Noteworthy Real Estate News (weekly)
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Logan Short Sales about the Same as Last Month
The number of Short Sale Homes in Cache County about the same as last month.
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FHA lifts 90-day waiting period for Flippers
This ban on the required “90-day” waiting period is an effort to get investors to buy more foreclosures.
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Starting Feb. 1, housing regulators will suspend for one year a 90-day waiting period on property resales that it says has put FHA borrowers at a disadvantage in bidding on foreclosed properties.
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Some sellers of foreclosed properties have been reluctant to enter into contracts from potential FHA buyers because of the cost of holding a property for 90 days, and the risks that a vacant property would be vandalized, HUD said.
Lifting the waiting period “will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities,” HUD said.
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Why Interest Rates Will Rise in 2010 | HousingStorm.com Honest Local Real Estate
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The only way to increase demand will be to raise interest rates, which will then spread to all layers of the economy. All interest rates will rise, including mortgages.
There really is no escape from this conclusion. And this isn’t just about 2010–it’s about 2010 through 2035, as bond rate cycles tend to run between 18 and 26 years. Just as interest rates fell for 26 years, now they will rise for a generation or so.
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Construction jobs down 23% in Cache Valley
Cache Valley ranks 16th nationally for biggest decline in construction related jobs.
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The Logan area lost 23 percent of its construction jobs from November 2008 to November 2009, according to a new report from the Associated General Contractors of America (ACG).
The decline ranks Logan 16th among metropolitan areas in the U.S. that have lost the most construction jobs. As for actual numbers, Logan’s employed construction workforce dropped from 3,100 workers in late 2008 to 2,400 workers in late 2009.
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Chris Nelson with the University of Utah’s Metropolitan Research Center said this week that by 2030 the Wasatch Front, including Logan, would need 450,000 additional housing units — 50 percent more than now — and 1.1 billion feet of commercial space, more than double what’s out there now.
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Posted from Diigo. The rest of my favorite links are here.
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