October 2013

Found 16 blog entries for October 2013.

It's been a good week for rates until this afternoon but we were due for a slight hiccup.

What's Happening

Treasuries have been holding onto last week's gains and this morning started dropping further. That drop continued until the Fed's FOMC minutes were announced.  This morning it appeared the 10 year treasury had finally dropped through the 2.50% resistance level for good which would trigger mortgage rates falling below the 4% level.  At 2:00 PM EST the FOMC minutes were released and the 10 year treasury shot back above 2.52%.  The minutes were considerably more positive about the economy than investors or the past two weeks of economic news would indicate.

With the exception of Industrial Production, throughout the first half of this week,

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RISmedia put out an article today discussing the evolution and effect technolgy has had on the real estate industry. Accoriding to the article "More buyers than ever are taking advantage of the latest technology and online tools to search for a place to call home. As a result, REALTORS® are leveraging new technologies to better assist their more tech savvy clients."

Here at RE/MAX of Boulder, we have first hand experience with this new market of buyers. One of our REALTORS, Brad Clarkson, received a call from realtor.com asking him if he wanted to be connected with a buyer lead. Who wouldn't? Espeicially a phone lead. The buyer was standing in front of one of his signs, went to realtor.com and was connected to Brad. They closed the deal soon after. 

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Markets have seen very little movement in either direction since Wednesday. The 10 year Treasury is content to float around 2.5%. Twice this week, it has tested the resistance level of 2.47% and bounced back. 

Should it break through this barrier, rates could see another significant drop. How does 4% or less sound to you? Of course it sounds good and we have our fingers crossed for buyers, but we never know what next week will bring! 

Even though all the reports this week were tainted from the government shutdown, there is evidence that the economy is losing steam and that consumer sentiment is down. These two factors will affect what policies the Federal Reserves choose to maintain or implement. However, sentiment may simply be down as a reaction

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With Fall in full swing and the third quarter wrapping up, over the next weeks we'll review a few valuable real estate statistics for Boulder County. All data discussed are provided by the IRES MLS.

As of October, the total active residential single family listings in Boulder County totals 1,060. That is almost a 20% decrease from this time last year. Directly related to the decrease in active listings has been the decrease in the numbers of months of inventory, which was 4.7 months in the third quarter of 2012, now sits at 3.2 months; nearly a 32% drop. These statistics would say that it is a seller market as low inventories create competitive environments amongst buyers which is usually an advantageous position for the selling party.

Check back

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A great week for interest rates and mortgages.  Rates are down to lows last seen in July.  

What's Happening

The 10 year treasury has broken through a major resistance level of 2.5% and is currently sitting at 2.48% and mortgage rates have dropped to 4.125%.    

In the economic news, Existing Home Sales for September came in right as expected, are down about 1.7% from August but very much in line with normal seasonal drops.

Yesterday's Employment Situation Report is very misleading not only in the numbers but the causes.  The report was from September, before the government shutdown.  The unemployment rate dropped from 7.3 to 7.2% which sounds good.  While the market expected 185K new jobs to be created, only 148K were reported but August's

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A good reaction from the interest rates markets on the passage of a bill to extend the debt ceiling and avoid defaulting on our national debt payments.

What's Happening

Ten year treasuries have fallen from Wednesday's high of 2.74% to 2.57% and mortgage rates have followed their lead.  There have been very few economic reports available the past three weeks and that trend will continue into the middle of next week. Of the few reports that were issued, most all are skewed because of the shutdown and therefore are of little consequence. 

Initial Jobless Claims did come out yesterday and showed almost 30,000 more initial claims than expected (bad for the economy but good for rates).  Temporary layoffs because of the shutdown and the ongoing issues

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Treasury and mortgage rates are holding for the moment as the Senate says they have passed a bill to avoid defaulting on the debt.  The question is will the House pass it given the Senate shot down the House proposal last night.  Naturally, given this Congress, it doesn't solve the problem, it just kicks the can down the road .... again.

What's Happening?

With the shutdown, the majority of the reports that were to come out the first part of the week, have no information.  The few non-government reports that did come out are reports that are heavily influenced by the shutdown, so they are somewhat meaningless.  Today's Beige Book report, a compilation of anecdotal evidence from each Federal Reserve District on economic conditions that is released two

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It’s too soon to tell what exactly the impact of the recent flood will have on the Boulder-area markets. But, from past experience with other natural, widespread disasters such as wildfires, experts are able to make an educated guess.

Following discussions with professionals in Boulder and surrounding areas the flood most affected, Realtor Kelly Moye relayed to 9NEWS what their thoughts are on how the flood will impact the local real estate market.

  • Inventory has already been an issue for the Boulder-area market for about 18 months now, but it dropped another 33 percent, which Moye attributed to water damage.

 

  • Floodplain maps are likely to see significant changes based on the extent of flooding and the new routes of Colorado’s rivers.
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Despite a major natural disaster in September, the Boulder-area real estate market continued to show its resilience, with sales in both the single-family and condominium/townhome markets exceeding those of September 2012.

It’s also difficult to distinguish just how much of the decline in inventory both year over year and month over month as well as the month-over-month decline in sales are attributable to the typical fall seasonal adjustment versus the impact of the flood.

Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association, says it’s “impossible to determine at this point to what extend our flood event affected” the market.

“There’s always variation from year to year,” Hotard explains of the seasonal

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Five of Colorado’s seven largest metros – including Boulder – were recognized among the top 100 Best Places for Business and Careers by Forbes magazine while Boulder took the No. 1 position among cities for high-tech business formation and job creation in another study.

Boulder ranked 26th on Forbes’ business and careers list, while Denver took the highest slot among Colorado cities at No. 6, and Fort Collins-Loveland came in at No. 7.

Forbes based its rankings on 12 key economic factors, including cost of business, education, job growth and population. Des Moines, Iowa, topped the list of 200 total cities ranked.

Colorado Springs and Greeley, ranking 44th and 51st, respectively, were the other two Colorado metros to make an appearance.

Take a

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