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Trivia Challenge
Win a $15 Starbucks Card! Trivia Challenge: Interesting statistic…the average sales price has changed from year to date in November, between 2009 and 2010. Did the average sales price (residential & condos, per Metrolist) increase or decrease and by what percentage? Post your answer by Thursday, January 6th at 8:00pm. Closest answer wins! Example Answer: Increased (or Decreased) 20.1%. Answers must be posted on my Facebook page, MitchShannon.com (see link below) and you must be a fan. Good luck!
Posted in For Buyers, For Sellers, General Information
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Grand Opening of Mainstreet to I-25
Exciting news for residents of Parker, Lone Tree and parts of Castle Rock! The expansion of Mainstreet to I- 25 is scheduled to open in just a few weeks. The grand opening of the Mainstreet to I-25, via the RidgeGate Parkway exit, is planned for December 13th at 9:00am. According to Douglas County, the completion of Mainstreet to I-25 should substantially alleviate traffic congestion on Lincoln Avenue. For more information of the Mainstreet expansion, click on this link to Douglas County or click on this map link to view the new road.
Positive news for job growth in Denver
Good news for creating jobs in the Denver Metro area. As reported in the Denver Business Journal, several large corporations have been adding hundreds of jobs to their Denver based call centers, over the last year. Companies have been reversing their trend of off-shore call centers in search of superior customer service and new cost efficiency models. This is great news for our local ecomomy.
Posted in Denver Economy, Economics, Englewood, For Buyers, For Sellers, Regional News
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Denver Fairs Far Better than National Real Estate Market
Sunday, January 11, 2009 The Metro Denver residential real estate market appears to be fairing better than most other major markets across the country. Depending on the source for market data, the overall Denver market has experienced fairly stable market values or a 5-13% decline, over the last year. That is fairly good compared to other parts of the country that have experienced up to 30% depreciation, in the last year. The Denver market remains very diverse, some areas are doing well while other areas are struggling. The best news remains to be mortgage rates, currently around 5.0% for a 30 year fixed rate. With low interests rates and… Read More
Metro Denver Residential Real Estate Inventory Down 21%
Very encouraging news for residential real estate in the Denver Metro area. The number of unsold homes in the metro area has decreased approximately 21%, with 23,932 homes for sale in September 2008 compared to 30,335 homes in September 2007. Additionally, the number of homes under contract increased from 4,329, in September 2007, to 5,269, in September 2008. Ironically, that is a 21% increase in homes under contract from last year. With lower inventory and an increasing number of homes under contract, the Denver real estate market may be seeing the beginning of a transition from a “buyer’s market.” The current absorption… Read More
Fannie Mae Drops Declining Markets Policy
Good news for borrowers! From an article in Friday’s Rocky Mountain News, Fannie Mae announced that it will drop its policy of requiring higher down payments in specific zip codes where real estate markets have been declining. If a borrower was buying a home where Fannie Mae had determined market values were declining, Fannie Mae was requiring at least a 10% down payment. The change in policy should help ease credit concerns and open more opportunities for home buyers. The National Association of Realtors, NAR, had lobbied hard with Fannie Mae and Freddie Mac officials to change its declining market policy. NAR position was the declining market policy… Read More
Colorado ranks 10th nationaly in per-capita personal Income
An interesting article in today’s Denver Post concerning Colorado’s per-capita personal income for 2007. Frankly, I was (or wasn’t) surprised by the negative headline: “Colorado income gains among the slowest.” The headline sounds concerning, but as I read on the over all picture concerning per-capita personal income growth in Colorado is actually pretty good. Information from the U.S. Bureau of Economic Analysis, Colorado still ranks in the top 10 nationally for per-capita personal income. According to local economist, Patricia Silverstein, the slow income growth is largely attributed to the increase in population growth. “We had reasonable job growth. Part of… Read More
Denver Apartment Vacancy Rate Rises Slightly
According to the Metro Denver Multifamily Vacancy and Rent Survey, the metro Denver vacancy rate rose slightly in the fourth quarter of 2007, to 6.1 percent. The increase is considered minor and relatively optimistic when compared to the fourth quarter of 2006 vacancy rate of 7.0 percent. Average rents remained fairly stable from the third to fourth quarters, of 2007, with a small increase of $2.00, in the fourth quarter. New construction of apartment homes, in 2007, has been relatively stable, with 2,262 new units built in 2007. Overall, the rental market appears to good with adequate supply and demand. You can… Read More
Mortgage Rates Drop to Three Year Low
Tuesday, January 22nd The Fed cut the Fed Funds Rate by .75%, lowering it to 3.50%. The Fed decided to hold a special meeting last night because US Stock futures were trading significantly lower. Stocks around the world sold off sharply yesterday and this morning, as foreign countries fear a US recession. Treasury Secretary Hank Paulson stated this morning that he is optimistic a stimulus package plan can be implemented with Congressional approval “long before winter turns to spring.” Tuesday’s volatility has caused Mortgage Bond prices to hit their best levels in three years, causing home loan rates to improve…. Read More
Changes in Credit Scoring Method in ‘08
Credit reporting agencies will soon be using a new algorithm to better predict credit risk or worthiness of a borrower. The new algorithm, introduced by Fair Isaacs, Inc of Minnesota, could help some consumer’s credit scores while others may drop. The new calculation is being reported as more forgiving of a one-time negative occurrence, when balanced by a strong credit history. You can read more about managing your credit and credit score in an article from The Denver Post.
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