Salt Lake County Notice of Defaults 10/15/2007

15749 Gunstock Dr Bluffdale
15359 S Indian Paint Cir Bluffdale
14927 Laurel Oaks Ct Draper
958 E Draper Pkwy Draper
978 Draper Pkwy Draper
978 Draper Pkwy Draper
978 Draper Pkwy Draper
978 Draper Pkwy Draper
229 E Red Leaf Dr Draper
4883 W Mineral Way Herriman
14418 S Fox Creek Dr Herriman
14831 S Alden View Dr Herriman
13126 S 1830 W Riverton
4624 S Stockbridge Ln Salt Lake City
843 S 1900 E Salt Lake City
11575 S 1380 E Sandy
3136 W Alta Peak Rd South Jordan
9488 S Mcvea Ct South Jordan
140 E 3350 S South Salt Lake
3205 S Eldredge St South Salt Lake
6158 S Sierra Grande Dr Taylorsville
4803 S 3200 W Taylorsville
6056 W Brush Fork Dr West Jordan
6854 S Starflower Way West Jordan

Utah County Notice of Defaults 10/15/2007

767 E 750 N American Fork
639 W 2180 N Lehi
1775 N 860 W Orem
331 N Belmont Pl Provo
172 N 100 E Spanish Fork
187 E 1400 N Springville

Utah County Notice of Defaults 10/12/2007

10752 N Sahalee St Cedar Hills
6113 Lausanne Highland
995 W 1600 S Mapleton
786 W 100 N Orem
985 W 800 N Orem
1775 N 860 W Orem
1768 N 980 W Orem
110 E 400 N Salem
493 W 300 S Spanish Fork
883 E 500 N Spanish Fork
1029 W 590 S Spanish Fork

Salt Lake County Notice of Defaults 10/12/2007

5359 W Rose Summit Dr Herriman
766 W Spanish Oak Way Murray
5680 S 700 W Murray
772 W Spanish Oak Way Murray
4141 W 5010 S Salt Lake City
512-514 E 500 S Salt Lake City
512-514 E 500 S Salt Lake City
512-514 E 500 S Salt Lake City
4133 S Middlepark Ln Salt Lake City
1527 S Roberta St Salt Lake City
3589 S 500 E Salt Lake City
1322 W Jordan Hills Dr South Jordan
90 W Malvern Ave South Salt Lake
3649 W 5695 S Taylorsville
6881 S Florentine Way West Jordan
7967 S Cricket Ln West Jordan
3131 W Bedford Rd West Valley
3105 S Kilee Ct West Valley
4698 W Westpoint Dr West Valley

Salt Lake County Notice of Defaults 10/11/2007

15318 S Indian Paint Cir Bluffdale
15273 S 2765 W Bluffdale
296 E Manti Dr Draper
14962 S Manilla Dr Draper
5412 W Shaggy Peak Dr Herriman
7453 W Centennial Ave Magna
3028 W Durham Woods Way Riverton
3652 W S Riverton
577 E Stratford Ave Salt Lake City
1128 E Kensington Ave Salt Lake City
5358 Summit Brook Cir Salt Lake City
160 S 600 E 203 Salt Lake City
1145 E 800 S Salt Lake City
2430 E Granite Hills Dr Sandy
4456 W Skye Dr South Jordan
3887 W Sienna Dune Dr South Jordan
11021 S Proudest Ln South Jordan
166 E Claybourne Ave South Salt Lake
5121 S 2200 W Taylorsville
6275 S Dewdrops Dr West Jordan

Utah County Notice of Defaults 10/11/2007

198 N 500 E American Fork
198 N 500 E American Fork
296 W 700 S Payson
605 N 300 W Spanish Fork

Salt Lake county Notice of Defaults 10/10/2007

14038 S Mule Deer Dr Draper
392 W Marquette Dr Midvale
793 Mar Jane Ave Murray
2002 W 13330 S Riverton
5375 S 5200 W Salt Lake City
5220 S 5200 W Salt Lake City
4552 W 5255 S Salt Lake City
9639 S Dana Cir Sandy
9639 S Dana Cir Sandy
2494 W 7380 S West Jordan
5001 W Thrush Hill Dr West Jordan
6322 S Castleford Dr West Jordan
2853 W 7180 S West Jordan
3389 S Hillsdale Dr West Valley
6303-6305 W 3500 S West Valley
3855 S Rosemary St West Valley
3267 W Blue Haven Dr West Valley

Utah County Notice of Defaults 10/10/2007

4463 Summer Cir Cedar Hills
4009 W Troon St Cedar Hills
182 E 1570 N Orem
443 W 1430 S Payson
1391 E 850 S Provo
587 E 200 N Spanish Fork
56 S 800 E Springville
575 S 400 E Springville
1358 S 1400 West Dr Springville
901 S Sage Creek Cir Springville

Salt Lake County Notice of Defaults 10/9/2007

14774 Desert Sage Dr Herriman
13559 S Wesleyan Way Riverton
736 E Ramona Ave Salt Lake City
9937 S Campaign Dr South Jordan
5688 S 3275 W Taylorsville
3992 W 8620 S West Jordan
3291 W 7675 S West Jordan
3105 S Kilee Ct West Valley
4438 S Mainstay Pl West Valley

Utah County Notice of Defaults 10/9/2007

319 E 300 S Pleasant Grove

Salt Lake County Notice of Defaults 10/8/2007

14664 S Maple Park Ct Draper
14906 Laurel Oaks Ct Draper
13796 Rosie Ln Herriman
5108 W Woodsmere Ln Herriman
2786 S 8650 W Magna
457 W Harvard Cir Midvale
880 E Casa Negra Ave Midvale
7023 S Derek Hollow Cv Midvale
5235 S Glendon St M-1 Murray
4638 S Atwood Blvd Murray
1957 W 14400 S Riverton
1601 W 400 S 68 Salt Lake City
1550 S Indian Hills Dr Salt Lake City
6155 S Cezanne Cir Salt Lake City
838 N Cornell St Salt Lake City
683 N Morton Dr Salt Lake City
1175 E 6600 S Salt Lake City
11367 S 1300 E Sandy
359 E Wilson Ave South Salt Lake
3655 S 200 E South Salt Lake
4674 S 1980 W Taylorsville
6734 Bridge Point Cir West Valley
6217 W 4100 S West Valley
3745 Brookside Dr West Valley

Utah County Notice of Defaults 10/8/2007

7534 N 9550 W Lehi

Utah County Notice of Defaults 10/5/2007

148 S Center St American Fork
2149 W 1235 S Lehi
1452 W 1075 N Mapleton
1467 W 800 S Orem
10657 S 5600 W Payson
4352 N Imperial Way Provo
1842 E 1200 S Spanish Fork
1340 E Canyon Rd Spanish Fork
1248 Valley Sage Dr Springville
110 S 300 E Springville

Salt Lake County Notice of Default 10/5/2007

15594 S Thunder Gulch Dr Bluffdale
11538 S Sugar Berry Rd Draper
7517 W Adams Rd Magna
3209 W 13120 S Riverton
385 E 7th Ave Salt Lake City
4930 W Coriander St Salt Lake City
1266 W 900 N Salt Lake City
550 S 400 E 3209 Salt Lake City
218 E 8375 S Sandy
10289 S Royal Vista Cv South Jordan
3673 W Elk Vista Ln South Jordan
4291 S 5400 W West Valley
2058 W 3300 S West Valley
3160 S 4000 W West Valley

Utah County Notice of Defaults 10/4/2007

4063 W Shinnecock Cedar Hills
11232 N Park Dr Highland
1649 N Mountain Oaks Dr Orem
658 E 1650 N Orem
212 S 650 W Payson
857 N 2200 W Provo
726 E 1000 S Springville

Salt Lake County Notice of Defaults 10/4/2007

215 E Summer Leaf Dr Draper
13257 S Foxfield Ct Draper
7858 W Maytime Dr Magna
1388 W Quail Covey Cir Riverton
4785 S Townsend Way Salt Lake City
5094 S 1045 E Salt Lake City
844 W Simondi Ave Salt Lake City
11447 S Gracey Ln Sandy
1575 E 8600 S Sandy
5576 S Ridgecrest Dr Taylorsville
7538 S Springbrook Dr West Jordan
6743 W Oak Vista Dr West Jordan
7668 Woodgreen Rd West Jordan
6737 S Etruscan Way West Jordan
5278 W Meteor Hill Cv West Jordan
4624 S Loyola St West Valley
3718 S Lancashire Cir West Valley

Investors offering Huge Returns, Be careful

Main Street USA’s Hussian Sentenced to Prison over 9 Million Dollar Fraud Case
October 4th, 2007 — Mortgage Fraud, Real Estate Fraud

Booms attract crooks, they always have and always will. When a boom deflates though, the vermin usually are exposed for what they are and their scams unravel. Such is the case of Aleem Hussain, a Guyana native who ran the real estate scam Main Street USA that defrauded investors out of 9 million dollars in Florida.

Now Hussain is facing 7 years in jail and deportation back to his native Guyana. When booms happen people get greedy. And it is not only the scam artists who get greedy but the investors. When someone is promising 30 percent returns odds are you need to do a great deal of due diligence on the investment. But the scam artist will recognize the greed in the eye of the novice investor and strip them clean.

What is amazing in this case is Hussain stayed around. Usually guys who run the Ponzi schemes get the money and when the scam unravels are long gone. But then greed is a dangerous drug and odds are Hussain started to believe he was an investment guru even as his scam was unraveling.

Well, the good thing is that he will have time to understand what he did to his investors while sitting in jail.

But to the government, Hussain hatched a Ponzi scheme and was a fraud from the beginning, gunning for investors’ money as a way to fund his other projects. “This is no mistake by an honest man,” Assistant U.S. Attorney Cynthia Hawkins said.
Hussain, 43, was sentenced to seven years in prison for swindling nearly $9 million from investors, including retirees, state court workers and sheriff’s employees. When he’s done serving his time, Hussain — a Guyana native — is expected to be deported. “I’m pretty happy with that,” said Mark Pilkington, who lost $300,000 when he invested with Hussain’s Main Street USA Inc. “Now we’re all just waiting to see what kind of assets will be recovered.” via OrlandoSentinel.com

Utah County Notice of Defaults 10/3/2007

18 E 1380 N American Fork
10413 N Morgan Blvd Cedar Hills
10715 S 5600 W Payson
505 S 1500 E Pleasant Grove
4284 Stonecrossing Provo
266 W 4020 N Provo

Salt Lake County Notice of Defaults 10/3/2007

1784 E Pioneer Rd Draper
12546 Sunlight Hill Ct Herriman
3530 Wing Point Dr Magna
2441 E Evergreen Ave Salt Lake City
5664 W 5930 S Salt Lake City
663 9th Ave Salt Lake City
2308 S Green St Salt Lake City
2308 S Green St Salt Lake City
2308 S Green St Salt Lake City
831 E Logan Ave Salt Lake City
55 S University St Salt Lake City
5475 S Rockford St Salt Lake City
1350 E 8085 S Sandy
9494 S Smoketree Cir Sandy
6533 S Lotus Way West Jordan
6644 W Kings Estate Dr West Valley
4185 Blue Jay St West Valley
3057 S Maxine St West Valley

Salt Lake County Notice of Defaults 10/2/2007

268 E Summer Leaf Dr Draper
14088 S Candy Pull Dr Draper
5177 S Gurene Dr Holladay
2242 W 13070 S Riverton
5008 S Tuscan St Salt Lake City
2040 E 1300 S Salt Lake City
1965 E Hawk Cir Sandy
11123 Manitou Way South Jordan
2250 W Bonanza Way South Jordan
6661 S 3335 W West Jordan
8753 Brown Park Dr West Jordan
6464 W Wells Park Rd West Jordan
9201 S Kensington Park Dr West Jordan
8418 Ivy Springs Ln West Jordan
3301 S 4400 W West Valley
4108 W 4645 S West Valley

Hot or not? Housing markets across America

Washington, Utah cities still seeing growth as California, Florida fade

The nation's hottest housing markets include cities in Washington, Utah and Texas, according to second-quarter government figures.
Rank Metro area One-year gain Five-year gain
1. Wenatchee, Wash. 23.5% 79.2%
2. Provo-Orem, Utah 18.2% 49.3%
3. Salt Lake City, Utah 16% 58.2%
4. Ogden, Utah 15.2% 40.4%
5. Grand Junction, Colo. 14.3% 65.2%
6. Longview, Wash. 13.6% 59.2%
7. El Paso, Texas 12.5% 55.4%
8. Salem, Ore. 12% 58.5%
9. Mobile, Ala. 11.3% 44.6%
10. Asheville, N.C. 10.9% 55.5%
11. Austin, Texas 10.8% 29.6%
12. Lynchburg, Va. 10.6% 48.2%
13. Beaumont, Texas 10.6% 32.5%
14. Gulfport-Biloxi, Miss. 10% 53.4%
15. Myrtle Beach, S.C. 10% 68.6%
16. Scranton, Pa. 9.9% 42.2%
17. Seattle 9.9% 66.8%
18. San Antonio, Texas 9.6% 39.7%
19. Tacoma, Wash. 9.3% 75.6%
20. Spokane, Wash. 9.3% 68.5%


Source: Office of Federal Housing Enterprise Oversight. Updated August 2007, with data as of second quarter.


Once-booming California and Florida dominate the list of places where housing prices are broadly falling, according to second-quarter federal data.
Rank Metro area One-year change Five-year change
287. Merced, Calif. -8.65% 89.3%
286. Santa Barbara, Calif. -8.1% 69.2%
285. Stockton, Calif. -7.2% 78%
284. Punta Gorda, Fla. -7.1% 85%
283. Salinas, Calif. -6.9% 80.7%
282. Modesto, Calif. -6.5% 84.6%
281. Yuba City, Calif. -6.3% 88%
280. Sarasota, Fla. -6.2% 87.9%
279. Sacramento, Calif. -6.1% 69.6%
278. Reno, Nev. -5.4% 79.2%
277. Santa Rosa, Calif. -5.3% 54.1%
276 Cape Coral, Fla. -5.3% 97.6%
275. Palm Bay, Fla. -4.6% 97.3%
274. Port St. Lucie, Fla. -4.6% 99.5%
273. Santa Cruz, Calif. -4.6% 51.6%
272. W. Palm Beach -4.5% 100.3%
271. San Luis Obispo, Calif. -4.4% 64%
270. Oxnard, Calif. -4.3% 86.2%
269. Vallejo, Calif. -4.2% 73.6%
268. Bay City, Mich. -4.2% 9.6%


Source: U.S. Office of Federal Housing Enterprise Oversight. Updated August 2007 with second-quarter data.

Tougher Regulations In Store For California Real Estate Agents

September 30th, 2007 — Real Estate Sales

Not that it is such a high hurdle that you would expect someone who you are trusting with your financial future to clear, but the California Association of Realtors and the California State House have made a token effort to tighten up the criteria for attaining ones real estate license.

Now instead of attaining a conditional license with one class taken and passing a very simple test, you have to take 3 classes and pass a very simple test. Is it any wonder that 1 in 50 Californians has a real estate license. Maybe with the slowdown in the market and these tougher restrictions the cartel can get the number down to 1 in 60 and raise the professionalism.

Nah, never mind, that is just madness on my behalf…

Beginning Oct. 1, the state will tighten its licensing requirements for real estate agents. Signed last year by Gov. Arnold Schwarzenegger, Assembly Bill 2429 mandates that applicants complete three college-level courses before taking the state real estate license exam. It was sponsored by the California Association of Realtors.
A soon-to-be-eliminated alternative allows applicants to seek a conditional license after taking a single class and passing the state exam. The remaining course work must be completed over the next 18 months. Under the new law, “there is no more conditional license,” said Alex Creel, chief lobbyist of the realty group. via The San Diego Union-Tribune

Man Gets Death Sentence in Murder of 2 Atlanta Real Estate Agents

October 1st, 2007 — Real Estate Agent Safety

The trial of Stacy Humphrey who committed the 2003 murder of 2 Atlanta real estate agents at their office is over. He has been convicted and on Sunday received the death sentence for his crimes against Cyndi Williams and Lori Brown.

While this sentence will not bring the young ladies back, it will hopefully act as a deterrent against others who would think that crimes of this nature are worth committing. He robbed the agents at an on site sales office to get money for a truck payment and lead the officers on a multi state chase where he was eventually captured in Wisconsin.

A jury sentenced a man to death by lethal injection Sunday for the 2003 murders of two real estate agents he robbed, stripped naked and shot in the head at their office.
Stacey Ian Humphreys, 34, was convicted Tuesday by the same jury in the slayings of 33-year-old Cyndi Williams and 21-year-old Lori Brown. The trial lasted two weeks and deliberations on the death sentence took nearly 19 hours.
The victims’ families cried and embraced when a court clerk read the verdict Sunday morning. Humphreys showed no emotion. “A terrible crime deserves a terrible punishment,” Brown’s father, Wayne Brown Sr., told reporters outside the courthouse. via The Associated Press

Salt Lake County Notice of Defaults 10/1/2007

11453 S 150 E Draper
14738 Tangle Hill Rd Herriman
13966 S Rosaleen Ln Herriman
13966 S Rosaleen Ln Herriman
2294 E Arbor Ln Holladay
2959 Ensign Park Dr Magna
3358 Montclair St Magna
7463 S 700 E Midvale
770 E Vine St Murray
4859 S Box Elder St Murray
4871 S Box Elder St Murray
4883 S Box Elder St Murray
1570 W 12800 S Riverton
1561 W Laurel Chase Cir Riverton
1656 W 14600 S Riverton
3975 W Deer Orchard Dr Riverton
944 W 200 S Salt Lake City
128 W Paxton Ave Salt Lake City
1987 W Sir Charles Dr Salt Lake City
5421 W Sunfalls Ct Salt Lake City
4590 W 5540 S Salt Lake City
322 N Marion St Salt Lake City
5375 S 5200 W Salt Lake City
5699 S Impressions Dr Salt Lake City
4920 S 4860 W Salt Lake City
1053 E 3rd Ave Salt Lake City
1207 W 300 S Salt Lake City
457 N 800 W Salt Lake City
5145 W Longmore Dr Salt Lake City
1255 E Malvern Ave Salt Lake City
421 E 1700 S Salt Lake City
11126 S Foxmoor Dr Sandy
8670 S Snow Mountain Dr Sandy
11463 S Katey Ct Sandy
10578 S Clearview Dr Sandy
8479 S Escalante Dr Sandy
240 E Kristin Dr Sandy
11751 S 1700 E Sandy
4722 W Farview Ln South Jordan
3396 W 10235 S South Jordan
4041 Kelvingrove Cir South Jordan
3545 W Samee Ridge Dr South Jordan
66 W Oakland Ave South Salt Lake
158 E Sunset Ave South Salt Lake
1658 W Glenmeadow Cir Taylorsville
8236 Oak Vista Dr West Jordan
6976 S Kokopelli Ct West Jordan
8236 Oak Vista Dr West Jordan
1349 W 8340 S West Jordan
6661 S 3335 W West Jordan
8558 S 6465 W West Jordan
6612 S Clernates Dr West Jordan
2287 W Williamsburg Cir West Jordan
9217 S Teton Estates Dr West Jordan
7002 W 3100 S West Valley
3115 S Maple Way West Valley
3173 S Pearce St West Valley
4376 S 3720 W West Valley
5913 W Peron Ln West Valley
4943 W Elaine Dr West Valley
4323 S 3920 W West Valley

Utah County Notice of Defaults 10/1/2007

534 W 2200 N Lehi UT
2022 W Woodview Dr Lehi UT
724 N 900 W Orem UT
291 W 2000 N Orem UT
686 W 1400 S Payson UT
458 E 3460 N Provo UT
706 N University Ave Provo UT
1358 E 320 N Provo UT
618 S 500 W 1 Provo UT
2021 E 1400 S Spanish Fork UT

Top 10 Most Expensive Markets For “Average Home” in 2007

September 26th, 2007 — 2008 Real Estate Predictions, Top 10 Real Estate Lists, 2007 Real Estate Forecast, Appreciation

If you are looking to buy the average home in the United States, these are the most expensive markets. The average home in this survey by Caldwell Banker is 2,200 square feet with 4 bedrooms, 2 1/2 baths, a family room, and a 2 car garage.

Looking over the list, California has 8 of the top 10 most expensive towns for the average home which is not a surprise with the fantastic run up in property values in 2007. Also on the list are Greenwich, Connecticut and Boston, Massachusetts in the northeast.

This has to account for the attention placed on housing out in California. When the average person is having to dig up nearly a million to get into a home housing becomes the leading discussion in the household. And if you held onto a home during the run-up you have a great deal of your wealth tied up in the real estate market.

Top 10 Most Expensive Markets For “Average Home”

Beverly Hills, Calif. $2,206,883
Greenwich, Conn. $2,018,750
La Jolla, Calif. $1,800,000
Santa Monica, Calif. $1,785,000
Palo Alto, Calif. $1,677,000
Newport Beach, Calif. $1,617,500
Santa Barbara, Calif. $1,599,667
San Mateo, Calif. $1,498,023
San Francisco, Calif. $1,451,250
Boston, Mass. $1,381,250

Low Commission Brokerage Dies In the Slump

September 27th, 2007 — Real Estate

Foxtons was one of the early innovators in the low commission real estate model and focused on the high priced New Jersey bedroom communities. They offered a 2 percent commission to sellers and their agents were on salary, not commission.

The company struggled even in the heart of the boom as other agents did not want to show their homes as being commission based their was very little money for them. Once the market broke, so did Foxtons and now the company is looking at bankruptcy and cutting most of it’s staff.

While it is a shame for the employees that are losing their positions, it also is a testament to the innovative spirit in America. While the real estate sales model is fairly stable, innovators are still able to work and try and build a better mousetrap. Their will be many failures and near misses along the way, but that innate American sense of we can find a better way leads to innovation for the whole industry over time.

So, goodbye Foxtons, but thanks for trying something new and different.

It will lay off 350 of its 380 workers and intends to keep 4,400 listings on the market.
Senior vice president John Blomquist tells The Asbury Park Press the company no longer has the liquidity to operate as a going concern.
Foxtons was founded in 1999 on the principle that consumers shouldn’t pay a 6 percent commission. Agents were paid salaries and customers were charged 2 percent. The company was sold in 2004 and eventually commissions were raised to motivate agents to show Foxtons’ homes. via Newsday.com

Utah County Notice of Defaults 9/27/2007

632 W 200 S Lindon
318 E 400 N Orem
550 W 100 N Payson
2452 E 1370 S Spanish Fork
338 N 300 E Springville
409 S 400 E Springville

Salt Lake County Notice of Defaults 9/27/2007

388 W 13130 S Draper
4085 W 5580 S Kearns
4249 W 5500 S Salt Lake City
6143 S Cirrus Cir Salt Lake City
1271 E College St Salt Lake City
3348 S Santa Rosa Dr Salt Lake City
3304 W 5735 S Taylorsville
6680 S Leichen Ct West Jordan
3068 W 9240 S West Jordan

After Fed Rate Cuts, Mortgage Rates Continue To Rise

September 26th, 2007 — Real Estate

The world markets celebrated last week when the Federal Reserve lowered the Federal Funds rate a half percent. All but those guys at the 10 year bond market. They got nervous thinking the rate cut was too much and could strengthen their arch nemesis INFLATION.

So to combat evil INFLATION, the interest rates for a 30 year mortgage has jumped .23 percent over the past week thus negating any of the benefit for homeowners. So what does this mean?

To me it means the rising interest rate on fixed loans will make it harder for homeowners looking to buy or refinance to qualify for a new loan. This will put greater pressure on sales and pricing and keep housing sales soft. Of course, their are many other factors affecting the markets such as the weak dollar and countries shifting their savings to Euro’s instead of dollars. All of these macro effects are hurting the credit markets in the United States and thus the ability for homeowners to borrow.

The Fed last week sliced a sharp 0.5 percentage points off of the key federal-funds rate, which banks charge each other for overnight loans.
But while cutting the federal-funds rate directly impacts short-term borrowing like credit-card debt, it doesn’t automatically affect long-term loans like mortgages.
Instead, banks generally base mortgage rates on 10-year U.S. Treasury bond yields, which have risen 0.23 percentage points in recent days. McBride said Treasury yields have gone up because some bond investors fear the Fed cut short-term rates too much, risking inflation.
Inflation is bad news for mortgage investors because they agree to lend money at fixed rates for up to 30 years. So, unexpected inflation can ruin these investors’ returns. “Inflation is the worst enemy of investors that buy long-term (debts),” McBride said. via the BostonHerald.com.

Real Estate’s Big One Crash - Lennar Down 35 Percent and Now Finally Cutting Staffing

September 26th, 2007 — 2008 Real Estate Predictions


The major homebuilders all look like they felt that they could accelerate through the housing crash and gain market share from their competitors. If all the others had pulled back and 1 went through the wreck (to use a NASCAR analogy) that company might have done well.

Instead we are looking at all of the home builders putting the pedal to the metal and now what may have been a small crash is looking like “The Big One” as they all wanted to be heroes.The Big One for those who do not know is a big crash at a super speedway that collects all of the competitors who are racing in a tight pack. Since no one wants to back off when things get rough, they all have their cars beat up or destroyed.

So to keep this racing analogy going, we are going to have to red flag the race (park all the cars) until the track can get cleaned up. And the Lennar car driven by Stuart Miller looks like a total wreck.

The national homebuilder Lennar came out with their third quarter earnings report and the results were ugly. Of course, anyone who can spell real estate was expecting this as the market is saturated now that the speculators have gone home and the buyers are nervous.

But I guess that you do not know how to spell real estate if you are an executive at Lennar. It took an earnings report like this for them to take the foot off the gas pedal and start cutting back on expenses and staffing.

Lennar, whose sales for the period fell 44 percent, also said it had slashed jobs by about 35 percent and that further cuts would be necessary.
The loss for the third quarter ended on Aug. 31 was $513.9 million, or $3.25 a share, compared with a year-earlier profit of $206.7 million, or $1.30 per share.
Wall Street analysts on average had expected a loss of 55 cents per share, according to Reuters Estimates.
“Our third-quarter results on their face are disappointing. Nevertheless, they’re part of a program to reflect the harsh realities of a very difficult market condition,” Lennar Chief Executive Stuart Miller said in a conference call with analysts. via Reuters

Salt Lake County Notice Defaults 9/24/2007

958 E Draper Pkwy Draper
272 E Broadleaf Cir Draper
289 E Manti Dr Draper
14954 S Manilla Dr Draper
5493 S 670 W Murray
1230 S Montgomery St Salt Lake City
2103 S Broadmoor St Salt Lake City
247 S 700 E 51 Salt Lake City
10321 Temple View Cir South Jordan
1372 W Atherton Dr Taylorsville
5567 S Ridgecrest Dr Taylorsville
6481 S Cyclamen Way West Jordan

Utah County Notice of Defaults 9/24/2007

1616 S 450 W Lehi
4291 N 900 W Pleasant Grove
326 E Stadium Ave Provo
933 S 200 West Blvd Provo
603 N 970 W Provo
3341 N Cottonwood Ln Provo
551 S 1600 E Spanish Fork
886 N 600 E Springville

BYU Tailgate Party Open House this Saturday Sep. 22

Hey friends, it's the weekend again and that means that it is game day! I am actually going to throw a tail gate BBQ/Open House Saturday morning in Provo from 9:30 am until 12:30 pm. Kickoff for the game is at 1:00. The address of the open house/Tail gate BBQ is 1412 E 580 S in Provo. The food will be prepared by the Jimmy Rex Team and you can see one of my great listings while you get ready for the football game. Go ahead and invite anyone you want, the more people the better!
Food provided: Donuts, Hamburgers, Hot dogs, Drinks, Chips, whatever else looks good when I go shopping!

Utah County Notice of Default 9/21/2007

885 S 630 W Payson
1573 N 1975 W Lehi
731 S Blue Ridge Cir Alpine
2163 W 325 S Mapleton
440 S 900 E Provo
338 N 300 E Springville
4017 W Valderrama St Cedar Hills
975 N 600 E Orem
2357 W 800 N Provo

Salt Lake County Notice of Defaults 9/21/2007

14021 S 2055 W Bluffdale
5391 Emmeline Dr Herriman
7436 W Copperview Dr Magna
2818 S Breeze Dr Magna
3473 W 12600 S Riverton
1401 S 1000 E Salt Lake City
48 S Jeremy St Salt Lake City
5034 W 5320 S Salt Lake City
1771 S Main St Salt Lake City
10205 Mount View Dr Sandy
11418 S 3420 W South Jordan
11370 Brook N Lance South Jordan
4904 W Wood Ranch Dr South Jordan
2212 W Red Robin Rd West Valley
6156 W Harker Cir West Valley

Strange Buyer Problems - At Least You Are Not Martha Stewart

September 21st, 2007 — Celebrity Real Estate

Every real estate agent has the clients that just blow them away, and not for the right reasons. Wierd eccentric behavior that confounds all expectations and the willingness at the drop of a hat to sue are the bane of most agents existance.

Well, there is an inmate in the South Carolina penal system who takes this all to the next level. He is more than willing to sue celebrities over the most amazing things even when he was in jail when the supposed incident occurred. Today his target is Martha Stewart who was trying to sell her Westport home.

In a two-page, handwritten lawsuit Riches seeks more than 3 million dollars in damages from Stewart. Riches says he will donate any damages he collects to television cook Rachael Ray.
Riches claims he tried to buy Stewart’s estate in Westport earlier this year for the three-point five million dollars in pennies.
He claims the real estate listing for the property falsely claimed it was painted with Dutch Boy paint. The suit also states that while touring the property (although records indicate he would have been in prison at the time) Riches contracted poison ivy, was scratched by pricker bushes and fell in a groundhog hole.
Riches also claims he saw Stewart’s turkeys playing football with Michael Vick’s jerseys and that the birds attacked him. WTNH.com

Utah County Notice of Defaults 9-20-07

207 E 300 S Provo UT 84606
5422 W 10180 N Highland UT 84003

Sep. 20th 2007 Notice of Defaults SLC

2046 W 12510 S Riverton UT 84065
1233 S Redwood Dr Salt Lake City UT 84104
3985 S 4050 W West Valley UT 84120
1084 W California Ave Salt Lake City UT 84104
1774 Sage Hollow Dr Draper UT 84020
381 E High Berry Ln Draper UT 84020
6294 W King Valley Ln West Valley UT 84128
12803 S Ellerbeck Ln Draper UT 84020
14218 S Canyon Vine Cv Draper UT 84020
3677 S 700 E Salt Lake City UT 84106
3362 S Diamond Ridge Cir West Valley UT 84128
6963 S Firefox Cir West Jordan UT 84084
6302 W 3100 S West Valley UT 84128
7634 Sunrise Pl W West Jordan UT 84084
11965 Hidden Valley Rd Sandy UT 84092
1888 E 7130 S UT 84121
445 N 1300 W Salt Lake City UT 84116
130 W State Hwy Cprtn Copperton UT 84006
2952 S 8950 W Magna UT 84044
13852 S April Moon Cv Herriman UT 84096
784 E Woodshire Cir Murray UT 84107

Fed Interest Rate Cut on Housing - Who Will It Benefit

September 19th, 2007 — Real Estate
Thankfully the Federal Reserve cut the prime interest rate, but to whom will these benefits help? That is the question I have been getting and hearing around the web.
First of all, it should give the borrower with an adjustable rate mortgage a break. We had previously covered the bubble of adjustable rate mortgages that are expected month by month to reset:
Adjustable Rate Loan Resets For 2007–2008Month Millions
January-07 22
February-07 25
March-07 35
April-07 37
May-07 36
June-07 42
July-07 43
August-07 52
September-07 58
October-07 55
November-07 52
December-07 58
January-08 80
February-08 88
March-08 110
April-08 92
May-08 76
June-08 75
July-08 50
August-08 35
September-08 26
October-08 20
November-08 15
December-08 17
and in the next 6 months we should experience the peak. With foreclosures hitting record highs in August and more than double the resets expected in March of next year, any sort of interest rate relief should have powerful repercussions across the mortgage industry.
Fixed mortgages should come down a little but they will move slowly. What these homeowners should see are a lowering of interest rates on their credit cards freeing up more money in the family budgets.
The other benefit is that the credit market should free up a bit. More money available in the credit markets may allow the lenders to loosen up requirements just enough for families that are unable to qualify for a mortgage program and lose their home to foreclosure to get into a more advantageous mortgage.
And while Washington stews coming up with legislation to fix the market, the market fixes itself. What a surprise…
“People with an adjustable-rate line of credit on their homes — or anything that’s tied to prime rates — will almost instantly get half a percent lower” on their monthly bills, said Rich Bira, branch manager for First Capital Mortgage in Chicago. If they were paying 8.75 percent Tuesday on a line of credit, next month it will come down to 8.25 percent, he said. “That’s instant relief.”
And, though it will take time, it could ripple through the rest of the system.
“Other indices [on which mortgage rates are based] are probably going to go down as a result,” said Donna Burge, president of Baird & Warner Financial Services in Chicago.
“The more important effect on consumers is that [the cuts] will lower costs on credit cards, and that should spur spending,” she said. That would help the economy, including housing. via the chicagotribune.com.

Auction Network Coming To You Via Internet and Television

September 20th, 2007 —
This is an interesting concept. The Auction Network will be selling all sorts of items including homes on television and the internet starting in late October and rolling out through the next year. With America’s fascination with eBay and other auctions, this will be a great way to be a voyeur and participant in auctions across the country.
Financing is coming from Williams and Williams, one of the largest real estate auction houses in the country, so expect lots of real estate auctions to take place. And with it having a virtual reach, the auctions have the potential to be explosive.
This is definitely a concept to watch for.
Phase one will start Oct. 28 with streaming video at www.AuctionNetwork.tv. It will then beta test several interactive auctions from London to Las Vegas to Los Angeles, video on demand and gaming content, all towards building cable and satellite TV platforms it hopes to launch early next year.McKissick said the Auction Network will meet an untapped cable niche, allowing viewers to participate through the Web or by cell phone. By seamlessly combining live events, television, Internet and mobile platforms, she said it also will illustrate the future direction of broadcast television.“We will have a quarter of a million eyeballs at launch,” she said. “We will be ramping up to 1 million very quickly.”Since the Web site will be free to users, the company will draw revenue from traditional and interactive clickable ads, sponsorships, and two areas McKissick admitted are normally difficult to sell in entertainment show but fit in well with auctions: direct response ads and product placement. via The Journal Record

Orem Lady arrested for not watering her lawn!

You Better Water Your Lawn In Orem City, UT
September 20th, 2007 — Real Estate
Living in Utah we seem to be on perpetual water restrictions, but for 70 year old Betty Perry of Orem, she was arrested and thrown in jail for failing to keep her lawn watered. Showing cuts on her face the lady was arrested and plead innocent to the charges.
I would hate to see what happens to jay walkers in this town.
Betty Perry pleaded innocent Tuesday to charges she failed to water her lawn and resisted arrest when an officer attempted to cite her. Perry appeared in 4th District Court in Orem to enter her plea in a case prominent Los Angeles attorney Gloria Allred described as a gross injustice. “Today, law enforcement in Orem has enshrined itself as the laughing stock of our country by prosecuting a 70-year-old great-grandmother for allegedly not watering her lawn,” Allred said. “This ill-conceived action ensures Orem’s law enforcement authorities first place in the [Guinness World Records] for stupidity.” via Salt Lake Tribune
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