This post brings to a close the first month of a new decade in real estate.  The stories getting the greatest attention this month, from the consumer perspective, are questioning the stats and wondering what is really happening.  Until the current recession most people personally and professionally involved in real estate would hear the market is up and were happy about it.  Not many questioned how it was determined that the market was up and if the numbers demonstrated this was sustainable.  Now, folks are wondering...

Springs Blog prefers to focus on the status of the regional market with the national market as a backdrop because the influence of national factors varies.  While mortgage availability and Federal tax credits have substantial influence on the Pikes Peak market, the activity in Alabama or Michigan has virtually no influence.  The Case-Shiller numbers ending November 30, 2009, demonstrate that point exactly.  Starting closer to home, Denver has...

Average mortgage rates continue their decline this week closing at 4.99% (30 year fixed).  The week ends each Thursday for data reporting.  One year ago, 30 year rates were 5.12%.  For 15 year mortgages, rates are averaging 4.4%.  The Mortgage Bankers Association reports that mortgage applications are up a little better than 9%, year over year.  

On Wednesday, the FHA announced that, in response to increasing mortgage default numbers, lending requirements are being significantly tightened.  The new guidelines take effect this summer.  Borrowers with credit scores below...

First time homeowners intending to e-file a 2009 tax return to quickly get that homebuyer tax credit in the bank that much faster, have been forced to grab a book of stamps.   The attempted fraud surrounding the First Time Homebuyer Tax Credit has been so rampant that the IRS is forcing the capture of this credit occur via paper returns using snail mail.  The forms to be used are numbered 5405 and have just been released.  The change requires additional documentation demonstrating legitimacy including driver’s license, proof of residency and a signed mortgage statement.

The last week has been rather quiet in the real estate world as many are preparing for the holiday season.  The 30 year mortgage rate rose to close to 5% in response to the increase on Treasury rates.  Treasuries increased following economic news and political pundits raising the emotional tenor of the healthcare debate.  According to the Wall Street Journal,...

This week saw a fall in average interest rates falling to a 38 year low, a 10% jump in activity and continued Federal pressure on mortgage companies to modify troubled home loans.

Interest rates, according the Fannie Mae survey, for a 30 year fixed rate mortgage (average 0.7 point down) are at 4.71% and 15 year fixed rates (average 0.6 point down) are at...

This week's big news in residential real estate is the extension and expansion of the Federal First Time Homebuyer Credit.  Here are the highlights...

In an attempt to sustain the momentum of the 2009 home buying season, the U.S. government has passed legislation which expands the 2009 First Time Homebuyer Tax Credit to existing homeowners.  The intent is to stimulate the middle tier of the residential real estate market.  Hopefully, homeowners will find the tax credit enough of a stimulus, in addition, to the stabilizing broader economy to trade up their homes. 

Why would this be of interest...?

Can Colorado Springs measure up against a recent barometer the Wall Street Journal published about predicting home value stability and increase?  (http://www.smartmoney.com/personal-finance/real-estate/6-signs-your-home-will-increase-in-value/?hpadref=1)  The key indicators, according the WSJ article include unemployment rate, rising incomes, declining foreclosures, declining inventory, shrinking list to price ratios, and decreasing sales price.  Let's break it down...

Smart Money (http://www.realtor.org/rmodaily.nsf/pages/News2009110206) recently published a warning to consumers to make smart cost saving decisions when building a new house.  Some of the common corners being cut that can have long term negative effects include the following:

This week has been primarily the dissection and understanding of various legislative action upon first time homebuyers, military buyers and home builders.  Last week we covered the expansion of the First Time Home Buyer Credit; this week we will look at the impact it has upon builders.

For a long time, credit has been critical to new home industry since construction loans are instrumental to most new builds.  As the broader economy fell into disarray...

The last week has been rather quiet in the real estate world as many are preparing for the holiday season.  The 30 year mortgage rate rose to close to 5% in response to the increase on Treasury rates.  Treasuries increased following economic news and political pundits raising the emotional tenor of the healthcare debate.  According to the Wall Street Journal,...

The smartest trend in building construction, whether it be residential or commercial, is focusing on "net zero" or "near net zero" energy consumption.  Net zero refers to a buildings energy usage equaling no more than it either produces or can sell back to the local energy company.  Nearly 40% of all U.S. energy consumption is thanks to buildings through heating, lights, air conditioning, and miscellaneous electrical usage.

The Air Force Academy has announced its commitment to reach net zero energy use...

Those knowledgeable about the real estate market have been nervously watching numbers over the last couple of quarters.  The uptick seen in the residential market this year has been met with cautious optimism that the worst may be over but the true measure would be fourth quarter activity as the real estate season slows and the major impact of the First Time Home Buyer Credit has passed.  Additionally,...

This week saw a fall in average interest rates falling to a 38 year low, a 10% jump in activity and continued Federal pressure on mortgage companies to modify troubled home loans.

Interest rates, according the Fannie Mae survey, for a 30 year fixed rate mortgage (average 0.7 point down) are at ...

In a nod to active members of the armed forces, certain provisions have been included in the latest extension of the homebuyer credit.  Military members who serve at least 90 days outside of the United States during 2009 and 2010, are allowed to extend the benefit one year meaning that they have until May 11, 2011 to contract on a primary residence.  According to Military Relocation News, more than 350,000 families will be eligible to participate in the Service Members Home Owners Tax Act.  This is very important to the Colorado Springs and El Paso community since so many of the residents are active military .

November 29th, 2009 by admin

First American Core Logic reported this week, that a staggering 23% of homeowner’s nationally are in a negative equity position on their mortgage.  Colorado fares better than the national average at 19%  There are currently  1,126,882 mortgages in the state with 214,436 in trouble.  Another 87,272 are in danger of negative equity.  Faring better than states such as Nevada (74%), Arizona (47.9%), Florida (44.7%) and California (34.7%), Colorado is running in the middle of the pack.  CSBJ reports that Colorado’s foreclosure rates are dropping.

The blogs are on FIRE!  The S&P Case Shiller numbers, ending October 2009, have been released and the blogosphere is hopping with commentary about it.  We are providing a link to the actual report so our readers can read the numbers for themselves.  http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us.

As always, Springsblog is here to present the facts with a no-nonsense approach to the commentary.  You have come to expect this!  So, let's begin close to home with Denver...