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...?

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.