contacted me inquiring if I and interested Utah Buyers would like to be featured on their show.

If you are in the process of buying your first or new home, are not yet represented by a confident and knowledgeable Realtor, and would like to be featured buying your home on "House Hunters" where you will be seen in over 97 million households nation wide, Please give me a call, Email, Text or comment with your contact info here.

There is a process to this and HGTV will require that we film and send an audition tape, audition forms and applications so they can get a better understanding of our personalities, wants & needs for your new home, and look.

If you are interested Leave your contact information in the comment section and I will contact you within 24hrs.

Best Regards,

Parker Smith, REALTOR®
Certified Negotiation Expert
Windermere Real Estate
(801) 836-4393
ParkerSmith@Windermere.com
http://www.parkersutahproperties.com/

Home Buying and Selling Tips for Fall

HGTV’s real estate site Front Door says the weeks between now and the end-of-the year holidays are the best ones to find a bargain. Here are some of their tips for fall buyers and sellers:

Fall Sellers:
· Replace faded summer plants with fall-blooming flowers and add autumn decorations to the home.
· Expect low-ball offers and be prepared with higher counter offers.
· Freshen up listing photos by shooting pictures that make it less obvious that the seasons have changed.
· Price the home to sell. A price that is a little lower than the competition may be a winning move.
· Be willing to show the property and hold open houses whenever potential buyers are ready.

Fall Buyers:
· Look for motivated sellers who have a reason to move on by the end of the year.
· Explore new constructions. Builders are often particularly interested in selling before the new tax year.
· Beware of fall maintenance issues. Consider overflowing gutters and leaf-covered lawns warning signs.
· Shape offers carefully. Even in this market it is possible to turn sellers off with a too-low bid.

Source: FrontDoor.com (09/16/2010)

Number of Price Reductions Rise in Some Cities

Price reductions on properties for sale have increased for the third consecutive month to 26 percent, according to statistics provided by Trulia.com.

While home sellers in some cities cut prices aggressively, those in 24 of the 50 cities tracked by Trulia held steady.

“We’re seeing gradual improvement in many U.S. cities – several for consecutive months,” said Pete Flint, CEO of Trulia. “What this shows us is that while we’re in for a long climb to bring stability back to the housing market and while it’s going to take time, that climb appears to at least be underway in some parts of the country.”

Cities with the highest percentage of price reductions in September were:
1. Minneapolis, 43 percent
2. Milwaukee, 40 percent
3. Phoenix, 39 percent
4. Mesa, Ariz., 37 percent
5. Albuquerque, N.M., 35 percent
6. Memphis, Tenn., 35 percent
7. Boston, 35 percent
8. Tucson, Ariz., 34 percent
9. Baltimore, 34 percent
10. Dallas, 34 percent

Cities with the lowest percentage of price reductions in September:
1. Detroit, 16 percent
2. Miami, 18 percent
3. Oakland, Calif., 19 percent
4. El Paso, Texas, 19 percent
5. San Jose, Calif., 20 percent
6. New York, 20 percent
7. Los Angeles, 22 percent
8. San Antonio, 23 percent
9. Denver, 23 percent
10. Fort Worth, Texas, 23 percent

Source: Trulia.com (09/15/2010)

4 lessons from a 97-year-old Realtor...

More than 7 decades in the business have given him wisdom; he shares a few gems.

By John Roach of SwitchYard Media

Buy a house today if you can, but don't sell one if you don't have to, says George W. Johnson, a 97-year-old real-estate agent who has been working the Seattle market since 1936.

Johnson, who is reluctant to call himself America's oldest real-estate agent — he says he just learned of a 99-year-old broker in Florida — has seen his share of housing booms and busts since he hung his first real-estate shingle 74 years ago.

"I've been through a lot of these ups and downs," he says, remembering the property boom that followed World War II, as well as the deep downturn in the 1970s when Seattle's biggest employer, Boeing, laid off thousands of workers.

Through it all, Johnson says he has learned many enduring lessons. Chief among them: After every housing recession, the market has "gone higher than the one before." You have to have the stomach to hang on through all of the twists and turns, he says.

This market a 'baby' compared to days past

Johnson wasn't always a real-estate guy. He was born to a farming family in South Dakota on Dec. 22, 1912, and moved to Seattle at the height of the Great Depression to attend college and pursue a teaching career. To make ends meet, Johnson juggled three jobs at one time. He delivered milk for a while. "Whatever you could do to get by with, you did it."

Then, in 1936, he started dabbling in real estate. Unemployment hovered around 30%, soup lines stretched around blocks, homelessness was rampant.

"You could have bought the best house in (the Seattle neighborhood of) Ballard for $3,500." Times were tough. The current real-estate market, Johnson says, is "a baby" by comparison.

"In addition to the Depression, we had the drought at the same period, so it was just compounded. You wouldn't believe the things that happened during that period."

Johnson, a natty dresser who drives himself to work every day — including Saturdays – managed to carve out a niche as a service-oriented agent. When the economy turned at the end of World War II, he opened up his own shop in Ballard, north of downtown. He and his sons have run George W. Johnson Realtors ever since, weathering the ups and downs in the market with confidence that profits are there for the making.

"I've lost a lot of money in a lot of things, but I've never lost in real estate," Johnson says. He remembers selling his first house in the 1930s for about $1,500. "It's probably worth $300,000 now."

4 real-estate tips from Johnson

You can't thrive in the real-estate industry for this long without learning some useful lessons along the way. Here are some of Johnson's pearls of wisdom:

Beware one-company towns:

Cities dependent on a single company or industry are more

vulnerable to jarring downturns if the economy goes south. The Rust Belt's old factory towns have made that abundantly clear.

The Seattle market turned particularly grim in the late 1960s and early '70s when Boeing, the aerospace giant, laid off more than 60,000 people in the Seattle area. "Boeing was about the only major company we had other than (the University of Washington)," he recalls. "Now we've got a much broader base to help out … it is altogether a different proposition."

Johnson counsels homebuyers to look beyond real-estate values and investigate an area's fundamental economy before making a purchase.

Don't get greedy.

Johnson blames "plain old greed" for the latest real-estate downturn — people got caught up in the enthusiasm of the moment and banks egged them on with cheap loans.

"Everybody was out to buy a house, raise the price, double it and make a quick buck," he says, shaking his head. "People signed up for stuff that they knew they shouldn't have and they couldn't pay (for) and of course the banks helped them."

Johnson is old-school in that way. At the heart of his real-estate philosophy is his fundamental belief in personal responsibility. "You've got to be able to hang onto a house until conditions are such that you can make a little money," he says, emphasizing that each and every potential homebuyer should make an honest assessment of his or her financial potential and should be wary of offers that seem too good to be true.

"People aren't as dumb as the media is making them out to be. They knew what they were getting into," he says.

But he is compassionate for those who have run into honest trouble. "It's tough on people who lost their jobs and are now losing their homes and that type of thing. It always is," he says.

Their pain, however, is the buyers' gain.

Timing is everything.

"In this market, any young person that hasn't bought a house ought to buy one," Johnson says. "A buyers market doesn't come along that often … you just can hardly help but make money on whatever you buy today at the prices they are."

Johnson says rates are only going to go up over the long term, so borrowing will cost more.

If you don't have to sell, hang on.

Unfortunately, Johnson expects sellers to continue to suffer, at least for now. Buyers, on the other hand, "know it's a buyers market – they are going to come in with offers below what we've appraised it at just because they know a lot of people have to sell," he says.

Despite the continued housing-market struggles, Johnson is confident that the latest downtrend is largely over. "We are headed up," he says, "but like I said, I think it is going to be slow. It will take a year or two at least."

And as the market heads up, Johnson hopes to be there helping his customers buy and sell homes just as he has for most of his life – out of a small, family office dedicated to service with a smile.

"We've done a good job," he says of his business. "We've been careful and honest and thorough and it's been good service, and I think that will always produce, no matter what business you're in."

Utah's economy 'holding steady'

September 16th, 2010 @ 1:58pm

By Linda Thomson, Deseret News

SALT LAKE CITY -- Utah's economy appears to be "holding steady" with a higher unemployment rate in August 2010 than the same month last year. But the state is also adding new jobs.

Utah's unemployment rate for August was 7.4 percent, which is 1.6 percentage points higher than the unemployment rate seen in August 2009, according to statistics released by the Department of Workforce Services. The unemployment rate in July 2010 was 7.2 percent.

During the last 12 months, about 18,900 jobs have been added to the state's economy.

The numbers suggest "the Utah economy is operating in a mild state of recovery," according to Mark Knold, economist for the Department of Workforce Services.

"It is probably more reasonable to view the economy as holding steady than rebounding (hovering between job losses or gains)," Knold said. "The entire national economy seems to have fallen into a holding pattern during the summer months, and by extension that same pause is probably permeating Utah also."

The national unemployment rate is 9.6 percent.

"The economy is just kind of stuck," said Knold. "It's not moving backwards, but it's not having a lot of luck in moving forward."

Knold said the worst of the recession is over, but the immediate future doesn't look great.

"We've hit our bottom, but we're not getting a sharp turnaround. We're going to get this delayed, stagnant kind of action and it looks like it's going to be kind of ho-hum through the end of the year," he said. "We starting to look at the early part of 2011 as coming back to life a little bit. That is kind of predicated on the springtime building season, but that's kind of questionable."

"We went through two years of job contractions and now we have a period of job nothingness — and sometimes that can be as unwanted as the job losses because you don't get a chance to get people back on their feet who were dislocated," Knold said.

The department's monthly employer survey indicates that construction and manufacturing have shown year-over-year job losses.

Education and healthcare are the strongest areas in Utah.

Professional and business services areas have expanded and produced new jobs, however much of this could be due to growth in the temporary help category.

E-mail: lindat@desnews.com

It has happened, have YOU missed another great oppertunity - 30-Year Mortgage Rates Rise

Average interest on 30-year fixed mortgages rose for the first time since June, lifting to 4.35 percent this week from 4.32 percent last week and 5.07 percent a year ago, reports Freddie Mac. Rates for 15-year fixed loans held at 3.83 percent, the record low set last week.

Also, the five-year adjustable-rate mortgage averaged 3.56 percent, compared to 3.54 percent last week and 4.51 percent a year ago; and the one-year ARM fell to 3.46 percent from 3.5 percent last week and 4.64 percent a year ago.

Source: The Wall Street Journal, Amy Hoak (09/10/10)

Most Home Buyers Have No Regrets

A study from Bankrate found that 90 percent of owners do not regret buying their home.

The findings also revealed improved mortgage awareness, with only 8 percent of home owners in the dark about what type of loan they have -- down from 26 percent two years ago.

The poll of 1,001 randomly selected home owners in August showed that 79 percent had fixed-rate financing, and this type of mortgage was used by almost 90 percent of respondents.

Source: Realty Times, Broderick Perkins (09/02/10)

July Home Sales Rise

The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun , NAR chief economist, cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

Source: NAR

6 Reasons to Reduce Your Home Price

Article From BuyAndSell.HouseLogic.com

By: G. M. Filisko
Published: March 19, 2010

While you'd like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can't control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it's time to lower your price.

1. You're drawing few lookers

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it's overpriced and are waiting for the price to fall before viewing it.

2. You're drawing lots of lookers but have no offers

If you've had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home's been on the market longer than similar homes

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you're pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there's something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline

If you've got to sell soon because of a job transfer or you've already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It's not how much money you need that determines the sale price of your home, it's how much money a buyer is willing to spend.

5. You can't make upgrades

Maybe you're plum out of cash and don't have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn't as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it's time to accept that buyers expect to pay less for a home that doesn't show as well as others.

6. The competition has changed

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what's still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

Buying Is a Good Investment, If You Choose Right

Pessimists are implying that the housing market will never get any better and housing will always be a lousy investment.

Are they right? Of course not, say experts at the Motley Fool finance Web site.

In fact, the Fools predict that pretty soon housing will be a great investment because prices will have fallen to the point where homes are cheap.

Then as now, the Fools say the key to buying a home that is a good deal will be:

• Location
• Don’t overpay
• Buy what you can afford

If the price goes up, great, the Fools say. If not, buyers will be OK because they have picked a great place to live.

Source: The Motley Fool (08/23/2010)

Real Estate Titan Dies at 88

Manhattan real estate mogul Paul Milstein died Monday at 88. His empire included 50,000 apartments, 8,000 hotel rooms and 20 million square feet of office space, the New York Times reported.

Many of Milstein’s projects anchored the refurbishment of marginal neighborhoods, including turning around Times Square — an effort that some called “courageous.”

His philanthropy, much of it done with his late brother Seymour, was significant. It included the Milstein Hall of Ocean Life (“The Whale Room”) at the American Museum of Natural History; the building housing the architecture department at Cornell; an endowed professorship at Columbia; and the terrace and pool at Lincoln Center. His medical philanthropy included the Milstein Hospital Building of New York Presbyterian Hospital/Columbia University Medical Center.

Source: The New York Times, Douglas Martin (08/09/2010)

Curious To Know What Home Prices are Doing?

Here is what home prices are doing in your Neck of the woods. For an estimate on your home, call your REALTOR Today...

• Northeast: Regionally, the median existing single-family home price in the Northeast declined 3.2 percent to $238,000 in the second quarter from a year earlier. Existing-home sales in the Northeast jumped 14.9 percent in the second quarter to a level of 980,000 and are 23.6 percent above the second quarter of 2009.
• Midwest: In the Midwest, the median existing single-family home price increased 1.4 percent to $148,500 in the second quarter from the second quarter of last year. Existing-home sales in the Midwest rose 14.5 percent in the second quarter to a pace of 1.30 million and are 20.9 percent above the same period in 2009.
• South: In the South, the median existing single-family home price slipped 2.0 percent to $155,500 in the second quarter from the second quarter of 2009. Existing-home sales in the South increased 10.9 percent in the second quarter to an annual rate of 2.10 million and are 18.8 percent above a year ago.
• West: The median existing single-family home price in the West rose 2.6 percent to $219,700 in the second quarter from a year ago. Existing-home sales in the West fell 2.6 percent in the second quarter to an annual rate of 1.23 million but are 7.6 percent higher than the second quarter of 2009.

-NAR

Five Surprising Reasons to Buy a Home Now

Five good reasons why now is a great time to buy a house:

1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.
2. Houses are in move-in condition. Home owners have continued to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they are in marked contrast to tattered foreclosures.
3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.
4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.
5. Plenty of programs. Many programs that encourage middle-class families to buy homes continue to exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.

Source: ForSaleByOwner.com (07/29/2010)

Mortgage Rates Fall Under 4.5 % (The Lowest Ever)

Freddie Mac reports that long-term mortgage rates moved south again this week.

Interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago; and the 15-year mortgage landed at 3.95 percent, down from 4 percent last week and 4.63 percent a year ago.

Five-year adjustable-rate mortgages reached a new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago; while one-year ARMs fell to 3.55 percent from 3.64 percent last week and 4.78 percent a year ago.

Source: The Wall Street Journal, Amy Hoak and Nick Timiraos (08/06/10)