July 2012

Found 17 blog entries for July 2012.

Home prices in Colorado and its cities as well as the West region all took a positive turn in June compared with a year ago, according to the National Association of Realtors (NAR).

The region’s employment sector also showed promise in June, with new hires increasing 10.9 percent over June 2011 and layoffs dropping 8.5 percent, the NAR reports.

The Boulder-Longmont area’s median home prices showed the most improvement month-over-month among Colorado cities, increasing 5.82 percent. The Colorado Springs area’s home prices had the second highest increase of 4.59 percent, followed by Denver’s 4.46 percent increase.

On the national level, inventory of for-sale single-family homes, condominiums, townhouses and co-ops declined by 19.35 percent in June

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CNBC recently ranked Colorado eighth in the nation for business after scoring all 50 states on 51 measures of competitiveness.

The measures were developed with input from business groups including the National Association of Manufacturers and the Council on Competitiveness. States received points based on their rankings in each metric. CNBC then separated those metrics into 10 broad categories, weighting the categories based on how frequently they are cited in state economic development marketing materials. In doing so, states are ranked based on the criteria they use to sell themselves. 

Some of the 10 categories ranked in the study were the cost of doing business, work force, the quality of life, economy, education, technology and innovation,

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Our sustained drop in rates appears over for now, even with additional weak economic reports in the US.  Currently mortgage rates are up significantly, close to a quarter percent.  The bellwether 10 year treasury is up 10 basis points to 1.55%, the highest yield since early July.  Mortgages are running towards 3.625% this afternoon.

The US GDP report come out below expectations at 1.5%, down from the 1st quarter’s 2.0% number and well below the level needed to grow jobs.  New jobless claims came in at 353,000, a good number and below the expectations of 380,000, triggering a major drop in the 4 week average, now at 367,000 down from last weeks 376,000.  And our Durable Goods Orders came in at a much stronger than expected 1.6%, well above the consensus

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With great opportunities abounding in the housing market and historically-low interest rates still intact, consumers can secure record-breaking values on a home purchase, according to New York-based real estate attorney Adam Leitman Bailey.

“Incredible deals are on the market and ready to be made, but only for those buyers who know how to seize them,” says Leitman Bailey, author of the New York Times best-selling book, “Finding The Uncommon Deal” (Jon Wiley & Sons, Inc. 2010). “You can buy your dream home at the price you want if you are just willing to take the necessary steps that will give you an uncommon advantage.”

To help buy a home at the best possible price, Bailey offers his top 5 home buying tips:

• Do a Credit Check—On Yourself: Check your

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Mortgages rates are trying to move through the 3.5%, no point barrier but so far aren’t being particularly successful.  Freddie Mac's survey is somewhat higher, reflecting an average of 3.53% with 0.8 points. The 10 year bond and the economic news support the downward move but that would represent rates moving to a new lower coupon level and there is BIG investor resistance.  Explanation:  Mortgages are sold by the big investors to the bond market in very large increments (hundred million dollar range) to achieve the efficiencies and yields they require.  They don’t want to end up with a group of mortgages that are either at too low an interest rate or to have the market move away from that yield before they are ready to commit their pools of mortgages. 

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Freddie Mac (OTC: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates continuing to find new all-time record lows amid easing bond yields following June's lackluster employment report. Both the average 30-year and 15-year fixed-rate mortgage hit new lows. The average 30-year fixed has been below 4 percent for 16 weeks. The average 15-year fixed has been below 3 percent for 7 weeks.

Results showed that the 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.7 point for the week ending July 12, 2012, down from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.51 percent.

Additionally, the 15-year FRM this week averaged

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The Census Bureau’s newest release on construction spending showed a 2.8 percent increase in spending activity for private residential projects in May 2012. On a three-month moving average basis, spending has increased during each of the last 8 months. This release also featured revisions to prior estimates dating back to January 2010. While the modest upswing in total private residential construction activity has been preserved, multifamily construction spending has been expanding at a slightly faster pace than before. Overall, this marks the highest nominal level of residential construction spending since early 2009.

New single-family construction activity expanded for the 12th time in the last 13 months, gaining 1.8 percent versus April and nearly 15

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When interest rates drop, one wonders whether or not it makes any sense to refinance. Unfortunately, there are many different “rules of thumb” being thrown out to the public to answer the question, “When is the right
time to refinance?”

In reality, refinancing your home mortgage could be done any time there is a significant savings in your monthly mortgage payment (or in your overall debt payments if you are consolidating other loans by refinancing)
AND you plan to live in your home long enough to recover the expenses incurred with refinancing.

There will be a variety of costs incurred when refinancing a home mortgage, these include: a title policy to assure the lender that they have an enforceable deed of trust and loan on the property, an appraisal to

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Looking to update your outside living space with a new deck? The National Association of Homebuilders "New Home in 2015" Survey suggests a trend toward greater sustainability in new homes, and according to a recent study from McGraw-Hill, by 2016 the market for green homes is expected to increase five-fold. With that in mind, adding an eco friendly deck could improve your home’s value.

The McGraw-Hill study also showed that 34 percent of remodelers expect to be doing mostly green work by 2016. Green remodeling is trending. In a few years, you may be at a disadvantage if your home doesn’t have any green features.”

Regardless whether you’re prepping to sell or just revamping for your own enjoyment, creating a relaxing outdoor deck with the environment in

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The local real estate market remains very active.  Many stories about multiple offers, sales prices over asking prices, homes selling within days of entering the MLS, etc.  Although the stories are widespread, the market strength is not equally widespread and some areas and price points are still not sharing in the strength.  I expect if this strong activity continues throughout the summer that the market strength will continue to spread and eventually all areas and price points will benefit.

I believe that the majority of this strength is due to the lack of inventory we are experiencing.  Boulder County experienced a peak in inventory in 2006 when at the end of June we had 2,343 homes for sale across the County.  At the end of June this year, we have

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