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Financial News Update

The Fed’s favorite inflation gauge, the annual Core PCE, was unchanged in September at 2% while month over month saw a rise of 0.2%. Remember, the Fed has forecasted Core PCE to run near current levels through 2021.  If that forecast is accurate, long-term rates like mortgages, can’t move too high. Personal Spending rose 0.4%…

A Very Strong Jobs Report

Our country added 250k new jobs in October which is an amazingly high number when you consider our unemployment rate is just 3.7%. It’s very difficult to create this many new jobs when there are so few unemployed people. The volatile Household Survey showed 600k more people were employed last month. Year over year wage…

What Caused Me to Cry Recently?

About a month ago Tamara and I talked with Nick our former foster son for just the second time this year. It was an amazing conversation with him as we both heard how much he has matured in the past 9 months and to hear his appreciation for what we did for him for 3+…

A Solution to Homebuyer’s Pain

What’s the #1 pain point for home buyers today? The monthly payment as interest rates have risen by 1% over the last year. So, here’s a solution for you that I can guarantee you that many of you have never thought of as this idea goes back over 20 years.   It’s a seller paid…

Loan Changes for Investors

Freddie Mac just announced some new rules on mortgages for real estate investors. These rules go into effect March 1st. First, the borrower must own a primary residence to use rental income to qualify when buying a rental property. Second, the rental income can only offset the monthly PITI payment; it can’t be added to…

Welcome News for Homebuyers

The August Case-Shiller Index was released last week and it showed slowing price appreciation as prices only rose 5.8% in August from August 2017. Here in Denver our home price appreciation rate was down to 7.7%, down from the 8% increase we saw from July 2017 to July 2018.   David Blitzer, who chairs this…

Nearly 4 Million FTHBs

Nationally, according to the U.S. Census Bureau, the homeownership rate in the 3rd quarter increased to 64.4%, up from 63.9% a year ago. Why? We have millions more first time homebuyers as adults under 35 saw their homeownership rate rise from 35.6% a year ago to 36.8% now.   According to Genworth Mortgage Insurance, “In…

6 of the Best Mid-Size Cities are Here

SmartAsset last week ranked the best mid-size cities to live in the country and metro Denver did incredibly well. SmartAsset ranked 173 mid-size cities with populations over 100k people on 8 factors—change in median home values, monthly housing costs, income inequality, poverty rate, median household income, unemployment rate, uninsured rate, and average commute time.  …

Will Denver Home Prices Rise By > 9%?

VEROS Real Estate Solutions is predicting that metro Denver home prices will rise by 9.5% between September 2018 and September 2019. This would be the 9th highest increase in the country. VEROS has been one of the most accurate predictors over the last few years; but I don’t see our home prices rising this much…

3 Good Changes from CHFA

CHFA announced last week that as of November 5th they are eliminating county loan limits that vary and instituting a statewide income limit of $115,600 for all household sizes for the majority of their loan programs. Second, they are eliminating their debt-to-income ratio restrictions or overlays and will instead follow the guidelines from Fannie, Freddie,…

Financial News Update

  September Retail Sales rose 0.1% from August due in part to a big decline in sales at restaurants and bars.  That was well below the 0.6% expected. Housing starts dropped 5.3% last month to a seasonally adjusted annual pace of 1.2 million homes. However, starts are up 3.7% over a year ago. Housing starts…

Average Weekly Pay in CO Up Over 8%

The Secretary of State reported new business entity filings increased 9.3% year over year during the 3rd And business renewals increased 7.5% year over year. Colorado’s unemployment rate in September rose 0.2% to 3.1%. State-wide employers hired 5,100 new jobs last month, putting the yearly gain at 77,200 new jobs. The average work week has…