About Larimer County, CO

According to a report released Thursday by the Department of Local Affairs' Division of Housing, Larimer County had 555 foreclosure fillings for the third quarter, compared with 346 in 2008. Larimer County had 225 foreclosure sales in the third quarter compared with 242 last year.

The economic downturn continues to take its toll on homeowners everywhere. While adjustable rate mortgages contributed to the first wave of distressed homeowners, now the rising unemployment rate and credit crisis is beginning to dig in. Even in the residential rental market, rents are staying flat and even coming down to accomodate the smaller pocket books of the increasing tenant population.

What does this mean? It means that a long term solution to the situation must be put in place! Many of today's homeowners may not be able to remedy their situation with moratoriums and loan modifications. While loan modifications seem like a good option and an opportunity to stay in the home, the results can be somewhat contrary. Short sales are becoming more and more the option for a long term solution.

Check out some of the information in a study that was done by the Federal Reserve Bank of Boston, published July 6, 2009. The study had some valid points:

• Lenders are reluctant to modify mortgages. Only 3% of seriously delinquent loans have had modifications.
• Percentage-wise, lenders are modifying FNMA/FHLMC and mortgages held on their books the same.
• 30% of delinquent loans become current with no intervention by the lender.
• Most modifications result in an increased loan balance as back payments are rolled into the loan amount.
• More and more modifications are being done and resulting in lower homeowner payments.
• 26% of modified loans in the 4^th quarter of 2008 resulted in lower payments.
• Payment decreases before the 3^rd quarter of 2008 ranged from 10-14%.
• Payment decreases in the 4^th quarter 2008 averaged 22%.
• 30-45% of modified mortgages redefaulted within 6 months of a modification.

These are all interesting statistics. The financial "experts' all seem to focus on the fact that 30-45% of modified mortgages redefault, while ignoring one important fact - only 26% of the loans modified resulted in a lower payment. Wow! Only 26% of the 3% of seriously delinquent loans are modified to lower payments! So only 0.78% of delinquent loans are modified to lower payments. Let me say this again...

Only 0.78% of delinquent loans are modified to lower payments!

I am a Realtor that provides you with several options to put in place a long term solution to the situation. From working with my investors who will buy your property directly from the bank without even listing it on the market, to listing it with my short sale negotiating team and getting it SOLD! Don't wait, call today: 970-219-8595!!!

Greetings from Estes Park!

We sometimes hear the phrase, "Buyers are Liars"...referring to the tendency of buyers to give us their list of "gotta haves" and they end up buying something completely different.

I think it's a matter of digging deep enough to find that ONE THING on their list that is the most important, the thing that could override everything else on the list. I just closed a property with some buyers who wanted to live outside of town on a bit of acreage in a "cabin in the woods" sort of property. Know what we closed on? A split foyer house in town on a paved street with a lot and block legal description. Not exactly what we started out searching for, right? When it came right down to it, the primary issue was a great deal. A house that could use a facelift, things that a handy homeowner could do himself. That's EXACTLY what they got. Their perfect first house, not at all what we had in mind to start, but just the right house for my buyers..

The National Association of Realtors Convention in San Diego was very good this year. There were many new technologies that were unveiled at the convention as well as a lot of very good classes. It is always a good experience getting to go to sunny California, meeting new people, learning new things, but there is no place like home. I'm looking forward to getting back to my little corner of the world.

NAR is a terrific place to network with other realtors from throughout the "Realtor" network. You would think that there would be 50 state representation at NAR. It is so much more than that. One of the classes I attended approximately 40% of the attendees were from other countries. It is truly amazing to be able to talk to agents from as many foreign countries as you can imagine that are interested in having their customers purchase properties in the United States.

It is nice to be able to walk along the docs and see the boats in thier slips, but I'm looking forward to seeing elk in my front yard again.

Greetings from Estes Park!

Where would the real estate industry be without great contractors to fix all those things in the inspection notice that HAVE to be done before closing??? I have a closing tomorrow that just wouldn't have happened without some of these guys and I just wanted to say "Thanks" to them...Gary and Goody at Mountain Valley Plumbing and Heating, Ken Schwarz of Flash Electric, Earl McCrea of McCrea Excavation. We are lucky here in Estes Park to have a wonderful group of local contractors who have been in town a long time and whom we can call upon when that inspection notice pops up with a few surprises. They show up with their trucks, tools and equipement and we can breathe a sigh of relief. THANKS!