Real in Denver

Avoid Closing Delays with a Good Lender

 

Three closings this week were delayed due to various issues with the buyer's loans, and my sellers had to deal with the stress of that.  Having a good lender referral can make the difference.

Foreclosure Filings Down in Urban Colorado

 

 

http://www.bizjournals.com/denver/news/2011/09/15/foreclosure-filings-in-urban-colorado.html

 

Earlier this week the Denver Post reported that housing inventory is down in Denver.  Today the Denver Business Journal reports that urban Colorado foreclosures are down in the first 8 months of 2011.  That is two market indicators of positive news for Denver in one week! 

Why Urban Infill Might Just be the Next Big Thing in Denver

 

Housing Inventory Down in Denver

 

Denver housing market tightens - The Denver Post.

Remembering Sept. 11

 

Sellers Shouldn't Cancel Showings

FHA Loan Limits Set to Change Oct. 1, 2011

Barring congressional action, effective Oct. 1, 2011, almost every Colorado county will see a decline in FHA loan limits.  At first glance this would appear to be bad news, but it should only affect a relatively small portion of the market.  For example, in Arapahoe County only the homes listed for sale between $368,000 and near or slightly above the current limit of $406,250 may experience fewer showings without having FHA buyers in that price range.   The median home price in Arapahoe County is $320,000.

The positive news for buyers (and sellers) is there are once again more options out there for buyers who do not have 20% down but do not want to be in an FHA loan.  Conventional loan programs have been implemented with a minimum of 5% down and either monthly mortgage insurance or up-front mortgage insurance.  At a $400,000 price point, the difference between 3.5% down on an FHA loan and 5% down on the conventional loan is an additional $6000 down payment from the buyer.  

State	County		Current 1-Unit	New 1-Unit	Difference	Median Home Price	Year
CO	Adams	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Arapahoe	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Archuleta	County	$317,500	$285,200	-$32,300	$248,000	2008
CO	Boulder	County	$460,000	$402,500	-$57,500	$350,000	2008
CO	Broomfield	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Chaffee	County	$280,000	$274,850	-$5,150	$239,000	2008
CO	Clear Creek	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Denver	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Douglas	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Eagle	County	$729,750	$625,500	-$104,250	$710,000	2008
CO	El Paso	County	$325,000	$271,050	-$53,950	$220,000	2008
CO	Elbert	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Garfield	County	$425,000	$414,000	-$11,000	$360,000	2008
CO	Gilpin	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Grand	County	$356,250	$333,500	-$22,750	$290,000	2009
CO	Gunnison	County	$433,750	$357,650	-$76,100	$311,000	2008
CO	Hinsdale	County	$557,500	$427,800	-$129,700	$372,000	2009
CO	Jefferson	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	La Plata	County	$443,750	$379,500	-$64,250	$330,000	2008
CO	Lake	County	$729,750	$625,500	-$104,250	$710,000	2008
CO	Larimer	County	$312,500	$271,050	-$41,450	$233,000	2008
CO	Mesa	County	$371,250	$271,050	-$100,200	$228,000	2008
CO	Mineral	County	$300,000	$271,050	-$28,950	$200,000	2009
CO	Ouray	County	$482,500	$425,500	-$57,000	$370,000	2009
CO	Park	County	$406,250	$368,000	-$38,250	$320,000	2008
CO	Pitkin	County	$729,750	$625,500	-$104,250	$1,900,000	2009
CO	Routt	County	$675,000	$625,500	-$49,500	$552,000	2008
CO	San Juan	County	$425,000	$271,050	-$153,950	$205,000	2010
CO	San Miguel	County	$651,250	$625,500	-$25,750	$1,370,000	2009
CO	Summit	County	$729,750	$625,500	-$104,250	$628,000	2008
CO	Teller	County	$325,000	$271,050	-$53,950	$220,000	2008
CO	Weld	County	$417,500	$271,050	-$146,450	$206,000	2006

 

Waiting to meet an appraiser at a home that is under contract in Denver.

Struggle to Make Mortgage Payment Improves Slightly

According to a recent Harris Poll, fewer people are having trouble making their mortgage payments.  Across the nation it was reported at 22% of homeowners in 2011 compared to 29% of homeowners last year.  Of course some of the 29% from 2010 lost their homes to foreclosure and no longer have a mortgage. 

Fewer people having difficulty making their mortgage payments = fewer short sales/foreclosures = a healthier market.