Jude's Real Estate Rumblings

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Mortgage Tip

Here's a web site that will save you lots of time.
 
 
It provides access to the public records sites for every county in the nation.  If the county does not have a public records web site, it still provides the phone numbers for the county offices you need: assessor, treasurer, recorder, etc.
 
Underwriters use this site when they get a loan.  We use it for every file we get so we'll know exactly what the underwriter is going to be looking at.


www.judesandvallloans.com

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 15 2008 01:54PM

Pending home sales rise unexpectedly

An article from MSNBC.com, reports that there is a bit of good news in the housing market as a measurement of pending home sales rose in June.  The National Association of Realtors' seasonally adjusted index of pending sales for existing homes rose 5.3% to 89 from May's reading, which was revised downward to 84.5 from an earlier reading of 84.7.  Home sales are considered pending when the seller has accepted an offer, but the deal has not yet closed.  Lawrence Yun, the group's chief economist, said in a statement, "With a tax credit now available to first-time home buyers, increases in home sales could be sustained with the momentum carrying into 2009."
http://www.msnbc.msn.com/id/26072833/


2 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 08 2008 10:14AM

Denver Metro July sales rise, but prices still off

An article from The Denver Post, reports that according to numbers released by MetroList, the number of metro-Denver homes sold in July rose to 5,878, a 3% increase compared with July last year, but median prices for single-family homes and condos dropped significantly.  The median price for a single-family home decreased to $229,200, a 10.1% decline compared with the median price in July 2007 of $255,000.  The median price for a condo dropped to $149,000, 5.7% less than the previous July's $158,000.  Mike Cox of Re/Max Professionals Inc., said the decline in median prices is probably a result of investors buying foreclosed properties at steeply discounted prices.  He added, "A lot of the properties aren't turnkey ready.  If you take all the appliances out and really beat it up, it's easy to find a 10 percent adjustment."
http://www.denverpost.com/business/ci_10132762


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 08 2008 10:12AM

Mortgage closing costs: State rankings

Mortgage closing costs: State rankings
By Bankrate.com
 

Bankrate.com researchers gathered closing-cost information from at least four lenders in all 50 states and the District of Columbia. In California, Illinois and New York researchers also collected data from multiple markets where there was a presumed disparity.

Researchers requested a good faith estimate for a $200,000 loan, assuming a 20-percent down payment and good credit. Below, ranked from most expensive to least expensive, are the average closing costs charged by the lending industry for a mortgage in each state. Your costs will be higher than shown here because the most highly variable costs are not included: Taxes, other governmental fees and escrow fees. They vary almost infinitely, by locale and by which day of the month the closing occurs.

Closing costs averages for each state  
 
2008 rank 2007 rank State 2008 closing costs
1 1
New York - NYC
$4,015
2 2
Texas
$3,975
3 N/A
New York - Buffalo
$3,845
4 3
Florida
$3,683
5 8
Oklahoma
$3,558
6 9
New Mexico
$3,466
7 7
New Jersey
$3,432
8 4
Pennsylvania
$3,411
9 16
Alaska
$3,408
10 24
Colorado
$3,358
11 N/A
California - San Francisco
$3,321
12 5
Ohio
$3,317
13 17
California - LA
$3,250
14 35
Kentucky
$3,213
15 27
West Virginia
$3,201
16 11
Connecticut
$3,200
17 25
Michigan
$3,191
18 N/A
California - Sacramento
$3,179
19 41
Oregon
$3,161
20 6
Hawaii
$3,134
21* 39
Alabama
$3,130
21* 12
Massachusetts
$3,130
23 19
Maryland
$3,117
24 15
Tennessee
$3,116
25 37
South Carolina
$3,103
26 10
Delaware
$3,098
27 46
Arizona
$3,096
28 22
District of Columbia
$3,086
29 33
Idaho
$3,064
30 14
Mississippi
$3,059
31 28
Arkansas
$3,049
32 13
Louisiana
$3,042
33 48
Nevada
$3,039
34 38
Washington
$3,028
35 20
Virginia
$3,007
36 34
Montana
$2,970
37 36
Iowa
$2,940
38 44
Wisconsin
$2,940
39 18
Rhode Island
$2,932
40 26
Minnesota
$2,930
41* 21
New Hampshire
$2,922
41* 23
North Dakota
$2,922
43 31
Georgia
$2,900
44 43
Nebraska
$2,891
45 32
Utah
$2,882
46 51
Indiana
$2,878
47 30
Vermont
$2,872
48 49
Illinois - Chicago
$2,869
49 N/A
Illinois - Springfield
$2,826
50* 50
Wyoming
$2,804
50* 36
Iowa
$2,804
52 40
South Dakota
$2,797
53 29
Maine
$2,793
54 45
Missouri
$2,758
55 42
Kansas
$2,669
56 47
North Carolina
$2,650
       
   
2008 average
$3,118
   
2008 median
$3,086
   
2007 average
$2,736
   
2007 median
$2,692
* tied

 

-- Posted: Aug. 7, 2008

1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:37AM

Mortgage Tip

Just a quick reminder about the down payment assistance funds that are available to first-time homebuyers (anyone who has not been on title in the past 3 years) from the Colorado Housing Assistance Corporation (CHAC).

 

CHAC offers up to $5,000 statewide for closing costs and down payment assistance.  The interest rate is only 5% and the borrower pays $50 a month until the loan is paid off.

 

There are other programs available depending on where the property is located.  One program goes as high as $15,000.

 

All of CHAC's programs are subject to income restrictions, so not everyone will qualify, but CHAC is a great source of funds for those who do qualify.  It's worth checking out.

 

www.judesandvall.com

 

www.judesandvallloans.com

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:29AM

Moving Away From Heavy Gasoline Use

An article from RealtyTimes.com, reports that your housing choice could help offset the cost of gasoline by lowering demand and dependency on its use while easing the environmental impact of burning fossil fuels and sprawl, if you move to a transit oriented development (TOD).  According to the Center for Neighborhood Technology (CNT) and Surface Transportation Policy Project (STPP), housing affordability isn't only a measure of what portion of your income you shell out for the mortgage and related costs, but also the cost of transportation to and from work, school, worship, shopping, medical care and the host of other destinations you regularly visit.  The purpose of a well-conceived and developed TOD is to focus compact growth around transit stops to bring riders closer to transit facilities, to encourage walkable infill development, and save land.
http://realtytimes.com/rtpages/20080807_gasuse.htm


1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:27AM

2008 seen as peak for Colo. foreclosures

An article from the Rocky Mountain News, reports that experts are cautiously optimistic that the foreclosure crisis in Colorado may hit its peak this year.  Zachary Urban, who runs the Colorado Foreclosure Hotline said, "We are going to have a record year.  What we're seeing for 2008 is that this may be the peak foreclosure year.  Hopefully, next year we will see an actual decline."  Urban is optimistic that "this might be the beginning of the end" due to a report released this week by the state showing that in the first six months of the year, 22,500 foreclosures were filed in Colorado, an increase of 16% from the same period last year, when 19,460 foreclosures were filed.  Kathi Williams, director of the Colorado Division of Housing, which released the report said, "We're not seeing a drop in the actual number of foreclosures, but we are seeing a slowing down in the rate of increase, which is encouraging."
http://www.rockymountainnews.com/news/2008/aug/06/rise-colorado-foreclosure-filings-falls-16/


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:25AM

New law gives homeowners fair compensation for energy

A story from 9news.com, reports that Colorado has a new homegrown energy law that helps homeowners harness Mother Nature and save money at the same time.  The bill provides "true net-metering" to Colorado, meaning meters would run forward and backward, providing equal credit for power produced and consumed.  Owners of wind and solar systems will now receive credit for the power put onto the grid and that reduces their utility bill.  According to Representative Judy Solano, the bill sponsor of homegrown energy, it expands homegrown energy opportunities such as solar and wind, by making them affordable to homeowners and businesses.  She added, "Now, farmers, ranchers and other Coloradans can generate affordable, clean energy at their homes or businesses, and sell excess energy back to the utility company for others to use.  If people are putting more energy back on the grid than they're using – if their meter is running backwards so to speak – they will now receive fair compensation for the excess energy they produce, and reduce their utility bill."
http://www.9news.com/news/article.aspx?storyid=97135&provider=top


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:08AM

10 Steps to a Successful, Profitable Website

An article from RISMedia.com, reports that in today's market, the Internet offers an alternative to real estate professionals from conventional real estate marketing and sales methods.  As a result, thousands of Realtors have rushed toward the use of websites.  In order to ensure success in an Internet-based real estate practice, remember the goal of a website is sales.  Focus on capturing leads by including calls-to-action and offers that will result in hard leads on every page.  Keep the content of your website fresh by setting aside time each week to review and maintain your website’s content and structure.  Finally, make sure your website is user-friendly.  Most of the content should be visible or accessible from the home page and offer information that is relevant and useful to the prospective buyer or seller.


3 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:06AM

Denver Metro new-home sales plummet

An article from The Denver Post, reports that according to a survey by Hanley Wood Market Intelligence, sales of new homes in the seven-county Denver metro area were down 48.6% in June compared with last year, while condo sales were down 61.5% and prices declined 10%.  The good news is builders are holding firm on pricing, with a 2.7% gain in the median minimum sales price compared with last year.  Compared with May, sales declined 0.8% and prices fell 0.3%.  Cory Hunsader, regional manager of Hanley Wood's north central office said, "It's not a real dramatic trend yet, but it's good news when it starts to flatten out."
http://www.denverpost.com/business/ci_10097553


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • August 07 2008 11:04AM