Fewer Colorado Foreclosures, Three Straight Quarters
For the last three quarters, the foreclosure rate in Colorado has dropped.
The Colorado Division of Housing reports that beginning with the last quarter in 2009, continuing through the first quarter, and into the second calendar quarter of 2010, the foreclosure rate in Colorado has continued to decline.
Foreclosures were down over 15% in the second quarter of 2010 as compared to the second quarter of 2009. Along with that optimistic statistic, the sale of foreclosed homes (REO’s or bank-owned homes) rose almost 18% during the second quarter of 2010, compared to the Q2 2009 stats.
These are great numbers, and it’s exactly what we want to see, both a decrease in foreclosures entering the market, and an increase in the sale of bank-0wned homes. This means the market is continuing to stabilize, and should give us all a more optimistic outlook on the Colorado housing market.
NAR Economist Lawrence Yun Speaks Out
Recently the National Association of Realtors (NAR) Chief Economist Lawrence Yun, spoke out about interest rates, and made some predictions about what the future may hold.
Yun points out the obvious, that mortgage rates are still at historical lows, and have been for a long time.
This has created, in my opinion, a somewhat cavalier attitude with some buyers, just like the renewal on the tax credit did a similar thing.
Mr. Yun had a little more to say about interest rates, and what we might expect. I love these crystal ball predictions.
8 Tips To Take Advantage Of Tax Credit
8 Tips to Take Advantage of the Home Buyer Tax Credit before Time Runs Out
RISMEDIA, March 27, 2010-RE/MAX agents report that the home buyer tax credit currently can deliver meaningful savings, but only for those who, at a minimum, have a binding contract to purchase a home in place on April 30, 2010. With that deadline bearing down, potential buyers who want to capture the tax credit had better get serious about home shopping.
“It is certainly possible to find a great home and get it under contract in a month or less, but doing it requires intense focus on the part of both the buyer and the buyer’s real estate agent,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network.
Two versions of the tax credit are still being offered: a maximum credit of $8,000 for first-time buyers (and those who last owned a home 3 or more years ago), as well as a $6,500 credit for current homeowners. Either way, the credit applies only to the purchase of a new principal residence costing $800,000 or less, and there are income restrictions and other limitations, including a requirement to close the sale before July 1.
More Area Jobs On The Way?
Broomfield City Council apparently approved a tax rebate deal for a potential area employer.
This time, it’s another New York based company who’s contemplating the move to our area, and it could mean as many as over 500 jobs for Broomfield.
The arrangement with TransFirst Holdings, according to the Daily Camera last week, includes a requirement that TransFirst have 450 employees at its Broomfield office by the end of 2010, and another 75 workers or more by 2012.
This would make TransFirst the seventh largest employer in Broomfield.
Another Insight About The Home Buyer Tax Credit
There’s still a lot of discussion about the Home Buyer Tax Credit, and just last week, it came up in a discussion with a new out-of-town client who is relocating to the Boulder Colorado area.
While we were meeting with Nora Ziel from Cherry Creek Mortgage to discuss financing options, the home buyer tax credit topic became a point of discussion, and it seems that no matter what Boulder neighborhood you may be interested in moving into, there’s a home that likely qualifies for the credit.
How much time do we have? What are the limits? Do you really get a check? Etc. My sister lives in another state, and she bought a new home recently and qualified for the credit. She said it didn’t take long to get the money (about 5 weeks), and that it wasn’t all that much paperwork.
Nora sent me some info via email on the tax credit, and I want to share that with you.
