USA Today has a story out about the housing market and mortgage industry. Positive news is always great for home buyers and home sellers. Low rates keep Parker, Colorado homes moving and business stronger.
Mortgage demand rises as
30-year rate ducks back below 5% - Mortgage applications rose for the first time in four weeks,
reflecting a jump in demand for home refinancing loans as interest rates on
30-year loans dropped below 5%. The average rate on 30-year fixed-rate
mortgages fell below 5% for the first time in four weeks, according to the
Mortgage Bankers Association. It was 4.97% for the week ended Oct. 30,
down from 5.04% the week before. The MBA said its seasonally adjusted
index of mortgage applications, which includes both purchase and refinance
loans, rose 8.2%. Its refinance index increased 14.5% from the previous
week and its purchase index decreased 1.8%.
http://www.usatoday.com/money/economy/housing/2009-11-04-mortgage-apps_N.htm
REAL ESTATE MARKET UPDATE
An Information Service of RE/MAX Alliance/Douglas County
October/2009 Real estate markets are always bottom-up markets. Which means? For a real estate market to sustain itself and flourish, the bottom of the market, that being the less expensive properties, must sell in a timely manner. When the bottom of the real estate market suffers, the entire market is negatively impacted. The government’s $8,000 tax credit, which ends in late November/2009, unless there is an extension or change in the program, was designed to serve two purposes: (1) provide first-time home buyers an incentive to buy now, and (2) stimulate the housing market by getting entry level homes sold so current homeowners could “move-up” to more expensive properties. The result being that life would be breathed back into the overall housing market. There were some hurdles to overcome to this seemingly perfect plan. First, with the economy limping along, home values had been driven down in most geographic areas around the country, resulting in a loss of homeowner equity. A home seller considering buying-up now had less cash in their current home to buy-up with. Second, almost overnight the home mortgage industry went from loaning money to anyone with a pulse to being over selective as to whom they would bless with their sacred funds. Finally, the uncertainty of the job market and the high unemployment rate has led to many potential move-up buyers deciding to rent rather than buy. This has resulted in the more expensive homes being forced under the boot of foreclosure or short sale, or they have become rental havens for those individuals choosing not to buy now or not having the ability to buy now. Below is a brief overview of the absorption rates for single family homes for the Douglas County area through September for the past two years. The Absorption Rate is the length of time it would take for the existing inventory to sell assuming two things happen: (1) the rate of sales activity remains the same, and (2) no new listings come into the marketplace during that period of time (this is not going to happen). (Metrolist MLS is the source of information.)
"NEWS Articles of Interest for the Denver & Douglas County Real Estate Market"
Denver fares better than nation in home resale prices - According to a First American CoreLogic Inc. report released yesterday, Denver-area home resale prices dropped in August year over year, but were down far less than the national average. First American’s LoanPerformance Home Price Index (HPI) showed that metro Denver’s average home-resale price — including sales of distressed homes such as foreclosures and short sales — decreased 1.44% in August from the same month of 2008. Nationwide, resale prices dropped 10.1% in August from August 2008. By comparison, July home prices in the Denver area dropped 2.64% from those of July 2008, and June prices were down 3.21% year over year. However, when distressed sales are excluded, August home prices were down less than 1% — .58% — from the prior-year August. July prices, not including distressed sales, decreased 1.26% and June’s prices dropped 1.68% year over year. http://denver.bizjournals.com/denver/stories/2009/10/26/daily51.html
Freddie Sees Weekly 30-Year Fixed Rate Pass 5% - The 30-year fixed-rate mortgage averaged 5.03% with an average 0.7 point for the week ending October 29, 2009, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.00%, and a year ago it was 6.46%. Sales have increased, prices are down and supply is starting to decline, according to Bankrate.com. Susan Wachter, a real estate professor at the University of Pennsylvania’s Wharton School of Business, said in the Bankrate.com survey the housing market is not at a false bottom. “These are strong numbers, but not surprisingly strong numbers,” Wachter said. “The fundamentals are in place for a recovery — however, a slow recovery.” http://www.housingwire.com/2009/10/29/freddie-sees-weekly-30-year-fixed-rate-pass-5/
Additional articles that you may find of interest:
Building a home yourself without swinging a hammer http://www.9news.com/money/consumer/article.aspx?storyid=125948&catid=103
Homebuyer Credit Gets New Life http://www.realtor.org/RMODaily.nsf/pages/News2009102901
How to Tell Mortgage Rates Are Rising http://www.realtor.org/RMODaily.nsf/pages/News2009102904
FHA 203(k) Loans on the Rise http://www.realtor.org/RMODaily.nsf/pages/News2009102906
Investor Report: Fannie Mae's PRP http://realtytimes.com/rtpages/20091030_investorreport.htm
Instantly see every home for sale in Highlands Ranch between $400,000 and $500,000. Highlands Ranch is located in Douglas County Colorado about 25 minutes from Downtown Denver, Colorado.
Highlands Ranch Homes For Sale between $400,000 and $500,000. Direct feed from the Denver Metro MLS.
See every LUXURY home for sale in Highlands Ranch Colorado.
The homes you will find here will be every home listed for sale over $1 Million in the Highlands Ranch Neighborhood in Douglas County Colorado. This is a direct feed from the Denver Metro MLS system. Accurate information, easy to see and understand.
Just a quick note to remind Parker Colorado Home Buyers NOT to do these things before you prepare to buy a home.
Side Note: More than once I've had clients pull up to closing in a brand new car only to find out that the lender pulled their credit 24 hours before closing and saw the new purchase. This caused the buyer to qualify for less of a loan and thus lost their house for the purchase of a new Parker Home for the car they so wanted but could not wait to buy. That is a major BUMMER!
If you would like to talk over your future purchase or receive direct referrals to excellent local lenders call 303-941-4663 or email me and I'll be happy to help.
Direct feed from the Denver Metro MLS. See available properties below!
Parker, Castle Rock, Highlands Ranch and Lone Tree Colorado Homes Below by Price Range.
Parker Homes for Sale Under $200,000
Parker Homes for Sale $200,000 to $300,000
Parker Homes for Sale $300,000 to $400,000
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Highlands Ranch Homes for Sale $600,000 to $800,000
Highlands Ranch Homes for Sale $800,000 to $1,000,000
Highlands Ranch Colorado Homes for Sale Luxury Real Estate Over $1 Million!
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