Economic Worries Keep Lid On Mortgage Rates

A weekly survey of lenders by Freddie Mac showed mortgage rates at or near record lows for a fourth consecutive week amid growing expectations that Europe is headed for a recession that will slow U.S. growth.

A separate survey by the Mortgage Bankers Association showed applications for purchase loans jumped to the highest level since August, but demand remained below levels seen at the same time last year.  Read Article: http://www.linkedin.com/news?actionBar=&articleID=933727217&ids=0OdPgNdzkTcPAIe38TdjkUcjgVb3gMdP8Oe3wPeiMTcj8TczsPcPAIcPkSdPsTc3cV&aag=true&freq=weekly&trk=eml-tod2-b-ttl-1&ut=39WflK9_cHl501

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Housing to Gradually Improve in 2012, NAR Economist Says

Gradual improvement in the housing market is expected next year, with
existing-home sales edging up 4% to 5% and new home sales getting an even bigger
boost off this year’s record lows, the chief economist of the nation’s largest
real estate group said Friday.  Read Article: http://www.housingwire.com/2011/11/11/housing-to-gradually-improve-in-2012-nar-economist-says?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29


New Global RE/MAX Site


Young Relocating Adults Choose Denver As Top “Cool City”

An article posted by The Brookings Institution ranks the Denver metro area as the top place to which young adults ages 25-34 relocated during 2008-2010, a drastic change from Denver’s national ranking of 12th during the previous three-year period of 2005-2007.  “This data quantifies what we have known for a long time: that Denver, particularly Downtown Denver, is a livable, vibrant community with a lot to offer people of all ages,” said Tami Door, President and CEO of the Downtown Denver Partnership.  Read article: http://www.metrodenver.org/news-center/metro-denver-news/young-relocating-adults-choose-denver-as-top–cool-city-.html


Five Great Things About Homeownership

If you’ve been on the fence about homeownership, now is the time to take a leap! Don’t let the negative press deter you from one of life’s greatest joys. Take a look at five short and sweet reasons that homeownership is great!  Read Article: http://www.linkedin.com/news?actionBar=&articleID=883528767&ids=0PcjkUc3oPejwIdP0PcjcOdPwUb38QdjkOczsUe2MMdzwRczwQe3wIdPoTe38RcPwU&aag=true&freq=weekly&trk=eml-tod-b-ttle-44&ut=2RrQ2lDtynTAY1


October 2011 Metro Denver home statistics

Contact me for statistics on your neighborhood.   Fred

GREATER METROPOLITAN DENVER HOME MARKET
OCTOBER, 2011

The inventory of Active Listings at month end is 15,794 units which is a new low for the year.
The month of October continues to show declining under contract and sold transactions. The
reduction of transactions from the prior month is normal for this time of the year.
On a Monthly basis, comparison of month over month and year over year:
Single Family takeaways:
The inventory of unsold homes is at 15,794 units, down 8% with September ‘11 level and down
28% from October ‘10.
3,844 units were placed under contract in October, down 0.1% with September ‘11 and up 4%
from October ‘10.
3,183 units sold in October ‘11, down 5% from September ‘11 and up 12% from October ‘10.
Single Family average prices, $245,546 for October ‘11, decreased 3% for month over month
and decreased 6% year over year.
Residential and Condo takeaways:
Residential average price, $269,503 for October ‘11, decreased 4% month over month and
decreased 6% year over year.
Condo average price, $160,723 for October ‘11, increased 1% month over month and increased
1% year over year.
Condo median price, $125,000 in October ’11, decreased 3% month over month and increased
1% year over year.
Residential median prices decreased 2% to $226,021 in October ‘11 when compared to
September ‘11 and decreased 2% when compared to October ‘10.
On a Year to Date basis, comparison of YTD 10/2011 to YTD 10/2010:
Residential: Condo:
Sales units 26,438 vs 26,213 (↓1%) Sales units 6,725 vs 6,915 (↓3%)
Median Price $229,820 vs $230,000 (↔) Median Price $125,000 vs $133,500 (↓6%)
Average Price $280,629 vs $282,819 (↓1%) Average Price $158,965 vs $160,186 (↓1%)
Sales Volume $7.4B vs $7.4B (↔) Sales Volume $1.0B vs $1.1B (↓3%)
Days on Market 106 vs 87 (↑22%) Days on Market 118 vs 93 (↑27%)
The above representation may or may not reflect all real estate activity in the market.
By definition, Single Family equals Residential plus Condo.
Source: Metrolist, Inc.
©2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not
Guaranteed

 


Survey Reveals 5 Home Buying Myths

Overall, today’s home buyers tend to be fairly knowledgeable about the real estate market.  However, a recent survey revealed five main areas of confusion.  According to the survey, 41% of buyers think they will have to purchase private mortgage insurance, regardless of the amount of their downpayment.  In reality, buyers only need to purchase PMI if their downpayment is less than 20% of the home’s purchase price.  Additionally, 56% of the buyers said the purpose of the appraisal was to determine if a home was in good condition.  In reality, the purpose of an appraisal is to estimate fair market value.  Read article: http://realtormag.realtor.org/daily-news/2011/10/28/survey-reveals-5-home-buying-myths