Jude's Real Estate Rumblings

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Apartment vacancies rise in Denver; rents remain flat

Apartment vacancies rise in Denver; rents remain flat, an article from The Denver Post, reports that apartment vacancy rates in metro Denver increased to 7.9% during Q4 2008., according to a report released Wednesday by the Apartment Association of Metro Denver.  During the third quarter of 2008, the vacancy rate was 6.5%.  More young people are electing to live with their parents or find roommates.  Compared to the fourth quarter of 2007, average rents were up $28 to $888.22.  Gaining in popularity are one-bedrooms and efficiencies. 
http://www.denverpost.com/headlines/ci_11576970


0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 29 2009 10:53PM

Homebuyers get a bonus in the stimulus bill

Homebuyers get a bonus in the stimulus bill, an article from CNNMoney.com, reports that first-time buyers could receive a $7,500 tax credit if they purchase soon - no repayment required.  The economic stimulus bill that's now before Congress includes a provision for a $7,500 tax credit for first-time home buyers.  The $819 billion stimulus plan was passed by the House late Wednesday.  The Senate is expected to vote on its version of the bill sometime next week.  Technically, the stimulus bill would change of terms of the $7,500 tax credit that was part of the Housing Recovery Act passed last summer, which was basically a no-interest loan that had to be repaid over 15 years.  The measure had little impact.  Under the stimulus bill now under consideration, the tax credit would be a true credit that doesn't have to be repaid.  "Our economists have studied the effect [of the credit] and they say there could be a 10% increase in home sales if it's implemented," said Mary Trupo, a spokesperson for the National Association of Realtors. 
http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012907

1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 29 2009 10:52PM

Washington Report: Expectations for Housing

Washington Report: Expectations for Housing, an article from Realty Times, examines what we can expect in terms of housing and mortgage-related moves with a new president and Congress running Washington.  At the top of the list is foreclosure relief.  Barney Frank, the House Financial Services committee chairman, expects Congress and President Obama to devote as much as $100 billion of the bailout money to help homeowners facing foreclosure.  Second on the priority list is legislation allowing bankruptcy judges to prevent foreclosures by reducing monthly payments, interest rates and principal balance for owners who file bankruptcy.  The third item on the list involves a return to last year's higher mortgage limits for high-cost areas around the country.  During the early months of the new Congress, you can also expect to see passage of long-stalled anti-predatory lending legislation.  Later on, the Obama administration is expected to address reforms for the federal financial regulatory agencies and decide what to do with Fannie Mae and Freddie Mac. 
http://realtytimes.com/rtpages/20090126_washingtonreport.htm

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 28 2009 11:34AM

Banks, lenders face Aurora rule

Banks, lenders face Aurora rule, an article from Rocky Mountain News, reports that a measure was passed yesterday in Aurora requiring banks and lenders to maintain foreclosed and abandoned properties.  A yet-to-be-determined fee will be charges in cases where there is failure to comply with the city's property standards.  Foreclosed and abandoned properties must now be placed on a monthly inspection list. 
http://www.rockymountainnews.com/news/2009/jan/27/banks-lenders-face-aurora-rule/

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 28 2009 11:26AM

For Your Clients: 4 Tips to Getting a Loan

For Your Clients: 4 Tips to Getting a Loan, an article from Realtor Magazine Online, examines four tips to help a buyer get a loan.  First, consider what the government has to offer.  The Federal Housing Administration (FHA) and the Veterans Administration (VA) are the biggest source of loans these days.  Next, get those documents in order - bank statements, brokerage statements, W-2 forms and tax returns.  Also, borrowers should consider ways to boost their credit scores.  It's important not to have more than one-third of their maximum borrowing capacity outstanding on any one credit card.  And finally, work your connections.  Borrowers may want to begin by talking to a local bank where they have an established relationship. 
http://www.realtor.org/rmodaily.nsf/pages/News2009012604

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 28 2009 11:23AM

Simplify and Focus

Simplify and Focus, an article from Realty Times, examines how to simplify your business planning process and stay focused in 2009.  Choose one word that will be the star you are aiming for this year (e.g., focus, consistency).  Then ask yourself: 1) What is one thing that would make the most difference in my business if I did it consistently? 2) What is the one thing that would make the most difference in your personal quality of life in you did it consistently?  Post your answers where you can see them every day and incorporate them into your daily planning.
http://realtytimes.com/rtpages/20090128_simplify.htm

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 28 2009 11:19AM

Denver-area home values show strength

Denver-area home values show strength, an article from Rocky Mountain News, reports that the Denver-area housing market outperformed all but one market in the 12 months ended in November.  According to a national housing report released Tuesday, Denver-area homes lost only 1.1%.  This makes Denver the best performing city in the S&P/Case-Shiller Home Price Indices.  In the 12 months ended in November, home prices in Denver fell by only 4.3% - only Dallas fared better than Denver. 
http://www.rockymountainnews.com/news/2009/jan/27/denver-area-home-values-show-strength/

 

www.judesandvall.com

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 28 2009 11:18AM

Citigroup CEO, chairman, CFO get no bonuses

 

Citigroup CEO, chairman, CFO get no bonuses

Reuters, Jonathan Stempel, January 21, 2009

 

Citigroup Inc (C.N) on Wednesday said Chief Executive Vikram Pandit, Chairman Win Bischoff and Chief Financial Officer Gary Crittenden refused to be considered for incentive or retention awards, following five straight quarterly losses for the bank.

 

In a U.S. Securities and Exchange Commission filing, Citigroup said its board on Jan 14 granted stock awards to the other members of the bank's executive committee. The awards vest over four years, with half of each individual's award having a $10.61 price target and half having a $17.85 target.

 

These other executives also received 10-year stock options with exercise prices at the same levels, Citigroup said.

 

Shares of Citigroup closed Tuesday at $2.80, and had closed on Jan 14 at $4.53.

 

Citigroup lost $28.55 billion over the last 15 months, including $18.72 billion in 2008, amid soaring writedowns for mortgage and other debt, and rising credit losses as economies and credit markets deteriorated worldwide.

 

The third-largest U.S. bank by assets cut its quarterly dividend on Tuesday to 1 cent per share from 16 cents to comply with terms of a U.S. government rescue it got in November.

 

The government injected $20 billion of capital from its Troubled Asset Relief Program, on top of $25 billion it had previously injected, and agreed to absorb some losses on more than $300 billion of troubled debt.

 

http://www.reuters.com/article/governmentFilingsNews/idUSN2145679720090121

 

www.judesandvall.com

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 22 2009 02:15PM

Obama Has No Quick Fix for Banks

WASHINGTON —Even before they have settled into their new jobs, President Obama’s economic team faces an acute crisis in the nation’s banking system that has no easy answers and that they are not yet prepared to address.

 

The president’s advisers watched most banking shares fall sharply on Tuesday, reinforcing what Obama officials have known for weeks: that their most urgent financial problem is an immense new wave of losses at banks and other lending institutions that threatens to further cripple their ability to resume normal lending.

 

But when Timothy F. Geithner, the president’s nominee to be the Treasury secretary, appears before the Senate Finance Committee on Wednesday for his confirmation hearing, he is not expected to have a detailed plan ready.

 

http://www.nytimes.com/2009/01/21/business/economy/21bailout.html?_r=2&ref=business

0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 22 2009 02:14PM

High-end homes up for auction

High-end homes up for auction, an article from Rocky Mountain News, reports that seven Stapleton homes are being offered for sale online through March 5.  These homes were originally priced at more than $1 million each.  Four of the homes are in the Denver Brownstone development and three are in Urban Estates Homes - none have ever been occupied.  For years, Stapleton has been one of the hottest housing markets in metro Denver.  "We support any efforts any of our home builders need to do in this market," said Tom Gleason, spokesman for Forest City.
http://www.rockymountainnews.com/news/2009/jan/20/high-end-homes-up-for-auction/

www.judesandvall.com
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 22 2009 02:11PM