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How Can Home Prices Drop?
The Denver Business Journal had a great story last week titled “Low inventory, low interest rates and a pandemic: How the coronavirus has changed residential real estate in Denver.” I encourage you to save this story and send it to your clients as it’s a great summary of what’s happened since March. But, I will…
Could Mortgage Rates Drop Below 2%?
Logan Mohtashami, a Housing Wire data analyst, wrote a story last week that garnered HUGE attention as he wrote what would it take for mortgage rates to drop below 2%? Here is what he said- We would need to see the 10 Year Treasury yield go negative to as low as -0.61% for a sustained…
Home Prices Soared in July
I received and reviewed the 7 county metro Denver MLS Report courtesy of SMDRA & REColorado. Here are the facts- 6,600 closings happened in July, an increase of 20.7% from last July and a 29% increase from July 2018. According to DMAR the number of closings last month was the highest amount ever recorded in…
Short-Term Rates Will Stay Low for a Very Long Time
The Fed’s Meeting Minutes from July 29th were warmly received by the markets. They did add this sentence to their statement from before, “The path of the economy will depend significantly on the course of the virus.” Second, during his press conference Fed Chairman Powell did mention that the economy has slowed recently, but they…
Average Rent Drops…But?
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…
Will Mortgage Rates Go Even Lower in 2021?
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%…
Why Would Denverites Want to Move to Seattle?
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…
How is Apartment Development Being Impacted?
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…
Will Denver Home Prices Drop 9%?
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…
A Once in a Life-Time Home Buying Opportunity
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…
Good News for Veteran Borrowers
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…
Wells Fargo Severely Restricts Mortgage Lending
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…
