| Show Pwl004 : :- ' ' i 4 4 i t --: i' ' i ' - "' ' '''4'r'k 07 '''''''''' if 4 ''''''" i i - P-I ia-:- 1 ' - - t sir - 84S r - - ''' r a A "'I (ot t I " : '1'-- - 'g ' v - ' ' - '' ' 4 :ley a - ft'' 20 al P 6 Nt c F - i -- ''''s 400 Ng 100 it4 - Ik '111 ' 7 t - t - 41111 '4' tie- sw t - r te 2211' s'SZ11:3'4 FH1 1 ri i ' : 'P'' ' : - 11:‘ ' - : -- - - 3Te0N01Sec ) 11kti 1 (1-1- tii yettz7:) - 7 itinit J dr I 1L I A I to ''''''SW i i4A Ei h 1xwe ' i lt" Ai aolij “ '''''''''''''''''''''l 1 onri - ' T — immwroP 01 ' -- ff - 41 m Sunday Morning—October 14 1990 Pick Up In Utah Total acquisitions of previous 12 mo Average monthy acquisitions Homeowners unable or unwilling to make mortgage payments have de faulted on home loans backed by the Federal Housing Administration Properties solciduring previous 12 ma Average no properties sold per ma Average sales pdoe per property 701 1792 19061 I 150 Total dollar volume sold during Properties over 6 mo old Pmpetties over 1 year old Average turnover of inventory Dowell Writer 147 174 44448 43897 78228480 91481348 previous 12 mo TR 2084 1760 59 73 188 153 6 5 mo - 4 2 mo property has reverted to HUD While much of the country's real estate market remains weak Utah's The has revived In fact the inventory of property held by the Salt Lake HUD office has I been dropping the past year "Unfortunately we're still taking back homes" said Virginia Thompson Housing information coordinator for the Salt Lake HUD office "but not as many as before" HUD figures show home sales in Utah are up and foreclosures are down from a year ago At the end of August HUD had an Inventory of 701 homes which Ms Thompson noted was down considerably from the inventory of 1002 properties at the end of August 1989 "As the figures show sales continue to be brisk" Ms Thompson said "while the number of foreclosures has remained about the same" The good news for HUD and home sellers is homes won't be getting any cheaper There are fewer homes adding to - the inventory more homes are being sold it takes a shorter time to sell them and the offer price is closer to the asking price The number of properties the Salt Lake City office is taking in averages 150 per month down from the average of 159 properties a month the year before In the past year the office took just under 1800 compared to just over 1900 properties the year before Ms Thompson said in the 12- month period the average number of sales climbed from 147 per month to 174 the previous 12 months From August 1988 to 1989 HUD sold 1760 while it was up 2084 from August 1989 to August 1990 In the past year the agency has managed to reduce the number of old properties Those it has held for over 12 months fell from 153 to just 73 and old properties was down from 188 to 59 "A lot of that has to do with the improved economy" she said Surprisingly the average sales price per property is down almost $550 from the period ending in August But that isn't expected to last for madly would affect Over the past VA years e mortgages have fluctuated in a "very narrow range of about 1 percent with only small blips up and down" said Jesse Abraham senior economist for the Federal Home Loan Mortgage Corp a major secondary market purchaser of home loans "It's not unreasonable to project the same scenario forward through at least the end of the year" Abraham said Rates have remained stable -- and dips — with occasional run-up- s both because demand has declined along with the faltering economy and inflation until recently has been been relatively low Abraham noted the average 30- year home loan rate in 1986 was 102 percent The average last year was 103 percent and about the same average is projected for this year he m 30-ye- ar fixed-rat- said New Terms of Budget May Lock Out Some Home Buyers By Rosemary Metzler Lavan New York Daily News Low- - - - Ross Bennett vice president and area manager of Market Street Mortgage in Winter Park Fla said the decision whether to lock in a mortgage rate is a personal one Those who decline to lock in a rate —Tribune Staff Photo by Tim Kelly Figures from HUD show the sale of homes similar to one above increased last year while the number of foreclosures has remained steady State's improved economy has also helped long One encouraging sign is the ing buyers to make a much more realistic offer if they are really interested in the property because of the competition Homes sold through HUD go through local real estate agents And while many of the properties are eligible for FHA mortgage insurance each successful buyer must obtain financing through a mortgage lender num- ber of offers some of the homes are getting most closer to the asking price than other years The average time it takes to sell a property has also dropped from 65 months to 42 months She said real estate agents are tell HUD has a program that depending on the offer for a property allows a buyer to qualify for a home with just $500 down HUD will pay the commission some delinquent bills and taxes or homeowner's association dues loan origination fees reasonable discount points title and recording and reasonable seller closing costs moderate-incom- e homi buyers could face tougher times be cause Congress and the Bush admin istration are trying to curtail some of the benefits available through the Federal Housing Administration gc The FHA's largest fund whicli grants loans 15 percent to 2 percent below the market rate will die unless the budget compromise is revisited say housing officials : Thousands of buyers financed an estimated $6 billion of home pur chases last year through this pro-- : gram The program is endangered be4 cause its loans are financed by bonds floated by state govk ernments The proposed budget' compromise calls for eliminating this bond program The Bush budget office says the program costs about $10 billion year in lost tax revenue because the interest payments under the bon& program are tax exempt States pass the interest savings along to home: buyers in the form of mortgages Meanwhile Congress was already: considering making FHA mortgages more expensive to avoid a taxpayer: bailout of the FRA's mortgage insur— ance fund The Senate bill would add an estit: mated $2000 to the closing costa- says the Consumers Union 'Raising the costs at closing wilt lock too many people out' said Charles Bell of the Consumers Union pt m cantly the economy must get weak enough to counterbalance inflationary pressures said David Scott executive director of Dr Phillips Institute for the Study of American Business Activity at the University of Central Florida That hasn't happened yet "Right now the economy is weak but not on its deathbed" Scott said Two segments of the national economy are in recession — the housing and automotive industries — but others are holding up fairly well he said If a federal budget deficit reduction package of spending cuts and tax increases is approved by Congress the Federal Reserve Board Mtt and - on their mortgage however shouldn't be surprised if they bet wrong and rates rise rates to fall signifiFor long-ter- short-ter- m rates Such a cut might encourage banks to trim their prime rate the bench mark interest rate used for lenders': most credit-worth- y business borrow ers from 10 percent currently to 95 percent But the capital markets must be convinced inflation is not about to rates woul4 surge before long-terbe affected he said The price of oil is key to Inflation so all interest rate forecasts must be done with one eye on the Middle East Scott said And until that situation is rti solved capital markets will be utk certain said Richard Peach deputy chief economist of the Mortgage Bankers Association of America If the Middle East doesn't explode Peach expects long-termortgage rates for the rest of the year to fluc: tuate slightly in their current range : of 10 percent to 1025 percent percent six-mon- th th may try to encourage lower interest rates by cutting the federal fundi rate — the interest banks charge each other for overnight loans – from 8 percent currently to 775 per cent Scott said That would help make money easier to get but prig By Jack Snyder Orlando Sentinel The question of where home mortgage rates are heading as the nation's economy darkens elicits an ambiguous answer from experts: They are fairly confident no big changes are in store in the next several months but hedge their opinions with some cautionary "ifs" The wild cards that could drive the cost of money sharply higher are the Middle East crisis and the federal budget deficit according to a survey of real estate economists and business analysts Their argument is: If war breaks out in the Middle East and oil prices escalate inflation would heat up and rates could soar On the other hand rates to fall signififor long-tercantly the economy would have to falter to the point where inflationary pressures are counterbalanced But the consensus view is for longhome loans to reterm fixed-rat- e main roughly in their current range — generally from 10 percent to 105 VROKRTORSOLO: holder of real estate Busine88 AU01990 1002 Ending inventory : Due to the nation's soft economy the past few years the US Department of Housing and Urban Development has become the nation's larg- est A feA AUG 1969 Mortgage Rates See Remaining Stable Inc11tah's Number One Company in Sales Listings and Service Coldwell Banker Premier 1 300400 OPEN ft extras 92 L 100100111111 (SOS ORIN L) limethesaing city 1 mountain Mow Ciao hone Buy Si best Over sy xtrowedinwy 1370000 R1145 SAE WINN 4000 sq D 1:00300 11847 SO DAMSON (1030 L) Orme' Honorer:ed Oak 2 been marry 817100 RS13 MIKE DANIELS hot tub 3 berms kitchen 41641755344921 4864175r2721412 5:304430 11109 L WITH AVL Do sprat° perfect Shdrm executive home pool R117 TURID LIPMAN pivots yard 41641753644261 OPEN 8310 WRIT 67711 SOUTH Nero U a wonderful rewriter — S 3 clean nest $14100 RIPI4 NAN I Pins bath OPEN Mtn 100400 2025 UST UNCOLN CIW (4200 L) 6 Mew 3 both 3 Netnews on JO acre plantation shutters 1250000 Rf1 JOAN D PATE 94344002724600 OPOI 3:00400 112 L OWEN (2100 views W124 OPSN (41 1 5 PL KILLS Fantastic setting city A min 1234500 NIL home greet fomity 5) 714061A6 BUTLER 9434400467-290- 200400 030 L LAMM'S 7 WAY IL) Woman a view— Wt Olympus y 13 sot 4 Nrin 3 112 sow opon 1194500 R1612 SETS NIGUCNI 41641751434505 100400 OPEN Nile SO CONKS NOON (2720 L) Willowcrook traditional Ti dor whibdria 3 bath ined Mai yd 1174503 6F742 JOAN 0 PATE 1434400 224610 2Ke04:00 1935 90 INSIIMILD (2310 0-- ) Cloak Tudor wonderful New! home 5 Nines tro 5r mmg 1134900 OPEN 75 200:00 ELLIOTT °PIN 300400 11141 SANO7 down 3 row 04344002711 $O (1200 L) Uok worst aspens 15 loom 3 bdrm N1001 $76700 3211 nsn BRENDA RUDD S5K rt OPIN 100400 2824 SO IIELSOUNNI $T (1840 L) Wanderhol ores —rift buy for the arse — 3 berm — 2 both —NOV5381300 RPM JOAN IL PATE 943440027246SO OPIN 1200400 Sill I WILIONOTON (2200 L) Contract no "wiry 34eirm bath 3 story roniodeied Anxious 044900 RS210 HOWIE EGGERS 40641754174001 OPEN 3004:30 4049 $O LISA D (3100 L) Myatt Ir2 acre 5 WM 2 Nth new appliances ohs content:wary Mee ASSUMErTERMSIT R513 DON L 40631715821923 200400 OPIN 1041 NO CATHEN1181 IT (1400 IV) Stake ottar on this 3 or 4 bedroom brick home Lobs yore RS1147 NOE EVERTSEN 41431165124515 DIANE JONES 54344006124733 OWEN 3004:30 67H 7130400 0761 SO GRAND OAK (35 10 I) Contemporary Ipecac lw views! 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Unbelievable price 81Z000 Xtra stomps New list 4th 2 We 2 pwaMg floor beau city view 107500 000090100 available by spot BETTY NICKELSON I OPEN I:304W0 SOS EAST 4058 SOUTH Did Finn townteuse located on sMison Superb condo and unit in° signs) 694100 RC54-1RrrA LUKE 48441752614338 OPIN 10:141X1 3311 SPIN 12:00200 I ATO OM AVENUE Character a pox you can ratted ammo A deck Nem Sitellee ItS1-1- 4 IWO UP MAN 4111417e3644261 OSIN 1004A10 3311 NORTH 9" St (MO EAST) Very Woe Sassy Ayes bun in waft tenditIOn MIRO AS1111 pin EWE EVERTSEN FABULOUS OPIN CONTIWPORARY on --16 pet tot bacidno WIIc Cron( Goit Course 6397000 R774 BRIAN GOTFREDSON 10000 0010 2 berm 13990P Secure bldg swan 64344005734201 Mt bdrin 129 900 RCF2 LINDA GEER 'WART Or Wild I OF A gorgeous HOLLADAY did 4 S tropic moch inorot! 2210000 KM FANTASTIC NAMILIN Norse prop V2 rime IX new ilitclwri 4 Wm 2 ath 2 Mil 094900 111944 FRANCES NAYS 40541751 4060495 7 woods DIANE TEECE 0 6434400274-7601- 1 WIRY TOP OF $T NARY'S Elegant English Swot country luxury kitchen view $375000 RINEW J1111 LUNO 0140 HOLLADAY SECLUDED: CONTIII PONARY Wonder lua Sonoma or& groat floor plan lg artist's sWdoo 1375000 RS5-1-5 TURID LIPMAN 406417513644204 DRIATHIAKING WOUNTAW VIEWS Scrub oak tided lot —mw aortal — 4 bdrro— 3561 — JOAN D garage $219000 PATE 94344002724660 UST VIEWS IN TOWN— Wood lam hums S brims 4 ben owl lir den book oak kithtaro 5218000 104344000434632 16F714 SUSAN LOWE ammo brick rambler d HEART OF HOLLADAY County charmer newly decorated on aectodod lot 2125000 LOWSE JUDO 4064175277-427- 0 NEIN baya gnat LOMNO IlY 11 NARK'S HOW 3 2 bthe war toot tangy room glows JIM LUND orig owner 205300 sountwuT bath mnibler 055000 N920 HOLLADAY AKA Charming 3 NM 2 bath brick rarnakr hardwood Ms groat yard 3 SHELLY TRIPP 9434400571- 279400 2343 Art 8'19900 CHARMER Sun bon k1L nano amnion hdiml RSI-6- 4 GLEN GUSTAFSON BUILDING SIRS Hodes Oaks — 26 to choose Nom 226a to SSMI Gott cart tour Naas Frogs 22E000 STEVE SHEFFIELD 6724312 UW1 NOM LOADED WODEVIS1 Pool racquetball tennis 1000 sq ft to 10000 eq ft movie nu huge Dated 8425000 STEVE SHEFFIELD 5724202 MAHN SHIEFFIELD I PQ man upgrade 1 golf frontage Pool tennis &rack stalk litak eiter $425000 11141 STEVE SHEFAELD srbrau Fort Union ?ii?s 4 ROOMY RAIL ON HALF ACRE de 3400 sq It let very dean S WSW RYAN CHERRY 6 11104600 LNG Call toll free I -- 44rin 41164175277471 NDIANS PARK CHARMER Ercellont bestrew quiet et amorous nne bearnitui yard 667900 R534 DAVID WEISSPAN I TONY RUDO HOU4e 8004513850 GRAYSTONI PINES CORUNA UNIT Lovely Wm:undo 2 ImIlyn 1 MIK new on 201301111 market 280500 12C2-- 1 CAROLYN NAILER 943440012724244 WIN 1110 APPOSIMAIMIT 777 U SOUTIS TIMPLI Monello vsws 3 tie piano w 2 beams 2 bats penthouse patio sty and PAULA UNthem From 152500 PICI-1MAN GMAT MRS Al brick 3 room dal garage new carpet $49000 I11042 NANCY APPLEGATE in S bib 377900 4354436 3 FRANCES INVISORN ORM OPPORTUNITY Bd X ê a bOrm yenta B300 I Bit WINO $45000 R06I141 WIWI WON'T LAST 5 bdrm brick new interior Huse par witt power DIANE TEECE bench 149500 8610-3943440012797000 VALOR I ram Saw now UNUSUAL NILLCISSES INVESTNINt 2 W block wwehouse stomp units Isola A house e3900 4S5-- 2 TONS FERRARA I AVENUES WW1 3 COMMO!Now Is the limo to think of itea wm 4cOrin tamely in Kama $179500 4451 MOUSI NAYS 12 wawa APPRAISAL 115K ASSUMES 9 imatettAlle A ditimq 3 iseindertsi Mims View! 3 en Newl $76700 BRENDA 4 SHIRLEYMARTA 2124401129S- a NOMSIM W VW- - Motivated bank eon armada MOM atom $WAMI 10149 EDMOli 79244012954221 a MX UPT m MOUNTWUL Mae lame fanatic S atm 2 car gauge cosmetic hap OWED SO GLADIATOR WAY! 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