Park City Mortgage News

Looking for information to gauge upcoming mortgage interest rates in Park City, Utah? Many national and global economic factors figure in to determine what rates we have for purchasing Park City ski homes and condos, whether as primary residences or second homes, vacation homes or investment properties.

Found 10 blog entries about Park City Mortgage News.

The Federal Housing Finance Agency (FHFA) announced this week the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018, will be increased from $424,100 to $453,100. In most of the U.S. this will be the maximum conforming loan limit for one-unit properties. 

The Housing and Economic Recovery Act (HERA) requires that the baseline conforming loan limit be adjusted each year to reflect the change in the average U.S. home prices. And earlier this week, FHFA published its third quarter 2017 House Price Index (HPI) report, which includes estimates for the increase in the average U.S. home value over the last four quarters.  And according to FHFA's seasonally adjusted, expanded-data HPI, house prices increased 6.8

387 Views, 0 Comments

The real estate market in Park City, Utah continues its recovery with an increase in sales, upward movement in median price, and historic low levels of inventory. More good news is that distressed properties are back to pre-recession levels.

PRESS RELEASE - FOR IMMEDIATE RELEASE:
Provided by the Park City Board of REALTORS®

Park City, Utah – Highest number of first quarter sales since 2007 —Statistics compiled by the Park City Board of REALTORS® Multiple Listing Service show the number of closed sales for the first quarter of 2014 (including single family homes, condominiums and vacant land) is higher than it has been for a first quarter since 2007. Surprisingly, with Park City real estate in strong demand, with total dollar volume just shy of $327

1,532 Views, 0 Comments

Summary of Condo-Hotel Financing Options

After the real estate meltdown, we had been experiencing a lot of difficulty with financing for our ski town condo properties. We were often unable to find financing for our clients looking to purchase condo-hotel properties. The problem with that was that so many condominium developments here in Park City and Deer Valley fell into the condo-hotel classification. This has been a problem found in many resort markets. Additionally, when clients insisted on using a lender outside of our Park City resort market, they were ill-equipped to handle the condo-hotel difficulties, and often totally unaware of the pitfalls associated with them. It was common to get all the way to the end of underwriting to finally be told

4,145 Views, 0 Comments

Utah Homes for Sale are More Affordable than Ever!

Did you know buying a home for sale in Utah today is more affordable than any time in the last two decades? Homes are actually at a record level of affordability thanks to lower sale prices and historically low mortgage rates. If you’ve been putting off buying a home of your own, now is the time to do it!

mortgage-rate-update-from-veritas-park-city_1251

2013 is the Year of Home Affordability for Park City

According to the NAHB/Wells Fargo Housing Opportunity Index, nearly 76% of homes sold during the end of 2011 could have been comfortably affordable for households making the national median income of $64,200. This is the highest recorded home affordability in 20 years. What does this mean for you? Chances are good that you can easily

1,823 Views, 0 Comments

Real Estate Market Updates, Upcoming Events, Mortgage Market Report, Featured Top Pick and Best Buy.

brinkley_summer_may22_600_600

You'll hear this phrase often; "We came for the winters, but stayed for the Summers!" That is true for just about every resident of Park City. Summer here is truly amazing. If you have not spent much time here in Summer yet, you have got to give it a try, especially if you live somewhere hot, this is a great escape from the heat.

We are so excited to be back into Summer. Most of the snow has melted away, aside from a few random patches still remaining. The mountains are getting very green, the trails are in great condition, and the temperature is in its ideal range of upper 60's and 70's. The above photo of our dog, Brinkley, was taken only a couple

2,184 Views, 0 Comments

INFO THAT HITS US WHERE WE LIVE...The housing recovery may be proceeding slowly, but things are definitely not at a standstill. Earlier this year, an industry rent vs. buy index found it is more affordable to buy than rent a two-bedroom home in 72% of America's 50 biggest cities. In fact, renting was less expensive than buying only in New York, Kansas City, San Francisco and Seattle. And in 10 of the cities where renting was relatively affordable versus ownership, people felt buying may still be a financially sound long-term decision.

A recent consumer study showed people are getting the message. With home prices now at such affordable levels, 62% of those surveyed said buying in today's market is a good investment over the next 10 years. The most popular

1,567 Views, 0 Comments

The U.S. House and Senate yesterday restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 Percent, up to a  maximum $729,750, from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will now rise back up to the previous level.

“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile,” said NAR President Moe Veissi in a statement released last night.

President

2,312 Views, 0 Comments

INFO THAT HITS US WHERE WE LIVE...Last week, more signs appeared that things are coming our way in housing. Wednesday the Census Bureau reported that the nation's home ownership rate moved up in the third quarter to 66.1%, slightly ahead of the prior quarter. Some commentators feel the three-year decline in home ownership might be starting to bottom out. Home ownership may have been encouraged by rising rents, with the vacancy rate now up to 9.8%.

The National Association of Realtors (NAR) chimed in with a forecast that existing home sales should be up 1% this year, then up another 4.3% next year. Although the median price will fall slightly this year, it's predicted to rise 2.6% in 2012. New home sales, after dropping 4.7% this year, are projected to

1,526 Views, 0 Comments

INFO THAT HITS US WHERE WE LIVE...What didn't make sense last week was the way the media reported the latest housing data. Housing Starts were UP a strong 15% in September, hitting a 658,000 annual rate. But the media chose to emphasize that the gain was mostly from multi-family starts which shows a big trend toward renting. Actually, multi-family units also include condominiums, which do make sense for first time buyers who don't have to deal with selling. The media also skimmed over the data that single-family starts were UP almost 2% for the month and starts overall are UP over 10% versus a year ago.

Then, Existing Home Sales came in 3% lower for September. The media reports by and large neglected to mention that this slight monthly drop followed a big

1,453 Views, 0 Comments

INFO THAT HITS US WHERE WE LIVE...One result we care a lot about is a turnaround for new homes. We haven't attained it quite yet, with New Home Sales down 2.3% in August, at a 295,000 annual rate. This keeps them in the territory they've occupied since May 2010, but there were some good signs in the report. The inventory of new homes for sale fell to its lowest level on record. At the same time, the inventory of homes not yet started went up the most it has in nearly five years. Some economists say this may indicate home building is close to turning back up.

The FHFA index of prices for homes bought with conforming mortgages went UP 0.8% in July after a 0.7% hike in June. This key home price index is up 7.4% annually over the last three months, the fastest

1,438 Views, 0 Comments

Have a Question?

Contact Us

Follow Us