The 2nd Quarter Denver Metro Area Apartment Vacancy and Rent Survey was released last week and for the first time since 2010 average rent dropped year over year from $1536 a month to $1506 a month this year. The Denver Post incorrectly said that average rents dropped by $360 a month. My stats from last…

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Doug Duncan chief economist of Fannie Mae was interviewed last week by Housing Wire and I will highlight some of their discussion. Doug believes mortgage lenders will close over $3 trillion in mortgages this year, the most since 2003. He believes mortgage rates will average 3% for the remainder of this year, down from 3.2%…

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Redfin compiled a list of the top 10 cities people are looking to move to and the top 10 cities people are looking to leave based on second quarter search data on their website. A record 27.4% of Redfin users looked to move to another metro area in the second quarter. Unfortunately, Denver came in…

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Joe Rubina wrote a great article in The Denver Post on how apartment developers are feeling, thinking and acting in light of Covid. Joe wrote, “There is one common thread among developers and market analysts with their eyes on Denver, though: While what residents want in apartment homes may shift because of the pandemic, they…

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CoreLogic is predicting that metro Denver home prices will drop by 9% by May 2021. Why? First, they believe our real estate market is over-valued when you look at real disposable income per capita, which has grown at a slower pace than home prices. I hate to tell them but home prices have increased faster…

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Covid is causing people to leave congested city life and to move to the suburbs with more space to socially distance and to work from home, and greater affordability. And now homebuyers have the lowest mortgage rates ever recorded as rates have dipped below 3% for many homebuyers. Instead of paying rent of over $2000…

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The VA issued a circular last week to lenders allowing us to close VA purchase loans and cash out refinances immediately even if the borrower claimed forbearance on their previous mortgage. But, the borrower must provide reasons, a letter of explanation, for the deficiency and information to establish that the cause of delinquency has been…

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Wells Fargo made some big lending changes on July 1st. First, if you want to close a jumbo loan with them and you are currently not a customer of theirs you MUST transfer at least $1 million in deposits to them. This proves the old Banking Axion-if you want to get a loan you must…

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Last week the Treasury issued new 10 Year Bills and 30 Year Bonds and each auction went incredibly well with soaring demand. Rick Santelli from CNBC graded each auction an “A”. This tells me that there is great demand for bonds from private investors, mutual funds, ETFs, hedge funds, etc. which is great news. Second,…

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CoreLogic forecasted last week that they believe home prices will drop nationally by 6.6% in the next year as they believe “buying will slacken at the end of summer and we expect home prices will show declines in metro areas that have been especially hard hit by the recession.” I can definitely see home prices…

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