Salt Lake County

Baby Boomers - Will They Bankrupt Social Security?

The First Baby Boomer Files For Social Security

Can you believe it’s here? We’ve been talking about it for years and speculating on the impact it will have to our retirement and our economy. And now it seems to have crept up on us? Is this the beginning of the proverbial “run on the bank”?

What will the impact really be? Forecasts are that within 10 years Social Security will be paying-out more than is then paid-in. and in 35 years will be bankrupt! When will there be a serious attempt to make whatever changes must be made to make sure the social security stays around for all of us who have paid-in and modified to whatever must happen for future generations as well? They should not have to pay for our screw-ups!

For some interesting additional links on Baby Boomers check out the following:

What is a Baby Boomer?

US Census Bureau Baby Boomer Facts

First Baby Boomer turned 60 years old

Enough with the fun stuff! What does this mean to us here and now?

Yes we are going to see a barrage of media, articles, blogs, and more opinions than you can imagine. We will need to sift through the opinions and determine what the best personal financial moves are to secure our own retirement.

Here is a link to Brian Brady, Americas Mortgage Broker. I like his take on most mortgage issues. He keeps a pretty close watch on market indicators and conditions and presents his opinions well.

I recommend any to follow his posts. I know I will.

Authored by Keith Jeppson | Discussion: 6 Comments »

Meth Decontamination in Utah - Fact vs. Fiction

MethMichael Rowzee, a certified Meth decontamination expert is going to speak at the Bonneville Hills Community Council meeting Thursday, October 25th. If you have any interest in sifting through all the hype and hyperbole going on in the press about Meth then come to the presentation. In addition to being licensed to decontaminate meth labs Mike is certified as an instructor for Meth home inspectors and city and county health departments.

I’ve attended a meeting where Mike spoke about his experiences with Meth and highly recommend him.

The meeting will be held at the Anderson/Foothill library, 1135 South 2100 East, Salt Lake City, Thursday Oct. 25th, 6:30pm.

See ya there…

Authored by Keith Jeppson | Discussion: 2 Comments »

Salt Lake City Home Sales - September 2007

Salt Lake home prices peaked in July and then started their decline. The home value pressure caused by the current mortgage crisis finally took its toll on our Salt Lake real estate market.

September homes sales dropped to 186 homes & condos sold which is even lower than the average sales in January, the slowest month of the year. The number of active listings increased to 1,806 listings. The result of the growing home inventory and declining sales is an is an absorption rate of 9.7 months. That is a 4% increase in time on market over the August rate of 6.8 months. Check out the September Absorption Rates by city here.

Salt Lake City - September Home Sales

Month Average Sold Price Change from Prior Year # of Homes Sold Change from Prior Year Absorption Rate in Months
July $357,434 +27.7% 254 +.8% 6.8
August $344,788 +14.3% 272 -7.5% 6.8
September $311,271 +6.9% 186 -23.5% 9.7

The Salt Lake City real estate market is pretty consistent with the Salt Lake County results. Sales were slowing but were still doing ok until September. In September homes sales plummeted! Why?

Salt Lake County - September 2007 Home Sales

Month Average Sold Price Change from Prior Year # of Homes Sold Change from Prior Year Absorption Rate in Months
July $311,576 +11.1% 1,269 -5.2% 6.6
August $316,151 +10.3% 1,294 -12.2% 7.0
September $300,066 +6.2% 848 -34.2% 11.0

The mortgage crisis reached its peak in September. Prior to that we heard fears of increased foreclosures and falling prices. But in September Countrywide announced anticipated layoffs of 12,000 people and Merrill Lynch released their downgrade of Countrywide. For more on Countrywide and its impact on the market check here.

Even more impact was felt in September with tightening loan restrictions and the vanishing “stated-income” loans. Buyers suddenly had to have a down-payment to buy a home. Some buyers had been pre-approved and were a week away from closing when their lender informed them the loan they were approved on was no longer offered. If they couldn’t come-up with some “down payment” they could not close the loan. It was a tough month with rumors of 50% or more of purchases falling apart.

Have we seen the worst of it? Will things ease up through fall and during the winter months?

If you’re interested in information on any particular zipcode or neighborhood just contact us at 801–582–5882 or at Ask The Broker.

Information for our stats were taken from WFRMLS as of 10/13/2007 and are subject to change at the discretion of the web-master. Zipcodes included for Salt Lake City include 84101, 84102, 84103, 84104, 84105, 84106, 84108, 84109, 84111, 84116.

Authored by Keith Jeppson | Discussion: No Comments »

September 2007 Home Absorption - Salt Lake Real Estate

Authored by Keith Jeppson | Discussion: 2 Comments »

Realtors Are NOT Meth Cops!

Authored by Keith Jeppson | Discussion: 6 Comments »

July 2007 Home Absorption - Salt Lake Real Estate

Authored by Keith Jeppson | Discussion: 3 Comments »

June 2007 Home Absorption - Salt Lake City Real Estate

Authored by Keith Jeppson | Discussion: 5 Comments »

Salt Lake City Home Remodeling Costs: What’s The Payback?

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East High School Names New Principal