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Mortgage Late Payments at Record Low Levels
CoreLogic released its Loan Performance Insights report for February last week and I want to highlight this report since it’s B.C. (Before Coronavirus) to remind us of how strong the mortgage market and real estate market was before this event. These are national numbers. The 30 day or more delinquency rate was just 3.6% in…
Apartment Vacancies Increase
The Apartment Association of Metro Denver released their first quarter report last week and they found that average rent increased 2.2% in the first quarter to $1536. But the vacancy rate rose to 5.9%, up from 5.3% in the 4th quarter. This data was pulled BEFORE the Virus hit us hard though. So, what will…
Help for FHA Borrowers After Forbearance
I read that FHA borrowers who receive forbearance are required by their servicer to be offered a “COVID 19 Standalone Partial Claim,” which gives borrowers an interest-free subordinate mortgage that they do not have to pay off until their first mortgage is paid off. This way there is no payment shock for the borrower; but…
Forbearance is a Scarlet Letter Against Your Credit
Fannie Mae is now estimating that 15% of their mortgages will enter into forbearance. Earlier on they predicted that just 4% would enter forbearance and FHFA Director Mark Calabria famously said early on the forbearance rate wouldn’t be > 1%. We also learned that in Fannie Mae’s Master Service Agreement as it currently reads that…
Why Mortgage Rates Could Rise
The Fed is reducing its purchases of mortgage bonds and has been doing so over the last 3 weeks. At its peak the Fed was buying as much as $30 billion a DAY in mortgage bonds. Last week their purchases dropped to about $8 billion a day and this week their goal is to reduce…
Are Developers Paying Property Taxes?
The Denver Post ran another story on metro districts on February 15thon how nearly a dozen metro districts are delinquent in paying their own property tax bills on properties they own. A majority of these are in Adams County. Down south North Pine Vistas Metro District #1 in Castle Pines which is the master district…
How to Help Your Buyers
In the meantime, how can you help your buyers? First, give them more time to close which means more time to receive a better rate. I would put their closing date out 6 weeks right now with Loan Objection Deadline just a couple of days before that. If the sellers are buying a new home…
Mortgage Rates Hit 5% this Week
Mortgage rates this week have been changing every hour! On Tuesday morning they had dropped back down to 3.50% after the Fed’s announcement on Sunday. But, on Wednesday rates ended at 4.25%. On Thursday they hit 5% during the day and ended in the evening at 4.625%. This morning we are at 3.875%. Why? The…
How to Protect Your Clients
According to Dr. Mike Roizen from The Cleveland, Clinic Covid-19 is transmitted by one of three methods. First, is by droplets after someone sneezes or coughs. Second, is by re-circulated air in a building in which there isn’t a system to sterilize the air. Third, he said it can be transmitted by food new studies…
How Will Covid-19 Impact Our Housing Market?
The DBJ ran a great story on this topic on Tuesday. It was reported that “A large volume of deals continued to get done over the weekend, a testament to the sheer demand for homes in Denver.” I had 5 buyers that I know of who were out looking at homes last weekend. The biggest…
Some Good News on Covid-19
I attended a Facebook Video Call yesterday that included Dr. Mike Roizen of The Cleveland Clinic. He is a doctor to many celebrities. He said that every other Coronavirus we have battled has experienced big drops in the number of cases by April 1st of the year in the northern hemisphere. He believes there is…
Under Contracts SOAR
Here are the results for our 7 metro county real estate sales report for January from REColorado. Please know that this report courtesy of SMDRA does NOT include the counties of Boulder, Clear Creek, Gilpin and Park unlike the DMAR report. Buyers and sellers closed on 2,983 properties last month, a 7% increase from last…
