Nationally, the number of flipped homes rose 19% to 197,784 in 2009, according to RealtyTrac. Flipping has been encouraged by a FHA one-year rule change, which allows FHA borrowers to buy foreclosed homes from owners who have held title for less than 90 days. Many of the today’s flippers are wealthy foreign investors. In many cases, they bid without ever seeing the properties, relying on photos and descriptions via mobile phone.
http://www.realtor.org/RMODaily.nsf/pages/News2010033106
Thursday, April 1, 2010
Wednesday, March 24, 2010
Denver Parade of Homes Returns!!
Parade of Homes to return in August with multi-site format - Denver’s “Parade of Homes” will return Aug. 14 to Sept. 6, featuring a multiple-site format for a second year and a wider-than-usual range of home values, the Home Builders Association of Metro Denver said yesterday. “We’re bringing back the favorite elements of the Parade, but we’re adding more homes for visitors to see throughout the metro area and admission to the Parade will be free,” Clarence Hughes, chairman of the Parade of Homes and a Home Builders Association (HBA) board member, said in a statement.
http://www.bizjournals.com/denver/stories/2010/03/22/daily21.html?s=industry&i=resi_real_estate
http://www.bizjournals.com/denver/stories/2010/03/22/daily21.html?s=industry&i=resi_real_estate
Tuesday, March 23, 2010
Benefits of Home Ownership
With the Home Buyer Tax Credits coming to a close and mortgages remaining low, if you've ever thought about owning your own home - NOW IS THE TIME!!!
Call me at (720) 988-5952 to discuss your options and to put you on a path to home ownership.
Need some convincing yet? Take a peak at the following article that discusses the benefits of Home Ownership.
Let me help your dreams become a reality!
http://realtytimes.com/rtpages/20100322_benefits.htm
Call me at (720) 988-5952 to discuss your options and to put you on a path to home ownership.
Need some convincing yet? Take a peak at the following article that discusses the benefits of Home Ownership.
Let me help your dreams become a reality!
http://realtytimes.com/rtpages/20100322_benefits.htm
Monday, March 15, 2010
Weekly Mortgage Newsletter - courtesy of Tami Pratt
Quiet Week for Mortgage Markets
During a very light week for economic news, the economic data and Treasury auctions contained few surprises and produced little reaction in mortgage markets. Mortgage rates ended the week nearly unchanged.
In early 2009, the Fed embarked on a $1.25 trillion mortgage-backed securities (MBS) purchase program to help keep mortgage rates low and stimulate the economy. The amount purchased varied from week to week, reaching a peak of $33.2 billion in the week of March 25, 2009. The Fed has been gradually reducing the size of its purchases at a pace consistent with a March 31 conclusion of the program, and the most recent weekly purchases have been down to around $10 billion.
As the date nears, the big question is what will happen when the MBS purchase program ends. This program is unprecedented, making the outcome difficult to predict, and forecasts vary widely. Estimates for the impact on mortgage rates from the conclusion of the program vary from an increase of one percent to no change. Those who predict higher mortgage rates point to a basic change in the fundamental supply and demand. The added demand from the Fed was widely credited with moving rates lower, and a decrease in demand would typically push rates higher. However, other economists argue that investors respond only to unexpected news. In this view, since the Fed has telegraphed the end of the program for months, there should be little reaction around March 31. The Fed itself has indicated that they expect a modest increase in mortgage rates due to the end of the program.
Also Notable:
Despite major snowstorms in many regions, February Retail Sales increased
The Labor Dept. announced that the number of job openings in January rose 8%
Oil prices rose above $80 per barrel to the highest level since early January
The Fed purchased $10 billion in agency MBS, with about $24 billion more to go
Average 30 yr fixed rate:
Last week: 0.00%
This week: +0.01%
Stocks (weekly):
Dow: 10,600 +100
NASDAQ: 2,350 +50
Week Ahead
The big story next week will be Tuesday's Fed meeting. No change in the fed funds rate is expected, but any surprises in the Fed's statement could produce a large reaction. The most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products and will come out on Wednesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Thursday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Industrial Production, an important indicator of economic activity, will be released on Monday. Housing Starts are scheduled for Tuesday. Import Prices, Leading Indicators, and Philly Fed will round out a busy week.
During a very light week for economic news, the economic data and Treasury auctions contained few surprises and produced little reaction in mortgage markets. Mortgage rates ended the week nearly unchanged.
In early 2009, the Fed embarked on a $1.25 trillion mortgage-backed securities (MBS) purchase program to help keep mortgage rates low and stimulate the economy. The amount purchased varied from week to week, reaching a peak of $33.2 billion in the week of March 25, 2009. The Fed has been gradually reducing the size of its purchases at a pace consistent with a March 31 conclusion of the program, and the most recent weekly purchases have been down to around $10 billion.
As the date nears, the big question is what will happen when the MBS purchase program ends. This program is unprecedented, making the outcome difficult to predict, and forecasts vary widely. Estimates for the impact on mortgage rates from the conclusion of the program vary from an increase of one percent to no change. Those who predict higher mortgage rates point to a basic change in the fundamental supply and demand. The added demand from the Fed was widely credited with moving rates lower, and a decrease in demand would typically push rates higher. However, other economists argue that investors respond only to unexpected news. In this view, since the Fed has telegraphed the end of the program for months, there should be little reaction around March 31. The Fed itself has indicated that they expect a modest increase in mortgage rates due to the end of the program.
Also Notable:
Despite major snowstorms in many regions, February Retail Sales increased
The Labor Dept. announced that the number of job openings in January rose 8%
Oil prices rose above $80 per barrel to the highest level since early January
The Fed purchased $10 billion in agency MBS, with about $24 billion more to go
Average 30 yr fixed rate:
Last week: 0.00%
This week: +0.01%
Stocks (weekly):
Dow: 10,600 +100
NASDAQ: 2,350 +50
Week Ahead
The big story next week will be Tuesday's Fed meeting. No change in the fed funds rate is expected, but any surprises in the Fed's statement could produce a large reaction. The most significant economic data next week will be the monthly inflation reports. The Producer Price Index (PPI) focuses on the increase in prices of "intermediate" goods used by companies to produce finished products and will come out on Wednesday. The Consumer Price Index (CPI), the most closely watched monthly inflation report, will come out on Thursday. CPI looks at the price change for those finished goods which are sold to consumers. In addition, Industrial Production, an important indicator of economic activity, will be released on Monday. Housing Starts are scheduled for Tuesday. Import Prices, Leading Indicators, and Philly Fed will round out a busy week.
Monday, February 8, 2010
Sunday, February 7, 2010
The Final Countdown (insert 80's tune here)!
The countdown has begun! There are only 81 days left to execute a contract on your dream home before the $8,000 and $6,500 tax credits are gone.
Selling a home takes time. You'll need to:
Get your current home ready for sale (to get top dollar in this market your home has to shine brighter than the competition),
Receive an offer (average days on market for all MLS areas is 100 days),
Negotiate the offer (can take a day, a week, or more depending on the terms being discussed),
Survive the option period (typically 7 -10 days in which the buyers can back out of the contract for a minimal fee),
Get to the closing table (taking anywhere from 30 - 60+ days depending on the type of loan and a variety of other factors).
Buying a home takes even more time because you'll need to:
Get pre-qualified for a loan,
Determine the area/neighborhood in which you want to live,
Identify your dream home,
Make and negotiate an offer (can take a day, a week, or more depending on the terms being discussed),
Complete the recommended inspections during the option period (typically 7 - 10 days),
Negotiate any repair requests (if the seller is not willing to make the repairs you want or decrease the sales price, you may be back at step #3),
Get to the closing table (taking anywhere from 30 - 60+ days depending on the type of loan and a variety of other factors).
If you've considered buying or selling a home, call me, and let's get you started on your way to owning a new home.
Respectfully,
Brooke Hengst, REALTOR®, CDPE
Your Castle Real Estate
C: 720-988-5952
F: 720-920-9850
brookehengst@yourcastle.org
www.brookehengst.com
- I don't just list your home For Sale, I get it SOLD!
Selling a home takes time. You'll need to:
Get your current home ready for sale (to get top dollar in this market your home has to shine brighter than the competition),
Receive an offer (average days on market for all MLS areas is 100 days),
Negotiate the offer (can take a day, a week, or more depending on the terms being discussed),
Survive the option period (typically 7 -10 days in which the buyers can back out of the contract for a minimal fee),
Get to the closing table (taking anywhere from 30 - 60+ days depending on the type of loan and a variety of other factors).
Buying a home takes even more time because you'll need to:
Get pre-qualified for a loan,
Determine the area/neighborhood in which you want to live,
Identify your dream home,
Make and negotiate an offer (can take a day, a week, or more depending on the terms being discussed),
Complete the recommended inspections during the option period (typically 7 - 10 days),
Negotiate any repair requests (if the seller is not willing to make the repairs you want or decrease the sales price, you may be back at step #3),
Get to the closing table (taking anywhere from 30 - 60+ days depending on the type of loan and a variety of other factors).
If you've considered buying or selling a home, call me, and let's get you started on your way to owning a new home.
Respectfully,
Brooke Hengst, REALTOR®, CDPE
Your Castle Real Estate
C: 720-988-5952
F: 720-920-9850
brookehengst@yourcastle.org
www.brookehengst.com
- I don't just list your home For Sale, I get it SOLD!
Monday, February 1, 2010
Homes held back? The shadow market knows
Denver-area residential real estate brokers fear a flood of foreclosed homes still held by lenders — the “shadow market” — will be put up for sale in 2010. One national report put metro Denver’s shadow market at nearly 14,000 homes, relatively low compared to cities that have been harder hit by the recession. Some Denver-area residential brokers aren’t even sure there is a shadow market. And some lenders with Denver-area operations, in their defense, contend they put foreclosure homes on the market for sale as fast as they can, largely because of federal regulatory pressure to sell those homes, as well as the cost of holding and maintaining the properties. There are Denver-area real estate brokers that believe the increase they’ve seen this year in broker price opinions (BPOs) signals more bank-owned homes will be listed for sale in the next few quarters.
http://www.bizjournals.com/denver/stories/2010/02/01/story6.html?b=1265000400^2805471&s=industry&i=resi_real_estate
http://www.bizjournals.com/denver/stories/2010/02/01/story6.html?b=1265000400^2805471&s=industry&i=resi_real_estate
Subscribe to:
Posts (Atom)
Posts
