Jude's Real Estate Rumblings

Real Estate Outlook: After the Credits - The Federal Reserve's latest region-by-region analysis of the national economy, the so-called "Beige Book" released last week, has an important message for anyone interested in real estate: It's a gradual recovery out there, but it's for real and it should prove durable.  But what happens when the credits are gone?  Most economists in the Federal Reserve System "think that low interest rates and fairly low prices will continue to make the (housing) market attractive for prospective buyers," says the report.  Read full article:
http://realtytimes.com/rtpages/20100614_realestateoutlook.htm

Denver-area luxury-home sales jump 62% - Denver-area sales of homes priced at $1 million or more jumped 61.8% last month from a year earlier.  Fifty-five homes priced at $1 million or more sold in May in the metro area.  The median price of the luxury homes that sold in May was $1.28 million.  "The increase in million-dollar sales in the Denver area is an encouraging sign that the mid- and upper-end of the local housing market continues to recover from last year’s sharp downturn," Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said in a statement.  Read full article:
http://www.bizjournals.com/denver/stories/2010/06/14/daily6.html?s=industry&i=resi_real_estate

Lawmakers consider home tax credit extension - First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on their purchases if a Senate amendment unveiled Thursday makes it into law.  The closing deadline could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn - they want to make sure banks have time to process the transactions, especially short-sales.  Read full article:
http://www.usatoday.com/money/economy/housing/2010-06-10-home-tax-credit_N.htm

Dear Aurora Association of Realtors Friends and Colleagues-

By now you should have received your electronic ballot for the Aurora Association of Realtors Board of Directors election. I, Jude Sandvall, am asking for your vote.

The association and its directors provide an important part in safeguarding our profession and allowing us to practice in the best possible business environment.

Many of you may have seen me on Fox31 or CBS4 advocating on behalf of the Realtor community or have sat with me on the City of Aurora's Business Advisory Board or the Arapahoe County's Citizen's Budget Committee. As you know I am a tireless champion of the business community especially the real estate community.

If you'd like to learn more about me please visit AAR's candidate page at http://aurorarealtors.org/stories/2010/candidates.html or feel free to call me directly on my cell phone at 720-255-1021.

I would appreciate your vote.

Respectfully,

Jude Sandvall

Denver is the "most improved U.S. housing market," according to a new report from Bloomerg Businessweek.

"In Denver, the economy and employment slowed just as other areas did during the recession, but things appear to be moving in the right direction this year," the report says.

It says Denver-Aurora-Broomfield metro-area home prices increased 5.8 percent in the first quarter from the same period of 2009 as sales grew and distressed sales fell, based on data from CoreLogic of Santa Ana, Calif. And it cites research by Development Research Partners of Littleton forecasting a 5 percent boost in both home sales and prices in the Denver-area this year.

Fed's Beige Book reports modest growth in Colorado, neighboring states - The economy in Colorado and six neighboring states “grew modestly” over the last several weeks “with expectations of further improvement in the coming months,” reported the U.S. Federal Reserve in its latest “Beige Book” survey of the region’s business executives.  The cautiously optimistic report echoed those of most of the nation’s 12 Fed regional districts.  Read full article:
http://denver.bizjournals.com/denver/stories/2010/06/07/daily45.html

Denver-area single-family home prices up 4% in April from 2009 - Single-family home prices in metro Denver rose 4% in April from 12 months earlier, according to a report Tuesday from Integrated Asset Services LLC.  That followed March's 12-month rise of 4.1%.  Read full article:
http://www.bizjournals.com/denver/stories/2010/06/07/daily19.html?s=industry&i=resi_real_estate