Stating that the economy needs more help, the Federal Reserve announced that short term interest rates will remain near zero for nearly 3 more years.  This should affect long-term mortgage rates, as well, keeping them low.

Even with this news, critics say that the tighter lending standards still make it impossible for many Americans to take advantage of the low rates. 

Federal Reserve Chairman, Ben Bernanke acknowledged that this is still a problem and that the Feds may implement further steps if necessary to help the still slow recovery, but not exactly what those steps may be.

Read more at REALTOR® Magazine

Image Source: TotalMortgage.com

Posted in Buyer Resources, Headlines

The Denver Post reported that a majority of condominium complexes in the Denver metro area have lost eligibility for Federal Housing Administration financing.

This means that future buyers will not be able to get FHA loans, limiting the types of loans that they can use to purchase certain condos, thus limiting the number of buyers who could be eligible.

"We will see a lot of people who will discover that their homes are basically unsalable," said Norm Lewis, a loan originator at Peoples Mortgage in Lakewood. "It is a downward spiral that could easily be arrested."

The US Department of Housing and Urban Development (HUD) requires that completed condo projects apply for approvals every two years and without that approval; there will be no FHA loans available. The new rules, applying only to condos- not townhomes, were meant to protect FHA after the housing crisis. 

Only one third of condo developments in metro Denver were current, according to the Denver Post, and two out of three had expired or rejected approvals on the HUD website.

"To win approval, no more than 15 percent of units in a development can be delinquent 30 days or more on their association fees." reports the Denver Post. "Additionally, half or more of the units in a development must be owner-occupied. And a condo association can't be in litigation.

Experts aren't sure why the associations are ignoring the renewal process.  "Not everybody has realized the impact it can have on their community in terms of  resales." said Terry Jarrett, president of the Rocky Mountain chapter of the Community Associations Institute. "They are used to doing it once and not thinking about it,"

Read the full story at The Denver Post.

photo credit: sameold2010

Posted in Buyer Resources, Headlines

For the eighth time in a year, 30-year fixed mortgage rates have hit a new low, dipping to 3.88 percent this week, down from the old record of 3.89 percent one week ago.

The low rates are attracting few takers, however, because most who can afford to buy or refinance have already done so says Derek Kravitz of the Associated Press.

15 year mortgages went up slightly from 3.16 percent (a record low) to 3.17 percent.

"High unemployment and scant wage gains have made it harder for many people to qualify for loans." said Kravitz. "Many don't want to sink money into a home that they fear could lose value over the next few years."

The National Association of Builders is hoping the low rates will entice buyers after a dismal year last year. 

But Kravitz says that so far the low rates have had minimal impact. "Mortgage applications have risen 6 percent on a seasonally adjusted basis over the past four weeks, but that is based off of extremely low levels."

Read the full article at msnbc.com

Image Source: AboutMortgageRates.net

Posted in Marketing, Buyer Resources, Real Estate Market Conditions

Sunset Magazine lists the West's best ski towns and Colorado ski areas are well represented. Of the 10 categories, Colorado ski areas win three of them.

In the category for Most Old West Charm, Steamboat Springs tops the list. "Spur-clad cowboys from the area's 400 cattle ranches mingle with fur-clad skiers on main hub Lincoln Avenue." writes Sunset, and if you want to look like a local, "stop by the 1905 F.M. Light & Sons for cowboy threads."

The Prettiest Ski Town goes to Telluride, CO. (pictured at left) "Nestled in a box canyon, the perfectly preserved Western town is dwarfed by 13,000 foot peaks and Bridal Veil Falls, Colorado's tallest free-falling waterfall."

Crested Butte, CO is the most charming ski town according to Sunset. "Mix boho with Victorian and you've got C.B.'s funky Historic District main street, from the ski-toting bike riders to the hand-painted town bus rolling by. Getting here isn't easy, but C.B.'s remoteness keeps the masses away."

Read the full story at Sunset Magazine.

photo credit: Mountain Belle

Posted in Buyer Resources, Real Estate Trends

Not if voters have anything to say about it. 

"The American electorate is sending a clear message (to politicians) that owning a home remains a cornerstone of the American dream and preserving a federal commitment to home ownership is essential to maintain a thriving middle class and get housing and the economy back on track," said Neil Newhouse, a partner of Public Opinion Strategies who conducted a nationwide survey for the National Association of Home Builders.

The survey polled 1500 voters across the U.S. which revealed that voters will not stand for actions or threats by lawmakers to make it harder to own a home.

According to the survey, voters are telling lawmakers:

1.      Leave the mortgage interest deduction alone.

2.      Do more to help present and future homeowners.

7 out of 10 people who are not currently homeowners say they want to buy a home but it is too difficult in today's market.

"Even in a down housing market, home ownership remains a core American value, with the vast majority of citizens who do not currently own a home saying they want to buy a home," Bob Nielsen, president of the National Association of Home Builders, said in a statement. "Those running for office in November need to understand that voters will not look kindly on any candidates who seek to dismantle the nation's long-term commitment to home ownership."

Read the full article at NAHB.

photo credit: JuditK

Posted in Buyer Resources, Real Estate Market Conditions, Headlines