Spreading the Word about Roxborough
Nic Vasilauskas with Farmers Insurance at the Roxborough Marketplace has shared some great rate savings for the season. Below is a rate comparision which shows some great savings for both auto and home.
Feel free to contact Nic at (303) 523-6188 or email at nvasilauskas@farmersagent.com
In all, 4.4 million Americans look to take advantage of the home buyer tax credit before it expires by the middle of next year. From the enactment in February of this year through October, NAR estimates 1.8 million households would have qualified to claim the first-time home buyer tax credit. Now with the tax credit deadline extended till the end of June 2010 (for closings, with contracts signed by the end of April, 2010) and also available to many move-up buyers, an additional 2.6 million families would likely claim the home buyer tax credit.
The expected boost to existing home sales by more than 20 percent in the first half of 2010 from comparable period one year before will sufficiently trim away inventory such that home values will begin to show increases by the middle of next year in many parts of the country. The median existing home price could rise by 2 to 4 percent in 2010. New home sales could jump by nearly 50 percent, though from very depressed levels to figures that would be less than half the pace as during the peak sales year in 2005.
One assumption underlying the home sales forecast is that the mortgage rates will continue to remain at near historically low around 5 percent and not more than 5.5 percent. Meanwhile, the unemployment rate is projected to stay high at slightly above 10 percent through the first half of next year, before steadily inching down. Another assumption is that the economy as measured by the GDP continues to expand at nearly 3 percent, thereby laying the foundation for eventual consistent net job gains sometime in the spring of next year.
More of the Article
by By Lawrence Yun, Chief Economist, National Assoc of Realtors
Chad Bergman
303-875-2240
| % Change vs | |||
| NOV 09 | Prior Month | Year Ago | |
| Single Family (Res + Cond) | |||
| Active | 18,061 | -4.67 | -17.00 |
| Under Contract | 3,444 | -29.86 | -5.31 |
| Sold | 3,599 | -9.07 | 23.25 |
| Avg DOM | 81 | -12.77 | -13.49 |
| Avg Sold Price | $238,852 | 0.02 | 5.27 |
| Residential | |||
| Active | 13,575 | -5.57 | -19.08 |
| Under Contract | 2,727 | -28.24 | -6.71 |
| Sold | 2,751 | -9.86 | 16.82 |
| Avg DOM | 79 | -14.13 | -15.05 |
| Avg Sold Price | $265,498 | 1.42 | 9.46 |
| Condominium | |||
| Active | 4,486 | -1.82 | -10.03 |
| Under Contract | 717 | -35.41 | 0.42 |
| Sold | 848 | -6.40 | 50.09 |
| Avg DOM | 88 | -10.20 | -9.28 |
| Avg Sold Price | $152,409 | -5.60 | -5.70 |
© 1998-2009 Metrolist, Inc. All rights reserved.
The extension of the tax-credit for home buyers removed a sense of urgency for home buyers in the Denver area last month, resulting in a record drop in home sales from October.
Only 3,444 Denver-area homes were placed under contract last month, a 29.9 percent drop from the 4,910 homes placed under contract in October, shows a report released today by independent broker Gary Bauer.
That is the largest percentage drop in November from October since at least 1990, shows an analysis of historical data by InsideRealEstateNews.com. While under contract activity typically drops off for seasonal reasons in November from October, in most months it falls by 15 percent or less.
“We stole buyers in October from November,” as first-time home buyers rushed to try to close their homes before the end of last month, the previous deadline for the $8,000 tax credit for qualified first-time home buyers, said Tom Cryer, a broker with the Kentwood Co.
In early November, President Obama signed legislation continuing and expanding the credit to $6,500 for some current home owners .
“First-time home buyers were positively worried that the credit was gong to end, so they were rushing to do transactions in August, September and early October,” Cryer said. “Once they found they were going to have the tax credit extended for (about) six months, they backed off. I personally have had a number of my first-time home buyers say let’s keep looking until we find the perfect home, instead of settling for something less.”
More of this article at http://insiderealestatenews.com/2009/12/under-contracts-drop-by-30-but-homes-prices-up
The U.S. Treasury report shows that Colorado, at the end of October, ranked No. 20th in the nation for the number of homeowners participating.
California is No. 1, with 134,609 people in the Making Home Affordable Program . Other states with a large number of participants include: Florida, 62,614; Arizona, 34,424; Illinois, 33,514; New York, 28,773; Michigan, 22,031; and Nevada, 17,566. At the other end of the spectrum, North Dakota only has 17o modifications in the works.
Nationally, about 650,000 homeowners are in the trial program, but only a small percentage of them have had their loans modified permanently, which is something the Obama Administration wants to remedy.
“That is really interesting,” said Ryan McMaken, spokesman for the Colorado Division of Housing, when contacted with the Colorado data by InsideRealEstateNews.com.
“My initial reaction is that states with higher unemployment, which have seen a greater decline in home values, the loan modification programs are more necessary,” McMaken said. “Homeowners in Colorado clearly have more options than people in many other states. In Colorado, there are still a lot of people willing to buy homes and a lot of investors willing to pay for them.”
He said it is possible that fewer modifications are being done in Colorado, “but they are sticking better,” than in other states.
Still, loan modifications are not for everyone, especially with the recent wave of distressed homeowners who have lost their jobs, he said.
“If you have no income, and you cannot repay your loans at any rate, you might have to do a short sale,” McMaken said. “And as a note of caution, housing counselors will tell you that not all loan-modification programs are created equal. Counselors have told some homeowners not to accept the loan-modification program offered. Some loan mods are inappropriate for some individuals, while other loan-mods are very appropriate. You have to look at them on an individual basis. Can you imagine the psychological damage to someone who can’t make their payments, even after jumping through all the hoops to get their loan modified.”
Peter Garvin, of Borrowers First Choice, a division of Cherry Creek Mortgage, said given Colorado’s foreclosure rate, he would have expected the number of people to be in loan modification programs to be higher.
“I think we’re No. 9 in the foreclosure rate, according to the last numbers I recall, so I guess my take is given our foreclosure rate, you would think we would be some place around No. 9 for loan modifications,” Garvin said.
“I don’t know what the answer,” why more homeowners in Colorado aren’t enrolled in loan-modification program, he said.
However, it can often take as long as nine months for a homeowner to get enrolled into a program, he said. “So maybe we have a boat-load of modifications that have not been showing up yet,” Garvin said.
Although there have been criticisms by some political and industry leaders that the program is not helping enough Americans, Treasury Assistant Sec. Michael S. Barr today said the program is working.
“Struggling homeowners in every state now benefit from reduced monthly mortgage payments and have an opportunity to stay in their homes,” Barr said. “The program is having a pronounced impact in areas particularly hard hit by the housing crisis. We’re reaching borrowers at a larger scale than any other modification program to date, but there is still much more work to be done.”
Article by: John Rebchook www.InsideRealEstatenews.com
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Here are some FAQs
Michael, Jack, JD, and Paul skating the Roman pool at the Roxborough skatepark in Littleton, Colorado.
at Arrowhead golf course, December 5 & 6th, 9 and 12 pm seating. Santa will be there with gifts for the kiddies.
Spotted in the Roxborough area. Keep an eye out for it.
This is a great paper on the history of our current mortgage/ housing market situation and how to combat it going forward.
Remarks by John C. Dugan Comptroller of the Currency Before the Special Seminar on International Banking and Finance Tokyo, Japan November 18, 2009
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