It is almost 2012. This year has flown by. I am looking forward to Thanksgiving this Thursday and have a lot to be thankful for. I hope you do too.
Foreclosure auction sales in Colorado's 12 urban counties fell to a 42-month low in October, and new foreclosure filings also were down sharply, the state Division of Housing reported Wednesday.
The report says foreclosure filings in the 12 counties dropped 23.2 percent in October, to 2,350, from the same month of 2010, and also were down 3.3 percent from the previous month.
Foreclosure sales, meanwhile, were down 28.3 percent in October, to 938, from October 2010, and decreased 16.5 percent from September 2011.
"October's auction sales fell off more than expected, and it's pretty clear at this point that there's a well-established downward trend now in place," Division of Housing spokesman Ryan McMaken said. "We're cautiously optimistic that the trend will continue, but we're waiting to see how things look after homeowners begin to pay off holiday bills early next year."
In the city of Denver alone, foreclosure sales fell 41.6 percent, to 115, between October 2010 and October 2011. The greatest drop in auction sales in the 12 counties was in Adams County, down 60.8 percent, to 69.
Year to date through October, 2011 foreclosure filings were down 29.3 percent in the urban counties from the same period last year, and auction sales were down 22.6 percent, the report said.
The Metropolitan Foreclosure Report covers Denver County as well as Adams, Arapahoe, Boulder, Broomfield, Douglas, El Paso, Jefferson, Larimer, Mesa, Pueblo and Weld counties. Smaller counties are not included in the monthly totals.
Foreclosure filings are the first stage in the foreclosure process, which can either lead to a foreclosure sale of a property several months later or a homeowner avoiding a sale by settling with a lender.
Foreclosure sales figures include properties that revert to the lender as well as sales to a third party.
The state foreclosure data are mostly for homes, but include a small number of commercial properties and vacant land.
The Division of Housing posts foreclosure tallies for 12 urban counties once a month and for all Colorado counties quarterly.
In a separate Division of Housing report released Nov. 8, covering the entire state, officials said new foreclosure filings in Colorado fell 24.6 percent in the third quarter from the same period of 2010. Foreclosure auction sales also fell sharply between the two periods, by 29.8 percent, the earlier state report said.
Monday, November 21, 2011
Monday, November 7, 2011
What is happening with rates at this time?
Rates are still at historic lows. A 30-Year Fixed-Rate Mortgage Averages 4.00 Percent
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates declining sharply as investors rushed to U.S. Treasury bonds amid concerns over the European debt market. The 30-year fixed at 4.00 percent marks the second lowest reading since it hit a record 3.94 percent in the October 6, 2011 PMMS, the lowest in history.
30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending November 3, 2011, down from last week when it averaged 4.10 percent. Last year at this time, the 30-year FRM averaged 4.24 percent.
15-year FRM this week averaged 3.31 percent with an average 0.7 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 3.63 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 3.39 percent.
1-year Treasury-indexed ARM averaged 2.88 percent this week with an average 0.6 point, down from last week when it averaged 2.90 percent. At this time last year, the 1-year ARM averaged 3.26 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, "Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates. Meanwhile, on the home front, the U.S. economy continued its gradual recovery. The Bureau of Economic Analysis reported the economy grew 2.5 percent in the third quarter, the strongest pace in a year, led by a surge in consumer expenditures. In addition, consumer spending rose 0.6 percent in September, nearly threefold that of August. Finally, consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose for the second month in a row in October to its highest reading since July."
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates declining sharply as investors rushed to U.S. Treasury bonds amid concerns over the European debt market. The 30-year fixed at 4.00 percent marks the second lowest reading since it hit a record 3.94 percent in the October 6, 2011 PMMS, the lowest in history.
30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending November 3, 2011, down from last week when it averaged 4.10 percent. Last year at this time, the 30-year FRM averaged 4.24 percent.
15-year FRM this week averaged 3.31 percent with an average 0.7 point, down from last week when it averaged 3.38 percent. A year ago at this time, the 15-year FRM averaged 3.63 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent this week, with an average 0.6 point, down from last week when it averaged 3.08 percent. A year ago, the 5-year ARM averaged 3.39 percent.
1-year Treasury-indexed ARM averaged 2.88 percent this week with an average 0.6 point, down from last week when it averaged 2.90 percent. At this time last year, the 1-year ARM averaged 3.26 percent.
Frank Nothaft, vice president and chief economist at Freddie Mac, "Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates. Meanwhile, on the home front, the U.S. economy continued its gradual recovery. The Bureau of Economic Analysis reported the economy grew 2.5 percent in the third quarter, the strongest pace in a year, led by a surge in consumer expenditures. In addition, consumer spending rose 0.6 percent in September, nearly threefold that of August. Finally, consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose for the second month in a row in October to its highest reading since July."
Whater are 5 Great Things about Homeownership?
If you've been on the fence about homeownership, it could be the time to take a leap. With historically low rates and living in what I believe is one of the greatest cities in the country, below are five reasons they may help you get off the fence.
1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is about building long-term wealth. A home bought for $10,000 in 1960 is most likely worth 10 times that in today's market.
2. Relationships: Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.
3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it's predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you'll need to pay for the gutters to be cleaned, and so on.
4. Ownership: Okay, this is a given. Homeownership means you "own" your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the HOA allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!
5. Great Deals: It's a great time to buy. Interest rates are at historic lows. We're talking 4.0 percent instead of 6.0 or higher. This means big savings for today's buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a downpayment, then be sure to talk to your local real estate agent about what homes in your area could be a fit for you.
1. Equity. When you pay rent, you never see that money again. It is lining the landlord's pocket. Yes, buying a home may come with some hefty initial costs (downpayment, closing costs, inspections), but you will make that money back over time in equity built in the home. Historically, homes appreciate by about 4 to 6 percent a year. Some areas are still experiencing normal appreciation rates. For the areas that have seen harder times since the recession, experts feel that the housing market will recover. Homeownership is about building long-term wealth. A home bought for $10,000 in 1960 is most likely worth 10 times that in today's market.
2. Relationships: Renters tend to see their neighbors come and go quickly. Some people sign year leases while others are in the community for much shorter terms. Apartment complexes also tend to have less common shared space for people to meet, greet, and socialize. Homeowners, however, have yards, walking trails, or community pools and clubhouses where they can get to know each other. Neighbors stay put much longer (at least three to five years if they hope to recoup their closing costs). This means more time to develop relationships. Research has shown that people with healthy relationships have more happiness and less stress.
3. Predictability: Well, as long as you have a fixed-rate term on your mortgage it's predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years (or so). You know that each year you'll need to pay for the gutters to be cleaned, and so on.
4. Ownership: Okay, this is a given. Homeownership means you "own" your home. That comes with some incredible perks, though! You can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, or do holiday decorating that would rival the Kranks (if the HOA allows!). The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the same beige walls and beige carpet that has been standard apartment decor for 20 years. Now is your chance to let your home speak!
5. Great Deals: It's a great time to buy. Interest rates are at historic lows. We're talking 4.0 percent instead of 6.0 or higher. This means big savings for today's buyers. Home prices have also taken a dip since the recession, which means homes are more affordable than ever. If you have steady income and cash for a downpayment, then be sure to talk to your local real estate agent about what homes in your area could be a fit for you.
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