A bill in the Utah legislature, Senate Bill 260, would give first time Utah Home Buyers a $6,000 down payment grant. This money would come from the federal stimulus package as a 10 million dollar grant to distribute for housing assistance. The money would go to more than 1,600 buyers on a first-come, first-served basis. 

Realtors and economists say this program could really help the housing market. The University of Utah’s Bureau of Economic and Business Research told the Standard Examiner the program could create 8,000 jobs in Utah’s housing sector and add $27 million in income tax revenue for the state.

This would help with the number of new homes that have been sitting on the market the last few years. If the bill is passed, it would be administered through the nonprofit Utah Housing Corporation.

A program called Home Sweet Affordable Home was created by the Utah Bankers Association in collaboration with the United Way to help essential workers in the communities where they live, enjoy the benefits of home ownership with special programs that meet their needs. They have produced a brochure outlining the information for individuals and families seeking affordable housing options throughout the state.

According to Governer Huntsman:

Finding an affordable place to live plays a key role in having a good quality of life. Our communities are greatly improved when essential workers live near their work. However, with escalating housing prices, to find affordable apartments and homes. 

Teachers, police, firefighters, retail clerks and other essential workers in Utah, could find a good opportunity to live in the communities they serve through this program.

photo = homesweethomeutah.org

 

photo by shutter stock

 

A home is a place of residence or refuge.^[1] It is usually a place in which an individual or a family canrest and be able to store personal property. Most modern-day households contain sanitary facilities and a means of preparing food.  Wikipedia 

 

Where does it say that a home has to make its owner a bazillion dollars OR is of no use in a declining market? With all the talk these days about the housing bubble and home values, to buy or not to buy, I want to look at the issue from another angle.

People NEED a place to live, shelters from the weather, a place to raise a family, to store their things, create memories. There are 2 options; you are either the owner of your domicile, or a renter/tenant of your domicile.  Why own? First, it cost less to own than rent. Second, payments stay the same monthly (fixed rate over 15 or 30 years) eventually the mortgage is paid off. Third, the tax benefits from owning. Finally, after it is paid, there is a nice little nest egg, and even if it’s worth nothing, you have a place to live!

Let’s look at the last few years and why people are in such a huff over the real estate market. Without going into the details of what and why we had a real estate bubble (there are hundreds of articles out there to read), prices have fallen drastically in some markets of the country, BUT NOT ALL markets! Yes if you purchase 2 years ago and HAVE to sell now, you could loose money. But how many people have to do this? Don’t most people live in their homes at least 5 to 7 years? The problem with the last few years is that some people where caught up in the lure of rising prices and speculation, the upward spiral continued to feed on itself. The mantra for home ownership became, how much can I make on my home? And should I buy 2 more?  But is this what home ownership is all about? For some, yes, for investors, for sure, but for most people, no way!  Owning a home is about shelter, raising a family, security from the weather and the world? Why hasn’t this been the mantra of late? How can we bring this mantra back?

We bring it back by talking about all the reason for home ownership; what are the basic tenets of home. Reinforce the definition of HOME at the beginning of this blog, ask the question, where are you going to live and why would you wait to buy home? Taking this basic premise of home ownership, is it good to own in any market? Must you make money on your home every year? Is the requisite for home ownership to turn a profit?

I would like to take this opportunity, the beginning of the New Year, 2009, to educate and change the mantra of what it means to be a homeowner. Show that it is good to buy a home almost anytime.

 I found this great blog post today about the flaws in the Short Sale process, I couldn’t have said it better:

photo stock vault

I don’t mind being unable to show a house that there is very little shot at the buyer closing on. I actually appreciate it! But the entire short sale process is flawed. I don’t blame the Real Estate Brokers who are listing these properties, I blame the Banks!  The Brokers are just playing the game.  A game whose rules are set by the incompetent banks and lending institutions that started this whole fiasco.Blog Home Denver 

You should read the whole article.

Image via Wikipedia

The Utah Housing Corporation is planning to sell bonds, about $400 Million dollars worth, to help the Utah housing market. Bonds would be issued by the agency, not the state, so taxpayer money would not be used. This is all in an effort to boost the real estate market and overall economy. 

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