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How the Apartment Market is Being Impacted
I read a great story in The Denver Post about the commercial real estate market and I will focus on the apartment market. First, according to Shane Ozment, vice chairman with Newmark Knight Frank Multifamily, “We aren’t see a lot of rent growth anywhere in the metro.” Second, the eviction moratoriums are impacting more severely…
A False Story on Housing Affordability
ATTOM Data Solutions released a scary, but very misleading story last week on housing affordability as they cited that existing median home prices are up 11.4% nationally and wages are not keeping pace with the home price increases. Dear Clueless Ones at ATTOM-THEY NEVER DO!!! And wages don’t need to increase as fast as home…
U.S. Debt has Grown by $4 Trillion This Year
I read that our country’s debt has increased by $4.163 TRILLION in the last year to $26.786 trillion. WOW! We will probably hit $30 trillion next year. Why is this important to us? First, the massive payments on this debt cause budget cuts in other places or should. Second, this much debt crowds out the…
I Don’t Think Mortgage Rates Are GoingAny Lower
Last Wednesday the Fed adjourned from their meeting and they said that they don’t see a change in the Fed Funds Rate until after 2023 and they will maintain an accommodative policy until their inflation target of 2% is reached. Many newspapers and news outlets reported then that mortgage rates will not increase because mortgage…
Will We Run Out of Homes to Sell?
I saw a great chart from Invest Success last Friday showing the number of new listings per week versus the number of pendings each week and the number of closings per week over the last 8 weeks. This was AMAZING TO SEE! For example, last week new listings were 26% LOWER than both closings and…
Homeowners Insurance Premiums May Increase
I read a story this week from Invest Success, a local RE investment training and education company, on the impact that riots across our country have impacted the insurance industry. According to Axios the insurance industry has paid out claims of over $1 billion and rising. The fear is that rioting and claims will continue…
Colorado’s Economy is Growing Strongly
I read that Colorado’s unemployment rate in August dipped to 6.7% as our economy is recovering faster than expected and that our state revenues thru the end of June were $900 million higher than last estimated 3 months ago. This is very good news! The Denver metro area unemployment rate is 7% as Denver County…
Under Contracts Surge by 35%
Here are the August 7-county real estate statistics courtesy of REColorado and SMDRA Buyers and sellers closed on 5,816 properties last month, an increase of 9.7% from a year ago. Detached home sales increased by 11.4% year over year; while attached home sales only increased by 5.7% year over year. Homeowners newly listed 6,377 properties…
The New Home Market Will Not Help Us
I read a story last week written by Robert Dietz, chief economist for the National Association of Home Builders or NAHB. Robert discovered that sales of new homes built to be sold to an owner occupant or second home buyer currently outpace the number of new home starts for owner occupants and second home buyers.…
Why Housing Demand is Soaring
NAR recently reported that home sales in July soared by 25% across the country while the supply of homes for sale was the fewest on record and NAR has been keeping track for five decades. Why are sales jumping? Dr. Yun said, “The buyers are coming in because of the low interest rates-that’s the #1…
What Will the Fed Say Tomorrow?
The Federal Reserve will be meeting today and tomorrow revising their economic forecasts including inflation rates and short-term interest rates. The market is also hoping for some clarity on their inflation rate averaging as the PCE Index has shown inflation of just 1.5% a year for 10 years. Will the Fed allow inflation to run…
Great News on Covid-19
In other Covid news here are 3 more announcements from last week- The CDC is hoping to have a vaccine available in October Use of inexpensive, readily available steroid drugs to treat people hospitalized with Covid-19 reduced the risk of death by one-third, according to an analysis encompassing seven different clinical trials conducted by the World Health…
