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Show Real E:state The Salt Lake Tribune Advertising supplementproduced by Newspaper Agency Corp. Sunday, March 31, 1996 Strong appreciation, low interest make homepurchase heady move Despite a fourth-quarter slowdown, national home price appreciation was strong in 1995, with the mountainstates continuing to pace the nation. From fourth quarter 1994 to fourth quarter 1995, the central and southern sections of the country combined to record solid gains in house price appreciation rates, this according to a recent Freddie Mac quarterly. The mountain region showed the strongest gain, with 8 percent annual growth. Severalstates reflect the improving annual house price appreciation trend in particular divisions. The strongest performers were Utah at 10.6 percent, Oregon at 9 percent, Colorado at 7.4 percent and Michigan at 7.3 percent. California and the New England states also recorded improvements The increase in house price appreciation is largely due to declining mortgage rates that began in early 1995. Increasing housing activity has also fueled demand, which, in turn, has caused home pricestorise. Homeappreciation in Utah has risen more than 40 percentsince 1993, compared to 10 percent nationally. This also points to the fact that Utah's economyisstill very strong. The state’s economy is projected to remain strong for quite a few years. People arestill moving into Utah and there is a strong demandfor housing. According to Ron Holmes, president of Zions Mortgage, interest rates for the first part of this year were excellent. They have gone up some overthe past few weeks to around 8 percent, and will likely stay there for a bit. Interest rates should come down the secondhalf of the year. There are more and more mortgage programsavailable to help potential homebuyers. Expanding market campaigns, automated underwriting, and a new generation of multi-family purchase programs continue to tap new markets and expand the reach of mortgage credit. This continues to shape the future of housing finance. There are many programs available in the affordable housing arena. A new Freddie Mac lease-purchasepilot program will help low and moderate income renters accumulate the necessary down payment and closing costs to buy a home Thepilot program allows the renter to enter into a lease-purchase agreement for a set number of years. The tenant makes monthly rental payments, part of Pe ha fia NES h orjpeeds ad, Escalante: ‘Land of the Sleeping Rainbow’ whichare set aside toward the down paymentandclosingcosts. When the accumulated funds total the required 5 percent down payment, the tenant can assume the mortgage from the sponsoring agency. During the lease-purchase period, the tenants will receive homebuyer education and counseling provided by the non-profit organizations and housing agencies. Zions Mortgageis the first lender to participate in the program. Presently, the entire loan process for obtaining a home mortgage has progressed. In theinitial stages it is wise to get both prequalified and pre-approved. Therefore, what you are pre-approved for may give your Realtor a benefit when negotiating on your behalf. With automated underwriting, a purchaser can makea loan application and have an answerthat same day. Theentire loan process is sent over a computer online system and respondedto in about four minutes. The credit report is processed at the same time, all without the hassle of the purchaser and with minimal documentation. All in all the consumeris having a better experience with new mortgage practices, and a more positive outcome. The concern in the purchasing process would only be to consult your Realtor for advice and help in establishing values in this swiftly appreciating market. Your Realtor can also offer suggestions for mortgage lending and understands this new progressive buying process. Technologyis serving us, and will always need the accompanimentofsolid, experienced mortgage lenders and Realtors who have strong,positive eeonaniDs with their clients and Automation will enhance, but never replace the personal side of real estate purchases. Jan Leathamhas beenassociated with the Salt Lake Board of Realtors, both as an agent and as an affiliate member, for many years. Thank goodness John Wesley Powell knew a map makerby the name of A.H. Thompson.If not, Escalante, one of southern Utah’s most endearing and scenic towns, might be knownas Potato Valley. That's right, Potato — asin “Pass the spuds, please” — Valley. That was theill-fated name that wasfirst attached to this area located midway between Bryce and Capitol Reef National Parks. Needless to say, it stuck about as well as a greased-down frying pan. Captain James Andrus, who becamewell acquainted with the region while pursuing Fremont and Anasazi Indians during the Black Hawk Warin 1866, was the imaginative one responsible for the Potato dubbing In 1875, Thompson, who was busy mapping and marking the various land formations, rivers and peaks of the region at the request of Powell, happened upon four Mormons from nearby Panguitch. The foursome The Escalante valley is as scenic asit is solitary. informed Thompsonofits plans to settle the area. Hoping to get the new settlement off on the right foot, Thompsonbriefly recapped the history of the region. He explained howFatherSilvestre Velez de Escalante passed through the region in 1776 on his expedition from Santa Fe to California, and howhe thought naming the area after Escalante would be a more appropriate choice than namingit after a commonvegetable. Mercifully, the foursome concurred. Good-bye Potato Valley. Hello Escalante. With mountains, canyons, lakes and bluffs appearing in every direction imaginable,it’s little wonder Escalante is known to someas “The Land of the Sleeping Rainbow.” With time, Escalante drewsettlers from northern Utah who were seeking a morepalatable climate. Fertile lands coupled with a relatively long growing season were otherattractions that originally brought people to Escalante. According to records,early settlers constructed more than 50 homesof native brick laid out around the ‘Zion Plan,” — four homes to a block with 10-acre farms surroundingit. ¢ Manyofthese early homesarestill standing for vig}tors to observe. The Escalante Chamber of Commerce has produced a pamphlet — “Walking Tour of Pioneer Homesand Barns,” — that canassist history buffs ina terested in viewing someof the pioneer-era structures. Marilyn Jackson, one of the 850 residents whocall Escalante home,haslived almostall of her 44 years in the scenic southern Utah town.Brief stints at Southern Utah University in Cedar City and the University of Utah in Salt Lake City, were her only interruptions. “People live in Escalante because they wantto live. here,” said Jackson, who along with her husband have raised three children in Escalante. “People don’t live here becauseit is a lucrative place to live. People live here who know there is more to life than money. The quality of life is what people come to Escalante for.” So whatdo peoplein Escalante do for a living? Many, Jackson says, are in the business of raising an# imals or workingthefertile land. Among other animals, the Jacksons are currently raising five Arabian horses. More, Jackson says, are on the way. The Jackson’s neighbors raise ducks. Downthestreet ostrichesfill the corral, and around the block a gentle- The A.P. Schow Homeis a popularhistoric landmark in Escalante. See ESCALANTE, Page K4 Didyey know... at you could buy a commercial bullding on Main Street in Escalante for only $20,000? Anotherchoice dealIs a one-acre, four-bedroom homeon the corner of Main and Center streets (including an office building) for $93,000, Next Week: Canyon Rim. ThePrudential yee a{-y-|i eC) 801-288-9800 State solid in ha ell 23 7 $3425 W 8354 5 COTTONWOOD CLUB DR FABULOUSrambler w/46x20 |egationwootkit/tmiy tm. 8 WONDERFUL 2s! contemp In goin20 hecier‘seipes ung situation Nrem cho bdr, sauna, hth, 2 ny Cite Adsenesisaa03723| JANET COLEMAN ean ie, eh te THE COTTONWOODS OPEN 2-4 poet. souna, etc. Close to BY Hanae 2277.2585880-7952| robo loa odoUkeke noting OPEN 2-4 EVM JENSEN 288-7241, 867-4437 REMODELED BEAUTYFantastic 4 4832 £ ARUNGTON DRIVE (240 X) .drm 2 bth| Al new appliances, FEDERAL HEIGHTS! 27.4725] Classic carpal 8 kitchen! See todayil turopean Tudor en tree-lined OPEN DAILY 12-6 $464,000 7485 SOUTH 1300 EAST 597-7323] Migs Light, spacious a} B 1m remodeled units from $77°400 to 968-000. Fobulous Waa 486-4041 ;ondo community in one of Sol TODO EAGAR 708-7268 ‘Lake's fines! locations. Clubhouse, [POO hot tub, ferns etc, Close to] ‘omenthes Kevin sesen 250-7241/562-2470 seeseso Beoutihl new Ook! ‘OPEN H-4 oo CANCE 3728] ara creel CARRIAGE LANE Jodoy'| Rave main th 2 bdrm unt Great} 7323] kit, New light carpe!, poin!.| 900 “rns ome na » ‘COLEMAN 277-3735} 9al view lot, 3 batm 3 ba, Natur fr, VouNed cating. Lusury mem} ONE LEVEL, WOUADAY 2 bdrm on 2nd fi ee Fantastic min view. Spocious 8| Excellent condition! $405,000 CONGRATULATIONS! KEVIN JENSEN PRUDENTIAL’S #1 AGENT, INTERNATIONALLY, FOR PROPERTIES SOLD IN 1995— 312 TRANSACTIONS! Prudentia's Real Estate Network in cute peron. 3,000gure and 1,208 offices with 52.4 Billion sales volume $340,000 transactions for 1995. ae VE “LOSE fo town & Univ of Utoh, cory { arm. Wale, balcony, gaioge! STUNNING Gimer Por ‘Samalten oe Beoutit mt kitenen!| ‘UNDA ITAMI, CRS Pia fate yard. Fantastic Fantastic kitener Sosea Mh green. ew 2 dima, 2 bihs. Fresh remodel Make ofr. SCOTT CHRISTENSEN 583.256 1-800-882-9880 $1443 COTTONW ym, 2a, level] SHADE ON cov living. 20 ocre. Faniosite Invent opportnty orgrea $156,500 fixer for {st pret penis WoT meras TERRY LANDA Ihe be NIGHT-TIME SPARKLE! PRICED TO SELL FAST! ocrarse pope Now! New! New! New carpet & Superview, 3 cor gar, tomy fs May-June. $23 aint thruoutthis 3 bdrm 2 bath layout rai re leonot KERRY OR otscons0@e huge than beouttul home! $447,900 962-6468] JOUNE see KATHY Wil ‘incor1, vouted ewings. peutclos Geoayrd Now bulaing, choice sll fenced 3 barn?ya,heond of cut de 4 lub. porting pioafle choos] setate fom bul mary by Nevetine Homes| fetal € Sco $7°c. KENDRA ALL SatiS00 ag HRD UN 3844268 conmttt rove bul0 Kany oon 277g penecton! 41bots. 7 cect UNDER $450,000 ‘Open, vouted forayta Sbdems, Overtooks city! $249,900 oxen SUGARHOUSE! ‘bo, oat kitchen, prtvate bockyal| KERRY OR JUOY BODILY 277-0800] TARTER! 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Gr vaulted celings, bdim, 3 ba w/increait sp) Tot, hax mat, IPs c 401 $279,900) New kitchen & compet. Beautitul SHIP 288-7302 cxtidoor pot Secured (943-3480 STEVEN FEDER GALE FRANDSEN COTTONWOOD Newly corpeted mu inary, 2 cor garage. 3 bats, 2 bin grea! location, light decor] PETER EWOTT 241-7035] TERRY LANDA ay $450,000-$325,000 ‘SANDY MULTILEVEL ths 4 berm 3 both. outed celings, my ple motel Uk @ model. Mony vbgiages! Sectuded yd. DbI gar. £154,500 7244] CANYON: =" CULOESAC MURRAY ig ot w/a poo he Dock Ry 278-8600) Indscpd. § bars, 3 bans, ONLY JEFF LUND mus) 3474900 MEADOWS UNDA TTAMI, CRS 583-4709 2st w/dSUMMER bd 2 4/2ba, ook cabinets LCREEK $182,000 8 ral ings thruout $297,500 ‘Onelevel contemp, lots of 80D 2784544] windows, ] borms, 2 bths, private] Dackard70094 INCREDIBLE view & location 1580-7084] ba mbit tives. pert AulOTY 244-7038) fondfis,morale yard. Close to} QREAT, UPDATED berm 2th Fenty m, twa floors, iNsso eee SETTER THAN NEW 4 gor & 4 carport. Dori 221, voulted entry miss! Reduced$484,900, 4882 $ STREET (2040 E} Min Notural oak den on ron, UPMAN 364-4268 $299,900 |GALE FRANOSEN 943-3450) Cr stu WITH useobie attic. New kiichen, 5 Moon, wood a#!carpel. & gorgeous mstr suitel| Pirin Deen exiored 2d, ba 15470, $349,000 239 EAS oH AVE ed CANDLAND o AvBWES Two STORY ) ent Spaciout 4 bam 2 GREAT ft pion bin, mon mam, 2 cor got B rendering. Ready May-June. new klichen. Zoom op Se Heseline Homes. $189,900 hate onesS76 KERRY OR JUDY 364-6268) SSA i Akeas RM ReaccM ae? ch MAa SIAl cs hall Mca |