“There seems to be a long held American belief currently under attack. For over two hundred years, homeownership in this country was a desire of almost every American family. Recently however, more and more people have been pontificating on the fact that owning your own home should never have been held in such high regard.

I don’t want to overstate my concerns as I know that the majority of Americasn still hold homeownership sacred. Trulia just did a survey showing 77% of those questioned still believe that owning a home is a part of the American dream. Yet, it does concern me that, while people are being forced from their home due to economic difficulties, some are claiming that homeownership never should have been the goal anyway.

Let me spend a few moments looking at the financial benefits of owning a home.

You may ask why I would make this argument today knowing that housing is in the midst of one of its worst times ever. Well, quite frankly, the last ten years have not treated the homeowner that badly. Obviously, people who purchased a home in 2006 and 2007 have seen their value depreciate over the last two or three years. But, real estate was never seen as a good short-term investment.

If we look at housing values over the last 10 years, we find that even through these tough times real estate has averaged over 50% return as an investment.

The chart below compares real estate to other investments over those ten years.

Then why this challenge today? Well, in the middle of the last decade, when prices were appreciating in some areas by as much as 20% annually, many got caught up in the belief that housing values should double every few years for the rest of time. That belief created all sorts of reckless behavior.

Many purchased homes well-beyond their financial means. Others decided that they would gamble on future values and interest rates by taking exotic mortgages to allow them to purchase a McMansion and worry about the cost at some later date. And others used their homes as an ATM, withdrawing their equity in the form of a home equity loan, in some cases, on an annual basis.

Previous to this, homeowners realized that a house was a home first and then a pretty good long-term investment. They might have borrowed against the house to put a child through college, finance a wedding, or pay for medical bills.

In the last few years however, people regularly refinanced to buy “new toys” (a new car, a boat, matching ATVs, etc.) Or, if it was for a medical procedure, it would just as likely be voluntary cosmetic surgery as a life saving operation.

I realized that tere were some people who were caught in difficult situations and others who got terrible advice from people they trusted. Their current situation is no fault of their own. My heart goes out to those people.

My hope is that, in these difficult times, the same people make sure they get good counsel. For example, I hope people think long and hard before they willfully default on their mortgages. They should try a modification first and, if that is unsuccessful, they should look for assistance in doing a short sale. A short sale will allow them to rebuild their credit more quickly, and enable them to purcahse a home again in half the time it would take if they go through foreclosure.

For over 200 years, Americans were eager to purchase property because they knew that on a long-term basis it would create wealth. That concept is alive and well in this country even today. For those who don’t believe this, save this blog post and we’ll revisit it in ten years.

Steve Harney

UtahsEconomicRecovery

“Recently, I asked Mike what he would really love for dinner and my heart sank when he answered, “that stuffed Manicotti you made 17 years ago in our first apartment.” All I remember of that meal was sitting on the kitchen floor in a puddle of tears surrounded by manicotti noodles drying out on every possible square inch of counters, floors and appliances. It was a four-hour disaster which resulted in soupy sauce, crusty noodles and a sweet husband who pretended to love it all. I was determined not to be a two-time loser and I am proud to say that I have found a fool proof, amazing manicotti recipe that your family will love. I also doubled the recipe and froze a dinner for later. Enjoy! ” - Tobi Roberts

The kitchen prefers part-skim ricotta for manicotti, but whole or fat-free ricotta can also be used. We also prefer Barilla no-boil noodles for their delicate texture resembling fresh pasta. Note that Past Defino and Ronzoni brands contain only 12 no-boil noodles per package; the recipe requires 16 noodles. The manicotti can be prepared through step 5, covered with a sheet of parchment paper, wrapped in aluminum foil, and refrigerated for up to 3 days or frozen for up to 1 month. (If frozen, thaw the manicotti in the refrigerator for 1-2 days.) To bake, remove the parchment, replace the aluminum foil, and increase baking time to 1 to 1 1/4 hours.

Ingredients:

Tomato Sauce

• 2 – 28 ounce cans diced tomatoes ( in juice)
• 2 tablespoons extra-virgin olive oil
• 3 medium cloves garlic, minced or pressed through garlic press (about 1 tablespoon)
• 1/4 – 1/2 teaspoon hot red pepper flakes, optional
• 1/2 teaspoon table salt
• 2 tablespoons chopped fresh basil

Cheese Filling and Pasta

• 3 cups part-skim ricotta cheese (see note above)
• 4 ounces grated Parmesan cheese (about 2 cups)
• 8 ounces shredded mozzarella cheese (about 2 cups)
• 2 large eggs, lightly beaten
• 1/2 teaspoon table salt
• 1/2 teaspoon ground black pepper
• 2 tablespoon chopped fresh parsley leaves
• 2 tablespoons chopped fresh basil
• 16 no-boil lasagna noodles (see note above)
• 16 slices thinly sliced prosciutto

Instructions:

1. For the Sauce: Adjust oven rack to middle position and heat oven to 375 degrees. Process 1 can tomatoes with their juice in food processor until coarsely chopped with 1/4 inch pieces visible, 3 or 4 pulses. Transfer tomatoes to medium bowl. Repeat with remaining can tomatoes.
2. Heat oil, garlic, and pepper flakes (if using) in large saucepan over medium heat until fragrant but not brown, 1-2 minutes. Stir in tomatoes and salt and simmer until thickened slightly, about 15 minutes. Stir in basil; adjust seasoning with salt.
3. For the Cheese Filling: combine ricotta, 1 cup parmesan, mozzarella, eggs, salt, pepper, and herbs in medium bowl; set aside.
4. To assemble: Pour 1 inch boiling water in 13 by 9 inch broiler-safe baking dish, then add noodles 1 at a time. Let noodles soak until pliable, about 5 minutes, seperating noodles with tip of sharp knife to prevent sticking. Remove noodles from water and place in single layer on clean kitchen towels; discard water in baking dish and dry baking dish.
5. Spread bottom of baking dish evenly with 1 1/2 cups sauce. Arrange 1 slice of prosciutto on each noodle. Using soupspoon, spread 1/4 cup cheese mixture evenly onto bottom 3/4 of each noodle on top of prosciutto (with short side facing you), leaving top 1/4 noodle uncovered. Roll into tube shape and arrange in baking dish seam side down. Top evenly with remaining sauce, making certain that pasta is completely covered.
6. Cover manicotti with aluminum foil. Bake until bubbling, about 40 minutes, then remove foil. Remove manicotti and adjust oven rack to highest position (about 6 inches from heating element) and heat broiler. Sprinkle manicotti evenly with remaining 1 cup Parmesan. Broil until cheese is spotty brown, 4-6 minutes. Cool 15 minutes, then serve.

Recipe courtesy of Cooks Illustrated.

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If have any questions regarding these two amazing products, feel free to contact us at 801-501-7950 and ask for Brad.