Home Sales Up in Utah!

The article below discusses the recent increase in home sales, due in part to the Housing Stimulus Bill. As a Design Consultant for McArthur Homes I can definitely say that we have seen a large increase in new home owners over the past couple of months. Now is a fantastic time to buy a home, not only because of the $6,000 & $8,000 grants available but also because of the fantastic interest rates and affordable pricing. For more information visit McArthur Homes.

Early Indicators Show Housing Stimulus is a Home Run
by Grant S. Whitaker, President and Chief Executive Officer, Utah Housing Corporation

Utah is only one month into our economic stimulus for housing, and house sales are hopping. Nearly 250 people have already purchased homes with $6,000 Home Run Housing Grants. With 1,600 grants available, they could be gone in a matter of months.
March activity in the Salt Lake housing market scored among the highest in the country, according to Zelman & Associates, a leading national real estate research firm that measures activity in 55 markets around the country. The Home Run grant program is cited as a key factor.
A number of home buyers are using both the $8,000 federal tax credit, available to first time home buyers, and the $6,000 Home Run grant, generating a $14,000 discount on a home purchase. When combined with historically low interest rates, this is an unparalleled opportunity for home buyers.


The sale of the excess inventory of new homes will have a positive effect of stabilizing the entire market of homes for sale, including existing homes. Whenever supply exceeds demand, home prices tumble. Clearly the sale of 1,600 new homes through Home Run will not completely restore the market, but it will help.
We are pleased to be a part of this Home Run economic stimulus program. We believe the benefits will play out in a big way as Jim Wood as projected, helping home buyers into a home, putting nearly 9,000 construction workers back to work, and generating $324 million in total earnings.