Metro Denver EDC Releases Annual Competitiveness Report

The report includes among Colorado’s strengths the following:
* State’s GDP per employee ranks in the top 15.
* Per capita personal income ranks 14th.
* The state ranks 6th best for economic outlook.
* Colorado ranks 4th for “NASA Prime Contract Awards.”
* Colorado continues to post robust population growth rate – ranking as the 4th-fastest growing state in the country in 2009 and 2010.
* The state maintains high rankings for 4th grade reading proficiency and continues to rank 1st for highest ACT and SAT scores.
* Colorado has the nation’s lowest rate of obesity.

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REO Sales May Not Peak Until 2013

The sale of properties repossessed through foreclosure may not peak until 2013, keeping home prices from a meaningful recovery for some time, analysts estimated Monday.

Nearly half of the more than 552,000 REO properties liquidated in the first half of 2011 were held by private banks. In the years ahead, the government —  including the Department of Housing and Urban Development, Fannie Mae and Freddie Mac — will begin taking a majority of the activity.

In 2013, REO sales could reach 1.48 million properties, according to estimates from Bank of America Merrill Lynch analysts, a 10% increase from projected amount in 2012.  Read article: http://www.housingwire.com/2011/10/17/reo-sales-may-not-peak-until-2013


Denver Ranks 10th in U.S. on Housing-market Strength

Denver ranks 10th out of the nation’s top 100 cities in the strength of its housing market, according to new data from market-intelligence firm Hanley Wood LLC.  Denver achieved its ranking because its home values are holding steady, its foreclosed-homes inventory is dwindling, and its economy is stronger than most other markets.  “Denver is at the end of a long valley, but there’s still a slow, gradual recovery ahead,” said Jonathan Smoke, executive director of research for Hanley Wood.  “The good news is, it’s not getting worse. Denver is right at the point of recovery.”  Read article:
http://www.bizjournals.com/denver/news/2011/10/20/denver-ranks-10th-in-us-on.html


What Your Clients Can Do If Rejected for a Loan

Lending experts say buyers shouldn’t give up if rejected for a loan — they may still be able to qualify for a mortgage if they keep trying.  They should take a close evaluation of why the original mortgage application was turned down, and find ways to address those issues.  Applicants can, by law, find out why they were rejected in a mortgage application.  Some borrowers may need to save up for a larger down payment or take steps to improve their credit score.  Others may find shopping around for other lenders can help.  Read article: http://realtormag.realtor.org/daily-news/2011/10/17/what-your-clients-can-do-if-rejected-for-loan


CoreLogic: Metro Denver home prices down 2.2% in August from 2010

Home prices in the Denver-Aurora-Broomfield metro area dropped by 2.2% in August from August 2010, and by 2.7% for July from July 2010.  Those figures included sales of distressed properties, including short sales and real estate owned (REO) transactions.  “The Denver market is selling at $10,000 less than the average price last year at this time, but we’ve sold a few more properties. I saw some [Metrolist] stats that showed our closings were better,” said Berkshire Group owner Larry McGee, a Metrolist analyst.  Read article:
http://www.bizjournals.com/denver/news/2011/10/06/corelogic-metro-denver-home-prices.html


Incentives Attract Buyers, But Do They Close Deals?

Real estate professionals say incentives to sweeten a real estate deal are certainly good ways to generate buzz about a property, but the asking price is the real key to getting a home sold.   Incentives to get home buyers’ attention have gotten lavish–everything from a new BMW, season tickets to football games, a boat for waterfront properties, $3,000 gift cards at interior design studios to even offering up the home owners’ pet.  Read article:
http://realtormag.realtor.org/daily-news/2011/10/03/incentives-attract-buyers-do-they-close-deals