The Denver Post reports that Colorado is on track to top the record of 39,900 foreclosure filings set in 2007 as widespread unemployment makes it harder for borrowers to make their mortgage payments. New foreclosure filings statewide during the third quarter reached a record high of 12,468, according to a report released Thursday by the Colorado Division of Housing. New filings for the first nine months of the year were up 18 percent to 35,112, compared with 29,852 during the same period a year ago.
So, if this is the case, where’s all the properties??? Inventory is down by 50% and the pickings are slim on the MLS. Why are banks holding on to inventory?
Two reasons.
1. They can. There’s no pressure to liquidate and capitalize because they are getting free money from the government
2. They get more. By flooding the market, they would force prices downward. By limiting how much they sell, they ultimately get more for each property.
Categories: William Bronchick · real estate colorado · real estate investing
Mobile Home Wealth Mini-Seminar
With Stu Silver
Stu Silver is a real estate investor, writer, speaker and trainer who deals with the lucrative, but often overlooked, subject of Mobile Home and Mobile Home Park investment.
Mr. Silver and his family have real estate holdings that include 500 rental units, comprised of 11 mobile home parks,warehouses, mini-warehouses, offices, single family homes, duplexes, and motels.
Under the pen-name of Zalman Velvel, he has written two well-received books: Mobile Home Wealth and Mobile Home Wealth Part 2: Mobile Home Parks.
Mr. Silver has been a full time investor for more than 28 years. He holds the coveted CCIM designation, and is licensed as a real estate broker, mortgage broker, auctioneer, mobile home dealer, and former real estate appraiser.
Join him for a 1/2 day mini seminar on Mobile Home and Mobile Home Park investing.
Only $59 per person. Call 303-398-7035 to register.
Categories: real estate colorado · real estate investing
The Residences at the Ritz-Carlton downtown are in foreclosure after the developer sold only one of the 25 units in the luxury condo community.
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Categories: William Bronchick · real estate colorado
WASHINGTON – After a slow start, the Obama administration’s mortgage relief program has reached one in five eligible homeowners, a government report says.
As of the end of October, more than 650,000 borrowers, or 20 percent of those eligible, have signed up for trials lasting up to five months, the Treasury Department said Tuesday. The modifications reduce monthly payments to more affordable levels.
Launched with great fanfare in March, the plan got off to a weak start, but now nearly 920,000 loan modification offers have been sent to more than 3.2 million eligible homeowners. That works out to 29 percent, up from 15 percent at the end of July.
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Categories: William Bronchick · real estate investing
Interesting resource from the Colorado Housing and Finance Authority (CHFA) – neighborhood foreclosure maps.
http://www.chfainfo.com/news/NED_Maps.icm
CHFA helps people in Colorado get into homes by lending them the down payment. CHFA JumpStart offers borrowers a 30-year fixed rate mortgage with competitive interest rates to pay for the home, and an interest-free, payment-deferred second mortgage to cover down payment and/or closing costs. The second mortgage may be up to 3.5 percent of the purchase price of the home or $6,000, whichever is less. Borrowers are expected to use their $8,000 first time homebuyer federal tax rebate to payoff the second mortgage by June 30, 2010. If the second mortgage is not paid off in full by the June 30, 2010 deadline, it coverts to an 8 percent (8%) interest loan with monthly payments due over a 10-year amortization period.
As of October 15, 2009, 76 Coloradans have taken advantage of the CHFA JumpStart Tax Credit Program.
Categories: William Bronchick · real estate colorado · real estate investing
The apartment-vacancy rate for metro Denver fell to 7.4 percent during the third quarter, marking the first time it has fallen in seven quarters, according to a report released Wednesday.
The vacancy rate is at its lowest level since the third quarter of last year, when it was 6.5 percent, according to the survey by the Apartment Association of Metro Denver and the Department of Local Affairs Division of Housing. In general, a vacancy rate of 5 percent is considered equilibrium.
A drop in the unemployment rate and continued population increases are likely contributors to the declining vacancy rate, industry experts said.
Read more –>> http://www.denverpost.com/economy/ci_13715427
Categories: William Bronchick · real estate colorado
RealtyTrac, based in Irvine, Calif., released a third-quarter report today that ranks the Denver-Aurora area No. 47 out of 203 metropolitan areas for foreclosure rates. Greeley was the worst in Colorado at No. 33. Other Colorado metro areas: Fort Collins-Loveland, No. 47; Colorado Springs, 56; and Boulder, 98.
The Denver-Aurora area showed one out of every household with some type of foreclosure filing, not far off from the national average of one out of every 136 households.
Read more –>>> http://insiderealestatenews.com/tag/denver
Categories: William Bronchick · real estate colorado · real estate investing
Denver-area home prices rose for the sixth consecutive month in August but were still lower than the same period a year ago.
Area housing prices were up 1 percent compared with July but down 1.9 percent compared with August last year, according to the Standard & Poor’s/Case-Shiller home-price index.
Home prices in the 20 U.S. cities Case-Shiller tracks rose in August for a third straight month. The index increased 1 percent from July but was down 11.3 percent compared with the same period a year ago.
More info
Categories: William Bronchick · real estate colorado · real estate investing
Convention
“Lots of energy, great speakers, great networking” is the common theme I heard from this weekend. Looking forward to CAREI general meeting and real estate roundtables next Weds.
Categories: real estate colorado · real estate investing
