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4 Stats You Need to Know
According to Lending Tree Denver has the 10th highest percentage of homes valued over $1 million in the country. Still, our percentage was just 2.65%. In San Jose 54% of all homes are valued at over 1 million dollars. For Fannie Mae their serious delinquency rate (3 months or more late) is just 0.44% of…
Why FHA Lending Will Make a Comeback
In 2011 banks originated 89% of all FHA loans, but by last year banks only originated 25% of all FHA loans according to Ginnie Mae. Why did banks quit closing so many FHA loans? Bill Emerson, then-CEO of Quicken Loans said in 2015, “The FHA has been hijacked by the Department of Justice” with their…
ARMS Are Not Very Popular
The share of all mortgage loan applications with floating rates reached a high of over 30% in 2005, then dipped below 1% in late 2008. Adjustable-rate mortgage (ARM) application rates have hovered between 6% and 8% since around 2010, and as of early June ARMs made up only 6% of all mortgage loan applications. With…
Homes for Sale Down Nearly 12% from 2016
I just received the 7 county RE Colorado stats for June. Supply of homes for sale is dropping again which is not a good sign as inventory levels are dropping as we see fewer new listings. Price increases are slowing down too which is good. Here are some highlights— Completed sales dropped 6.1% from last…
An Affordable Housing Solution
I read this story in Fast Company Magazine about our housing crisis. “A new report from Apartment List calculates that one in 18 Americans, or 17.7 million people, live in a manufactured home nationwide; the average monthly housing cost is $564, versus $1,057 for a typical house or apartment. In the 100 largest metro areas,…
Why Rates in the 4’s Will Soon Be History
Since June 12th thru June 25th the Dow has lost 1,200 points due to tariffs, but the 10 Year Treasury yield only dropped by 6 bps. Normally when we see this big of a sell-off in the stock market bond yields will drop by 15 bps or more. But, this hasn’t happened. Why? First, I…
A Simple Solution for Housing Affordability
I read I believe 3 stories last week about how unaffordable housing is becoming, not only in Denver but in many more large metro areas. Here is one simple solution that could help renters become homeowners. Get a second job as nearly every retail store and restaurant is hiring. Now income from a second job…
Foreclosures Down Nearly 50%
According to ATTOM Data Solutions metro Denver’s foreclosure start rate in May dropped 49% from last May! This is a HUGE DROP from already absurdly low levels. We had just 127 foreclosure starts last month in a metro area with approximately 750k homes. This puts our foreclosure start rate at 0.0002%. The naysayers keep saying…
Colorado Named 4th Best State to be a Homeowner
SmartAsset just released a report last week on the best states to be a homeowner in based on 9 metrics—average price per square foot, the 1 year percentage change in value per square foot, the foreclosure rate, average effective property tax rate, annual property taxes, average closing costs, average homeowners insurance, and the burglary rate.…
What To Say When Rates Hit 5%
The reduction in interest rates around Memorial Day gave people false hope that rates may drop further. Don’t bet on it. Remember, the Fed will be buying even fewer Treasury bills and mortgage bonds beginning in July due to their Quantitative Tightening program. So far, the Fed’s balance has shrunk by $117 billion to $4.1…
Denver Named a Top 20 City
Resonance Consultancy Ltd., a global adviser on tourism, real estate, and economic development ranked Denver as the 16th best city in the country and 37th best in the world! They looked at 6 “P’s”—Place, product, programming, people, prosperity, and promotion.
29% of Businesses Are Hiring
In April the Metro Denver unemployment rate dropped to 2.50% after rising to 3% at end of 2017. According to staffing company Manpower Group 29% of metro Denver employers plan to hire more employees in the 3rd quarter and only 4% expect to reduce their payrolls. That is a very high percentage.
