Denver Colorado Property News

Foreign investors in real estate expect to spend substantially more in 2009, and they greatly favor lending and investing in U.S. real estate, according to the annual survey of members of the Association of Foreign Investors in Real Estate (AFIRE).

Highlights of the 17th annual survey include:

Loans: Foreign real estate lenders plan to increase lending by 58 percent in the U.S. and by 54 percent globally.

Investment:
  Equity investors plan to increase investment activity by 73 percent in the U.S. and by 40 percent globally.

U.S. Real Estate Preference: 53 percent of survey respondents ranked the U.S. as the country providing the most stable and secure real estate investments. And 37 percent ranked the U.S. as the country providing the best opportunity for…
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The National Association of Realtors® estimates the impact of the economic stimulus package and lower interest rates to be 900,000 additional home sales. By year end, inventory is expected to fall below an 8-month supply.

Lawrence Yun, NAR chief economist, forecasts that the housing market will soon get a lift from favorable buying conditions, among them:

  • Improved affordability
  • The lowest mortgage rates in 50 years
  • $8,000 tax credit for first-time home buyers
  • Higher conforming loan limits.

Improvement from the economic stimulus package isn’t likely to show up in housing data as closed home sales before summer, Yun adds. This is a factor of the buying and reporting process, which can take as long as five months.

The NAR also reported that

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Prices of existing homes in the Denver area declined less through 2008 than in any of 20 major U.S. cities, Standard and Poor recently reported. The monthly S&P/Case-Shiller Home Price Indices said Denver’s average existing-home price from December 2007 to December 2008 fell 4 percent compared to the average decline 18.5 percent in the other 19 cities.

Dallas had the second smallest year-to-year decline at 4.3 percent. Las Vegas (33 percent) and Phoenix (34 percent) had the greatest price declines.

The S&P report also tracks how much home prices have gone up or down since January 2000, which has a price index of 100. In December 2007, Denver had a home-price index of 125.74, which means homes price have increased 25.74 percent since January 2000. The

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According to CNN, the Pew Research Center recently reported that nearly half of Americans would like to live someplace else. Denver tops the list of places that many people would like to move.

Some of the reasons reported are Denver's low humidity, eight professional sports teams and proximity to the Rocky Mountains. Additional considerations in my opinion are Denver's 300 +/- days of sunshine and overall high quality of living.

For more information about the article and other leading cities click here.
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When is enough, enough?  On the eve of a number of positive things to look towards holidays, the passing of the elections, a new year, we continue to get pummeled on a daily basis by the news media.

Thursday I attended a class recently with an International real estate broker who pulls deals together that many say cannot be done.  He insists on staying positive and hence refuses to watch TV.  And, why not, he pulls together multi-million dollar deals on a daily basis.

But, while we have nothing but positive things to look forward the sensationalism of doom and gloom continues to be the ticket of the day.

Sure, we have a several months of uncertainty ahead of us but that should be what excites us.  What will tomorrow bring for us?

So while we continue to get…
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Things aren’t as bad as they say they are.

Oh, I know it’s hard not to take everything you hear on the news to heart. But if you’re  selling a home, you may have more to say about whether it moves, than you think. Of course, supply and demand and marketing and presentation play their parts, but let’s be honest, the responsibility for getting your house ready for the open market rests primarily with you.

Here are some things to consider:

Presentation - Housework is something we do that nobody notices, until you don’t do it. Your home should be clean, and without clutter. Visitors should be able to move freely from room to room without feeling like they’re going from pillar to post. If you have pets, you know the drill: remove all traces.  Pet odors can

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Douglas County Housing Partnership (DCHP) has recently rolled out a "Shared Equity" with Housing Partnership program. DCHP will provide downpayment assistance funds up to 20% or $50,000, whichever is smaller, to help bridge the difference between lender requirements and the buyers resources.

The funds are a deferred loan which must be paid back upon sale or refinance. Upon such event the funds must be reimbursed at the same % of investment. For example, if DCHP invests 20% for downpayment of your home, they'll get 20% back whether or not your home appreciates.

Eligible parties include:

  1. First-Time Homebuyers and persons who have not owned a home in the previous 3 years, single parents that have owned prior with a spouse, and displaced homemakers.

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On August 5, 2008, the Colorado Division of Housing reported foreclosure filings rose in the second quarter of 2008 however the rate of increase is moderating.

The number of foreclosure filings provides a sound view of how many borrowers have become seriously delinquent and/in default on their home loans.

During the first quarter of 2008, 11,630 foreclosure filings were reported by Colorado public trustees.  And, in the second quarter, the public trustees reported 10,875 foreclosures.

January to June 2008, there were 22,500 foreclosure filings and there were 39,915 filings reported during the entire year of 2007.

Comparatively, the second quarter of 2007 to second quarter of 2008, Colorado sustained a 9% increase in foreclosure filings. The…
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The Denver Colorado real estate market remains a true buyers market. July’s listing inventory of 25,673 homes dropped from 26,104 listings the prior month, according to numbers recently released by Metrolist, Inc.

The drop in available housing is supported by the 5.74% increase in homes sales during the month of July as compared to 2.87% a year ago. Residential property benefited the greatest with a sales increase of 7.98% in July over June and 6.54% as compared to the same month last year. Denver area condominiums and townhouses took it on the chin though with a dip of -2.91% and -10.36% respectively.

The average days on market continually dropped during the course of the year with an year to date average of 104 days. Last month we observed a slight

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