Federal Guidelines on Commercial Loan Modifications

According to an article by the Associated Press yesterday approximately $500 billion in commercial real estate loans will come due annually for the next few years. This is why federal regulators want banks to be more accurate when analyzing their potential losses when doing commercial real estate loan modifications.

The FDIC, the Federal Reserve and the Office of Thrift Supervision released new rules this past week. The main point was that it would be wise to be "prudent" in modifying homes for the benefit of both the bank and the borrower that is creditworthy.

For those creditworthy individuals who have restructured their commercial loans they will not be considered "high-risk" just because the value of the property has dropped below what the original purchase price was. For banks that follow the correct procedures they will be safe from scrutiny. These agencies claim that they will take a "balanced approach" when looking at the risk management practices of the bank they are looking into.

This past week we saw 106 bank failures and we haven't seen that many since 1992. The real estate loans that have gone bad as well as the recession are what is being blamed for this number.

So far this year the FDIC has paid $25 billion for failed banks. It is estimated that over the next four years the cost will be $100 billion. The FDIC plans to charge the banks that they insure in advance for the upcoming costs.

If you have questions about loan remodification or relocating to a specific area please contact us!

Midwest Home Resales Increase

This week the National Association of Realtors stated that home resales in the Midwest increased by 5.7% since last September. This is great news in this economy! The sale prices fell just 1% which made the area the lowest drop in the country. Pretty impressive.

Nationwide in the past year the home resales increased by 8% but prices fell about 8.5%. Fargo, North Dakota saw an astounding 23% increase in number of sales. The article points out the North Dakota's unemployment was also one of the lowest in the nation. Indianapolis holds the highest price gain in the nation for the past few months.

The article points out the the recent tax credit has helped with the numbers this year. Some believe that the only way to keep the real estate market up is to try to keep the number of unsold homes down to a minimum.

While there are many theories on what the market needs to completely rebound it is hard to say for sure. Some areas such as St. George have dipped in value slightly but this dip has helped some buyers find a way to buy the homes that are needed. In this area the number of homes on the market keeps going down because people have started purchased again. Our area is very desirable because of the number of jobs, city planning, so many outdoor activities, a family friendly environment, incredible arts offered and more. Our park system and trails alone are attractive to many who enjoy being outdoors all year.

If you would like more information on the St. George area or any surrounding area please contact us! We would be more than happy to get you the information that you need.

Tuacahn Overview

Tuacahn Amphitheatre is nestled in the Tuacahn Canyon of Ivins, Utah. This wonderful venue is just minutes from St. George and offers an outdoor spectacular like no other. Forget what you have seen of amphitheatres that only host acoustic events or orchestras, this amphitheatre is geared for everything from the acoustic event to the show that needs major special effects.

The theatre department has everything from a live orchestra for most shows, elaborate costume department to a great prop and set design department. The theatre often uses live animals in their plays that are extremely well trained. The staff in the box office and all of the ushers are extremely helpful and kind. There is a wonderful gift shop as well as concessions.

For those who are interested in a whole evening of fun you can join other guests for a pre show dinner and entertainment. This year the pre show dinner was done by Golden Corral.

Right now through the end of the month Tuacahn is featuring the Halloween show "Thriller" which is a great musical event. At Christmas they generally have a live nativity, caroling, train rides and amazing lights for the whole family to enjoy. The live nativity is free and the train ride is for a nominal fee.

Throughout the year Tuacahn hosts concerts. They have previously welcomed groups such as Foreigner, America, the Beach Boys, and many more. As for shows they are going to have Tarzan (the Disney show), Cats and Crazy for You this upcoming season. In the past they have had Annie Get Your Gun, Cinderella, Aida, Les Miserables and many, many more.

We invite you to come enjoy our wonderful theatre in the desert under our clear skies. When you fall in love with our area be sure to contact us for a relocation packet and information on local real estate.

Huntsman World Senior Games

It's that time again when the St. George area hosts the Hunstman World Senior Games. This inspirational event is a boon for the area and St. George provides a beautiful back drop for the participants. There are not many places where you get to complete a triathlon with lava rock, red hills, green trees, ample sunshine and perfect temperatures.

The Huntsman World Senior Games has been happening since 1987. Daisy and John H. Morgan, Jr. were the founders of this international sports event for men and women over 55 years of age. The games hold 26 events in a two week period of time. The preparation is handled by a team of people that work year round and then during the games we have over 2,000 volunteers come out to help support and run the games. The sheer number of volunteers willing to make this happen is awe inspiring.

The Huntsman World Senior Games is about more than the competitions involved. There are events that promote health and well being, knowledge, research and more. These events raise awareness and even provide health screenings for different diseases and cancers.

On top of all of this there is wonderful entertainment and other functions held for the participants and community. There is a sense of unity and group effort that comes into play that is hard to replicate. While the competition is fierce, the fun is what is focused on. The participants are happy for each other and their is a great air of encouragement.

During these two weeks in October (this year it is October 5th-17th) it can be a challenge to get a hotel room so if you want to come be sure to book early! It is very much worth the trip to come and participate or just be an observer and supporter.

As most people do, you are bound to fall in love with this beautiful and friendly community. These games and other events bring out the best in our people. If you find that you may want to live here full time or just have a seasonal home or vacation retreat please click here for a relocation packet. This is free of charge and there is no obligation. We simply want to share our area and help you decide whether or not St. George and its surrounding areas are a good fit for you!

St. George Marathon 2009

The St. George Marathon is one of the key events in our great city! Runners from all over come to this marathon. They get to run in one of the most scenic places on Earth! This year we had over 5,600 finishers!!! The community support was astounding and naturally, the weather was perfection!

The 33rd Annual St. George Marathon was a huge success. There were 600 more finishers than last year. The 26.2 mile race starts in Central, Utah at 6:45 am. The finish line is in downtown St. George. This year the 1st place runner made it in 2:21:03.

Some notes of interest about the St. George Marathon:

• It it the 15th largest marathon in the United States.
• People from all over the U.S. as well as approximately 11 foreign countries participate.
• 60% of participants are male while about 40% are female.
• Runner's World declared it to be one of the most scenic marathons.
• There are 15 aid stations along the route.
• More than 800 people have run the race 10 times.
• 53 people have run it 20 times.
• Averages show that 80% of registered runners finish the race.

The first weekend in October is the prime time to hold this marathon. The weather is optimal in St. George during this time of year. At the time the race starts out the temperatures range from 38-44 degrees and at finishing they average 65 to 85 degrees.

Come out and enjoy the race with us sometime. Whether you compete or you support from the sidelines this is an exciting and inspiring event. The whole community and surrounding communities come out to support and cheer on the runners.

If you are interested in more information on St. George, Utah or it's surrounding areas please click here.