Home-loan delinquencies
dip B washington» The
percentage rate of single-family
home loans behind in payments
by at least 90 days improved
between August and
September, government-controlled
lender Freddie Mac
said Tuesday. The company
said its single-family homeloan
delinquency fell to 3.80
percent in September from
3.83 percent in August.
Denver Post staff and wire reports
Wednesday, October 27, 2010
Denver Rated 5th Smartest City
Denver rated fifth-smartest
city. Denver was ranked the
fifth-smartest city in the nation
in the Daily Beast’s second
annual ranking of America’s
55 largest cities.
Denver came in behind Boston;
Hartford-New Haven,
Conn.; San Francisco-Oakland-
San Jose, Calif.; and
Raleigh-Durham, N.C.
city. Denver was ranked the
fifth-smartest city in the nation
in the Daily Beast’s second
annual ranking of America’s
55 largest cities.
Denver came in behind Boston;
Hartford-New Haven,
Conn.; San Francisco-Oakland-
San Jose, Calif.; and
Raleigh-Durham, N.C.
Quest for the Perfect Credit Score-Some consumers take every step they can to reach rare 850 mark
Chicago Tribune/CNN
September 7, 2010
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.
The 37-year-old stay-at-home dad from Rogers, Ark., has nabbed 813 on the FICO scale, the credit scoring system most lenders use in sizing up potential borrowers.
That ranks him above more than 82 percent of Americans and comes with a big payoff: It entitles him to ultralow rates on loans, saving him tens of thousands of bucks over a lifetime.
Nevertheless, Peplinski won't be satisfied until he hits the maximum: 850. Why?
"Your credit score tells a lot about you," Peplinski said. "A high score means you're responsible and in control of your life. You're trustworthy."
To reach his goal, Peplinski voraciously reads up on every element that goes into a FICO score, checks his number every three months and tweaks his behavior to eke out every possible additional point.
Two years ago, he took out a car loan even though he and his wife, Chrissy, had the cash to buy their wheels outright. He figured that adding to his mix of credit might boost his score.
In spite of Chris' best efforts, landing an 850 may be a quixotic goal: Only about 0.5 percent of Americans manage it, FICO reports.
"The 850 score is kind of like a unicorn," said John Ulzheimer, a credit scoring expert with Credit.com who used to work for FICO. "Everybody talks about it, but nobody's seen it."
The reality is that you don't need to catch the unicorn to catch the best rates. But adopting some of the habits of members of the 800 club can help you improve your own score.
And that can translate into real money: On a $300,000, 30-year fixed-rate mortgage, the most creditworthy borrowers will pay $14,200 less than those one tier below; $25,600 less than those two tiers below.
But as for exactly how many points you'll gain or lose for, say, taking on a mortgage, being late on a bill or charging credit cards up to the max? That's proprietary information: "It's a black box," said FICO spokesman Craig Watts.
Mystery feeds obsession. Some credit score aficionados passionately debate their hypotheses on message boards like the FICO Forums at myfico.com. Others use themselves as guinea pigs to discover which moves will nudge a score up or down.
Some check their score obsessively, at least every few months, at a cost of $50 or more a year. They also fixate on their credit reports, upon which the scores are based.
Leland Lim, a 41-year-old doctor from northern California, is vigilant about scanning these for errors that might drag down his number.
"It took me three years to get a derogatory entry on one of them corrected," said Lim, who now earns an 806.
As for what makes an 800-plus score, these self-made experts basically say the same thing FICO does: Payment history is the single most important factor.
"I have this fetish about paying bills as soon as they come in the house," said Dick Husemann, 66, a retired Air Force officer from Wilmington, N.C. He and his wife, Brenda, 69, attribute their high scores, matching 818s, to never missing a credit payment.
The Husemanns also never charge more than 10 percent of their credit limit. They're not alone in that: Most score enthusiasts aim to keep a low "utilization ratio," or the amount they owe compared with the amount of credit available to them. FICO verifies that a low ratio can help your score.
With lenders routinely closing inactive accounts, Lim rotates all his credit cards into circulation.
But because his charges also affect that ratio, a few months before applying for a loan he stops using the cards or pays them off before the statement is generated. That way, Lim said, "my score jumps a bit," just in time for the lender to see.
The 800 club members are also conscious of their mix of credit.
Lim got interested in the scoring process two years ago while refinancing a home-equity loan into a home-equity line of credit. Having heard that revolving debt could affect a score more than an installment loan, he studied up.
His research revealed that home-equity lines of credit are not considered revolving debt in the FICO model. (The scoring firm confirms this.) And remember that car loan Peplinski took out, even though he didn't have to? He did it because FICO favors those with a variety of credit types.
"I probably paid $100 in interest," he said. "But it was worth it because we raised our credit scores by 15 points."
September 7, 2010
A major league pitcher dreams of throwing a perfect game. High schoolers eyeing the Ivy League study furiously in hopes of earning 2400 on the SAT. Meanwhile, Chris Peplinski is pursuing his own brand of flawlessness: an 850 credit score.
The 37-year-old stay-at-home dad from Rogers, Ark., has nabbed 813 on the FICO scale, the credit scoring system most lenders use in sizing up potential borrowers.
That ranks him above more than 82 percent of Americans and comes with a big payoff: It entitles him to ultralow rates on loans, saving him tens of thousands of bucks over a lifetime.
Nevertheless, Peplinski won't be satisfied until he hits the maximum: 850. Why?
"Your credit score tells a lot about you," Peplinski said. "A high score means you're responsible and in control of your life. You're trustworthy."
To reach his goal, Peplinski voraciously reads up on every element that goes into a FICO score, checks his number every three months and tweaks his behavior to eke out every possible additional point.
Two years ago, he took out a car loan even though he and his wife, Chrissy, had the cash to buy their wheels outright. He figured that adding to his mix of credit might boost his score.
In spite of Chris' best efforts, landing an 850 may be a quixotic goal: Only about 0.5 percent of Americans manage it, FICO reports.
"The 850 score is kind of like a unicorn," said John Ulzheimer, a credit scoring expert with Credit.com who used to work for FICO. "Everybody talks about it, but nobody's seen it."
The reality is that you don't need to catch the unicorn to catch the best rates. But adopting some of the habits of members of the 800 club can help you improve your own score.
And that can translate into real money: On a $300,000, 30-year fixed-rate mortgage, the most creditworthy borrowers will pay $14,200 less than those one tier below; $25,600 less than those two tiers below.
But as for exactly how many points you'll gain or lose for, say, taking on a mortgage, being late on a bill or charging credit cards up to the max? That's proprietary information: "It's a black box," said FICO spokesman Craig Watts.
Mystery feeds obsession. Some credit score aficionados passionately debate their hypotheses on message boards like the FICO Forums at myfico.com. Others use themselves as guinea pigs to discover which moves will nudge a score up or down.
Some check their score obsessively, at least every few months, at a cost of $50 or more a year. They also fixate on their credit reports, upon which the scores are based.
Leland Lim, a 41-year-old doctor from northern California, is vigilant about scanning these for errors that might drag down his number.
"It took me three years to get a derogatory entry on one of them corrected," said Lim, who now earns an 806.
As for what makes an 800-plus score, these self-made experts basically say the same thing FICO does: Payment history is the single most important factor.
"I have this fetish about paying bills as soon as they come in the house," said Dick Husemann, 66, a retired Air Force officer from Wilmington, N.C. He and his wife, Brenda, 69, attribute their high scores, matching 818s, to never missing a credit payment.
The Husemanns also never charge more than 10 percent of their credit limit. They're not alone in that: Most score enthusiasts aim to keep a low "utilization ratio," or the amount they owe compared with the amount of credit available to them. FICO verifies that a low ratio can help your score.
With lenders routinely closing inactive accounts, Lim rotates all his credit cards into circulation.
But because his charges also affect that ratio, a few months before applying for a loan he stops using the cards or pays them off before the statement is generated. That way, Lim said, "my score jumps a bit," just in time for the lender to see.
The 800 club members are also conscious of their mix of credit.
Lim got interested in the scoring process two years ago while refinancing a home-equity loan into a home-equity line of credit. Having heard that revolving debt could affect a score more than an installment loan, he studied up.
His research revealed that home-equity lines of credit are not considered revolving debt in the FICO model. (The scoring firm confirms this.) And remember that car loan Peplinski took out, even though he didn't have to? He did it because FICO favors those with a variety of credit types.
"I probably paid $100 in interest," he said. "But it was worth it because we raised our credit scores by 15 points."
Is the mortgage interest deduction on the way out?
Yahoo News 10.25.10
ROCHESTER, N.Y. -- The federal income tax deduction for mortgage interest that I pay on my home is under attack yet again. Last year I paid $3,099 in deductible interest on the house my wife, our four cats and I live in. According to The Wall Street Journal, the National Commission on Fiscal Responsibility and Reform is looking at changing that in an effort to address the massive deficits that the nation is running.
An article in The Christian Science Monitor suggests that the mortgage interest deduction will reduce federal income tax revenues $131 billion in 2012. The deduction was introduced in 1913 and has been a mainstay of home ownership ever since. The Tax Foundation reports that, on 2008 returns, 26.8 percent of all filers used the deduction and the average amount deducted was $12,221.
Those amounts and percentages do vary by state. As you might expect, California is much higher than average. About 30 percent of California filers took the deduction, at an average of $18,876.
The National Commission is charged with finding ways to reduce the deficit. No one wants to raise taxes, especially on the nearly 50 percent of Americans that pay little or no federal income tax. However, that $131 billion is a lot of money. It is nearly seven times the 2011 budget for NASA. It is more than the budget for the Department of Veterans Affairs or the Department of Labor or the Department of Education.
Home ownership peaked in the United States at a record high of 69 percent of the population. It declined to 67.4 percent by 2009. In the last 25 years, the lowest rate of home ownership was in 1988, at 63.8 percent.
In my home state of New York, in that same 25 years, the home ownership rates have ranged from a low of 50.3 percent in 1985 to a high of 55.9 percent in both 2005 and 2007. In 2009 the rate was 54.4 percent.
Home ownership is not a benefit of the wealthy. In 2005, 51 percent of the people in the lowest 25 percent of the U.S. population by income owned their own home. Some commentators might suggest that this is due to the volume of sub-prime loans. However, such loans made up less than 30 percent of all mortgage loans in the period 2004 through 2006 and less than 10 percent of all mortgages in the period 2001 through 2003.
One key data point about home ownership is age. Age 35 appears to be the age at which most Americans begin to undertake home ownership. By the time Americans retire, at age 65, just over 80 percent of us own our homes. The Census Bureau reports that in 2009, half of all homes without mortgages were owned by the elderly. One third of all owner occupied homes had no mortgage, 24.2 million out of 76.4 million total units.
The Census Bureau also shows that 8 percent of all homes were owned by people with incomes below the poverty level. Twenty-eight percent of homes were owned by families making what my family made or less in 2009.
Our deduction seems a bit paltry when compared to the national or to the California averages. We are a retired couple and our mortgage is just a few years from being paid off. That means most of the mortgage interest has already been paid. It also means that our income is much less than those folks paying $18,000 in mortgage interest.
Would removal of some or all of the mortgage interest deduction constitute a tax increase? Certainly. Around $131 billion or so.
Would it affect most Americans? Base upon the percentages who file and take the deduction, no. 73 percent of those filing income tax returns do not use it.
Would it affect some Americans disproportionately? Yes. That $3,000 deduction means a lot to my wife and I. In 2009 it was 10 percent of our gross income and in 2010 it will be closer to 20 percent. As the data shows, we are not alone.
Eliminating the mortgage interest deduction on income tax would be a financial blow to many homeowners. Reducing the federal deficit by increasing taxes on lower income homeowners may not be a choice that our elected officials will want to make.
ROCHESTER, N.Y. -- The federal income tax deduction for mortgage interest that I pay on my home is under attack yet again. Last year I paid $3,099 in deductible interest on the house my wife, our four cats and I live in. According to The Wall Street Journal, the National Commission on Fiscal Responsibility and Reform is looking at changing that in an effort to address the massive deficits that the nation is running.
An article in The Christian Science Monitor suggests that the mortgage interest deduction will reduce federal income tax revenues $131 billion in 2012. The deduction was introduced in 1913 and has been a mainstay of home ownership ever since. The Tax Foundation reports that, on 2008 returns, 26.8 percent of all filers used the deduction and the average amount deducted was $12,221.
Those amounts and percentages do vary by state. As you might expect, California is much higher than average. About 30 percent of California filers took the deduction, at an average of $18,876.
The National Commission is charged with finding ways to reduce the deficit. No one wants to raise taxes, especially on the nearly 50 percent of Americans that pay little or no federal income tax. However, that $131 billion is a lot of money. It is nearly seven times the 2011 budget for NASA. It is more than the budget for the Department of Veterans Affairs or the Department of Labor or the Department of Education.
Home ownership peaked in the United States at a record high of 69 percent of the population. It declined to 67.4 percent by 2009. In the last 25 years, the lowest rate of home ownership was in 1988, at 63.8 percent.
In my home state of New York, in that same 25 years, the home ownership rates have ranged from a low of 50.3 percent in 1985 to a high of 55.9 percent in both 2005 and 2007. In 2009 the rate was 54.4 percent.
Home ownership is not a benefit of the wealthy. In 2005, 51 percent of the people in the lowest 25 percent of the U.S. population by income owned their own home. Some commentators might suggest that this is due to the volume of sub-prime loans. However, such loans made up less than 30 percent of all mortgage loans in the period 2004 through 2006 and less than 10 percent of all mortgages in the period 2001 through 2003.
One key data point about home ownership is age. Age 35 appears to be the age at which most Americans begin to undertake home ownership. By the time Americans retire, at age 65, just over 80 percent of us own our homes. The Census Bureau reports that in 2009, half of all homes without mortgages were owned by the elderly. One third of all owner occupied homes had no mortgage, 24.2 million out of 76.4 million total units.
The Census Bureau also shows that 8 percent of all homes were owned by people with incomes below the poverty level. Twenty-eight percent of homes were owned by families making what my family made or less in 2009.
Our deduction seems a bit paltry when compared to the national or to the California averages. We are a retired couple and our mortgage is just a few years from being paid off. That means most of the mortgage interest has already been paid. It also means that our income is much less than those folks paying $18,000 in mortgage interest.
Would removal of some or all of the mortgage interest deduction constitute a tax increase? Certainly. Around $131 billion or so.
Would it affect most Americans? Base upon the percentages who file and take the deduction, no. 73 percent of those filing income tax returns do not use it.
Would it affect some Americans disproportionately? Yes. That $3,000 deduction means a lot to my wife and I. In 2009 it was 10 percent of our gross income and in 2010 it will be closer to 20 percent. As the data shows, we are not alone.
Eliminating the mortgage interest deduction on income tax would be a financial blow to many homeowners. Reducing the federal deficit by increasing taxes on lower income homeowners may not be a choice that our elected officials will want to make.
New home sales rise 6.6 pct. after dismal summer
Denver Post 10.27.10
WASHINGTON—Sales of new homes improved last month after the worst summer in nearly five decades, but not enough to lift the struggling economy.
The Commerce Department says new home sales in September grew 6.6 percent from a month earlier to a seasonally adjusted annual sales pace of 307,000. Even with the increase, the past five months have been the worst for new home sales on records dating back to 1963.
Paul Dales, U.S. economist with Capital Economics, called the September home sales encouraging. But he said it doesn't change the fact that activity remains at extremely low levels.
"That's unlikely to change for a few years," Dales said.
Most major homebuilder stocks fell after the report's release. Toll Brothers Inc. fell nearly 1 percent.
New home sales have risen 9 percent from the bottom in May but are still down 78 percent from their peak sales pace of nearly 1.4 million homes in July 2005. A healthy sales pace is around 800,000 new homes.
Builders are competing with millions of foreclosures and other distressed properties that show no signs of abating. They are unlikely to ramp up construction until those are cleared away and demand picks up.
High unemployment, tight credit and uncertainty about home prices have kept people from buying homes. Government tax credits propelled the market earlier in the year, but those expired in April.
The September sales figures were driven by a 61 percent monthly surge in the Midwest. Sales grew about 3 percent in the South and Northeast. They fell by nearly 10 percent in the West.
The median sales price was $223,800. That was up 3.3 percent from a year earlier.
The number of unsold new homes on the market fell to 204,000, the lowest since July 1968. At the current sales pace, it would take about eight months to exhaust that supply, compared with a healthy level of about six months.
The industry is suffering the fallout of a massive building boom, in which many homes were sold to speculators. They then resold the homes, often to borrowers who took out risky loans and defaulted. Those unsustainable boom times aren't coming back.
Read more: New home sales rise 6.6 pct. after dismal summer - The Denver Post http://www.denverpost.com/breakingnews/ci_16446361?source=rss#ixzz13ZyNFi16
WASHINGTON—Sales of new homes improved last month after the worst summer in nearly five decades, but not enough to lift the struggling economy.
The Commerce Department says new home sales in September grew 6.6 percent from a month earlier to a seasonally adjusted annual sales pace of 307,000. Even with the increase, the past five months have been the worst for new home sales on records dating back to 1963.
Paul Dales, U.S. economist with Capital Economics, called the September home sales encouraging. But he said it doesn't change the fact that activity remains at extremely low levels.
"That's unlikely to change for a few years," Dales said.
Most major homebuilder stocks fell after the report's release. Toll Brothers Inc. fell nearly 1 percent.
New home sales have risen 9 percent from the bottom in May but are still down 78 percent from their peak sales pace of nearly 1.4 million homes in July 2005. A healthy sales pace is around 800,000 new homes.
Builders are competing with millions of foreclosures and other distressed properties that show no signs of abating. They are unlikely to ramp up construction until those are cleared away and demand picks up.
High unemployment, tight credit and uncertainty about home prices have kept people from buying homes. Government tax credits propelled the market earlier in the year, but those expired in April.
The September sales figures were driven by a 61 percent monthly surge in the Midwest. Sales grew about 3 percent in the South and Northeast. They fell by nearly 10 percent in the West.
The median sales price was $223,800. That was up 3.3 percent from a year earlier.
The number of unsold new homes on the market fell to 204,000, the lowest since July 1968. At the current sales pace, it would take about eight months to exhaust that supply, compared with a healthy level of about six months.
The industry is suffering the fallout of a massive building boom, in which many homes were sold to speculators. They then resold the homes, often to borrowers who took out risky loans and defaulted. Those unsustainable boom times aren't coming back.
Read more: New home sales rise 6.6 pct. after dismal summer - The Denver Post http://www.denverpost.com/breakingnews/ci_16446361?source=rss#ixzz13ZyNFi16
Fidelity will require warranties on all REO sales
Bank of America already on board
By Inman News, Monday, October 25, 2010.
Inman News
The nation's largest title insurer, Fidelity National Financial, will require warranties from all lenders beginning Nov. 1 limiting the company's liability in "robo-signing" disputes before it will insure title on real estate owned (REO) properties.
Fidelity had previously reached an agreement with Bank of America to provide representations that all foreclosure documentation and procedures associated with a property comply with state law and local practices, and that the lender will indemnify Fidelity against any losses that are the result of the bank's failure to comply with those laws and practices.
By Inman News, Monday, October 25, 2010.
Inman News
The nation's largest title insurer, Fidelity National Financial, will require warranties from all lenders beginning Nov. 1 limiting the company's liability in "robo-signing" disputes before it will insure title on real estate owned (REO) properties.
Fidelity had previously reached an agreement with Bank of America to provide representations that all foreclosure documentation and procedures associated with a property comply with state law and local practices, and that the lender will indemnify Fidelity against any losses that are the result of the bank's failure to comply with those laws and practices.
Friday, October 22, 2010
Denver ranks fifth in best U.S. cities to trick-or-treat
A new analysis ranks Denver as the fifth- best U.S. city for trick-or-treating.
Zillow Blog, a website that commonly analyzes real estate data, has turned around and used the same data to find the best places to trick-or-treat based on where children will get the most candy while having to walk less without safety concerns.
The first city, according to the rankings, was Seattle, followed by San Francisco, Portland, Ore., and San Jose, Calif. Eleven of the 20 best cities named are found in the West.
The Denver Post
For other national cities go to:
http://www.zillow.com/blog/zillow-ranks-20-best-cities-to-trick-or-treat/2010/10/18/
Zillow Blog, a website that commonly analyzes real estate data, has turned around and used the same data to find the best places to trick-or-treat based on where children will get the most candy while having to walk less without safety concerns.
The first city, according to the rankings, was Seattle, followed by San Francisco, Portland, Ore., and San Jose, Calif. Eleven of the 20 best cities named are found in the West.
The Denver Post
For other national cities go to:
http://www.zillow.com/blog/zillow-ranks-20-best-cities-to-trick-or-treat/2010/10/18/
Where Do Most People Want to Live?
The Harris Poll has asked this question every year since 1997. While California tops the list of most popular states to live in among Echo Boomers (now ages 18 to 33) and Gen Xers (ages 34 to 45), Hawaii is the top pick for Baby Boomers (ages 46 to 64) and Matures (ages 65 and over). Among Echo Boomers, Hawaii drops out of the top five.
Here are the top-10 states across the age groups:
1. California
2. Hawaii
3. Florida
4. Colorado
5. Arizona
6. North Carolina
7. Oregon
8. Texas
9. New York
10. Washington
Here are the top-10 states across the age groups:
1. California
2. Hawaii
3. Florida
4. Colorado
5. Arizona
6. North Carolina
7. Oregon
8. Texas
9. New York
10. Washington
Thursday, October 21, 2010
New-home starts increase slightly
The industry begins showing “a faint pulse” as construction rises 0.3 percent in September.
By Alan Zibel The Associated Press
WASHINGTON» Home construction rose slightly last month on the strength of single-family homes, but the market was still too weak to propel growth in the battered industry.
Construction of new homes and apartments rose 0.3 percent in September from a month earlier to a seasonally adjusted annual rate of 610,000, the Commerce Department said Tuesday. It was the strongest report on home construction since April.
Housing starts are up 28 percent from their bottom in April 2009. Still, they are down 73 percent from their peak in January 2006 and 40 percent below the 1 million annual rate that analysts say is consistent with healthy housing markets.
The industry is “showing signs of stabilization and perhaps even a faint pulse,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.
August’s figure was revised upward to an annual rate of 608,000 from an earlier estimate of 598,000.
Construction was driven by a 4.4 percent monthly increase in single-family homes, the second consecutive increase for this category, which represents about 80 percent of the market.
Construction of condos and apartments fell by nearly 10 percent.
The number of building permits issued for new homes, a sign of future activity, fell 5.6 percent from a month earlier to a seasonally adjusted annual rate of 539,000. That drop, however, was driven by a 20 percent decline in those for condominiums and apartments. Permits for single-family homes rose 0.5 percent.
By Alan Zibel The Associated Press
WASHINGTON» Home construction rose slightly last month on the strength of single-family homes, but the market was still too weak to propel growth in the battered industry.
Construction of new homes and apartments rose 0.3 percent in September from a month earlier to a seasonally adjusted annual rate of 610,000, the Commerce Department said Tuesday. It was the strongest report on home construction since April.
Housing starts are up 28 percent from their bottom in April 2009. Still, they are down 73 percent from their peak in January 2006 and 40 percent below the 1 million annual rate that analysts say is consistent with healthy housing markets.
The industry is “showing signs of stabilization and perhaps even a faint pulse,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.
August’s figure was revised upward to an annual rate of 608,000 from an earlier estimate of 598,000.
Construction was driven by a 4.4 percent monthly increase in single-family homes, the second consecutive increase for this category, which represents about 80 percent of the market.
Construction of condos and apartments fell by nearly 10 percent.
The number of building permits issued for new homes, a sign of future activity, fell 5.6 percent from a month earlier to a seasonally adjusted annual rate of 539,000. That drop, however, was driven by a 20 percent decline in those for condominiums and apartments. Permits for single-family homes rose 0.5 percent.
Calls for Help
Here is the breakdown of the largest mortgage servicers and their shares of the calls coming in from the Colorado Foreclosure Hotline:
Servicer
1. Bank of America 32% of Calls
2. Wells Fargo 28% of Calls
3. Chase 22% of Calls
4. Citi 10% of calls
5. GMAC Mortgage 8% of Calls
Servicer
1. Bank of America 32% of Calls
2. Wells Fargo 28% of Calls
3. Chase 22% of Calls
4. Citi 10% of calls
5. GMAC Mortgage 8% of Calls
Wednesday, October 20, 2010
Year-to-Date Sales down 7%-9%
Year-to-Date Sales down 7%-9%
Jefferson County ranks third in the number of transactions closed year-to-date, trailing Denver and Arapahoe Counties. On a year-to-date basis, transactions are down 7%-9% for residential properties. Condo transactions are down 6%. All single-family residential (condo and residential) are 7% to 8% lower, depending on the county. The largest number of closed transactions are in the $100,00 to $199,000 price range. Thirty-four percent of the closed transactions fell within this price range. Seventy-three percent of closed transactions were priced at $299,999 or lower. Here are the numbers: 6 County Report (Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson),
8 County Report (Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert, Jefferson), 11 County Report (Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, Park). The statistics are provided by independent broker Gary Bauer.
Jefferson County ranks third in the number of transactions closed year-to-date, trailing Denver and Arapahoe Counties. On a year-to-date basis, transactions are down 7%-9% for residential properties. Condo transactions are down 6%. All single-family residential (condo and residential) are 7% to 8% lower, depending on the county. The largest number of closed transactions are in the $100,00 to $199,000 price range. Thirty-four percent of the closed transactions fell within this price range. Seventy-three percent of closed transactions were priced at $299,999 or lower. Here are the numbers: 6 County Report (Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson),
8 County Report (Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert, Jefferson), 11 County Report (Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, Park). The statistics are provided by independent broker Gary Bauer.
Tuesday, October 19, 2010
Banks, funds hide roles in foreclosure schemes
By Fred Schulte Huffington Post Investigative Fund
Nearly a dozen major banks and hedge funds, anticipating quick profits from homeowners who fall behind on property taxes, are quietly plowing hundreds of millions of dollars into businesses that collect the debts, tack on escalating fees and threaten to foreclose on the homes of those who fail to pay.
The investors, which include Bank of America and JPMorgan Chase, have purchased from local governments the right to collect delinquent taxes on several hundred thousand properties, many in distressed housing markets, the Huffing-ton Post Investigative Fund has found.
In many cases, banks and hedge funds created new companies to do their bidding.
In exchange for paying overdue real-estate taxes, the investors gain legal powers to collect the debts and levy fees. At first, property owners may owe little more than a few hundred dollars, only to find their bills soaring into the thousands. Some jurisdictions tack on bills, such as for water, sewer and sidewalk repair.
Some states allow the investors to bill for up to 18 percent interest and a passel of legal fees and other charges. When property owners fail to make full payment, the investors can sue to foreclose — in some states within as little as six months.
In June, Bank of America snatched up liens on properties in Florida owned by low-income residents and nonprofit public-interest groups, including a Salvation Army shelter, a preschool and a wildlife-rescue group involved in the Gulf of Mexico oil-spill cleanup, tax records show.
Over the past year, Bank of America has bought liens on properties in at least a dozen states.
The bank has bid in Florida tax-lien sales using colorful names such as Bennu LLC, named after a mythical bird said to be the soul of the ancient Egyptian sun god.
Some banks purchased liens directly; others financed investment groups that did so.
Fortress Investment Group, a hedge fund run by former Fannie Mae chief Daniel Mudd, has bought tax liens under 17 corporate names. Some evoke tranquil, bucolic settings, such as Pleasant Valley Capital LLC and Travis Farm Investments LLC.
Representatives of several prominent banks and hedge funds contacted by the Investigative Fund, including JPMorgan, Bank of America and Fortress Investment Group, declined to comment for this article.
Mudd also had no comment.
Nearly a dozen major banks and hedge funds, anticipating quick profits from homeowners who fall behind on property taxes, are quietly plowing hundreds of millions of dollars into businesses that collect the debts, tack on escalating fees and threaten to foreclose on the homes of those who fail to pay.
The investors, which include Bank of America and JPMorgan Chase, have purchased from local governments the right to collect delinquent taxes on several hundred thousand properties, many in distressed housing markets, the Huffing-ton Post Investigative Fund has found.
In many cases, banks and hedge funds created new companies to do their bidding.
In exchange for paying overdue real-estate taxes, the investors gain legal powers to collect the debts and levy fees. At first, property owners may owe little more than a few hundred dollars, only to find their bills soaring into the thousands. Some jurisdictions tack on bills, such as for water, sewer and sidewalk repair.
Some states allow the investors to bill for up to 18 percent interest and a passel of legal fees and other charges. When property owners fail to make full payment, the investors can sue to foreclose — in some states within as little as six months.
In June, Bank of America snatched up liens on properties in Florida owned by low-income residents and nonprofit public-interest groups, including a Salvation Army shelter, a preschool and a wildlife-rescue group involved in the Gulf of Mexico oil-spill cleanup, tax records show.
Over the past year, Bank of America has bought liens on properties in at least a dozen states.
The bank has bid in Florida tax-lien sales using colorful names such as Bennu LLC, named after a mythical bird said to be the soul of the ancient Egyptian sun god.
Some banks purchased liens directly; others financed investment groups that did so.
Fortress Investment Group, a hedge fund run by former Fannie Mae chief Daniel Mudd, has bought tax liens under 17 corporate names. Some evoke tranquil, bucolic settings, such as Pleasant Valley Capital LLC and Travis Farm Investments LLC.
Representatives of several prominent banks and hedge funds contacted by the Investigative Fund, including JPMorgan, Bank of America and Fortress Investment Group, declined to comment for this article.
Mudd also had no comment.
US 36 Toll Lane Extension To Boulder Looking Possible
U.S. 36 toll forecast positive
Those promoting the extension of HOV/HOT lanes on U.S. 36 say initial data show future toll revenue from the express lanes may be sufficient to back a key federal loan needed to make the project work.
By Jeffrey Leib The Denver Post
On Monday, state transportation officials released information showing that tolling single-occupant vehicles in new express lanes added to the 6.8-mile stretch of U.S. 36 between Pecos Street and Wadsworth Parkway would generate enough revenue to back a federal loan yielding about $37 million for construction of the project.
If vehicles with two occupants also were required to pay tolls — and only those with three or more were exempted from paying — the additional toll revenue would back about $53 million in federal loan money, according to data that traffic and revenue consultants presented to the Colorado High Performance Transportation Enterprise, or HPTE.
Their analysis assumes a toll rate between 5 cents a mile and 60 cents a mile, depending on the time of day. The minimum toll would be 25 cents.
Those promoting the extension of HOV/HOT lanes on U.S. 36 say initial data show future toll revenue from the express lanes may be sufficient to back a key federal loan needed to make the project work.
By Jeffrey Leib The Denver Post
On Monday, state transportation officials released information showing that tolling single-occupant vehicles in new express lanes added to the 6.8-mile stretch of U.S. 36 between Pecos Street and Wadsworth Parkway would generate enough revenue to back a federal loan yielding about $37 million for construction of the project.
If vehicles with two occupants also were required to pay tolls — and only those with three or more were exempted from paying — the additional toll revenue would back about $53 million in federal loan money, according to data that traffic and revenue consultants presented to the Colorado High Performance Transportation Enterprise, or HPTE.
Their analysis assumes a toll rate between 5 cents a mile and 60 cents a mile, depending on the time of day. The minimum toll would be 25 cents.
Monday, October 18, 2010
Mortgage rates hit lowest level since record-keeping began in '71
NEW YORK — Rates on 30-year, fixed-rate mortgages fell to the lowest level in decades for the ninth time in 12 weeks, pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.
The average rate for 30-year, fixed-rate loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That's the lowest on records dating to 1971 and down from 4.32 percent the previous week.
The average rate on 15-year, fixed-rate loans dropped to 3.72 percent from 3.75 percent. That was the lowest on records dating to 1991.
Rates have mostly fallen since the spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields. The Associated Press
The average rate for 30-year, fixed-rate loans dropped to 4.27 percent, mortgage buyer Freddie Mac said Thursday. That's the lowest on records dating to 1971 and down from 4.32 percent the previous week.
The average rate on 15-year, fixed-rate loans dropped to 3.72 percent from 3.75 percent. That was the lowest on records dating to 1991.
Rates have mostly fallen since the spring as investors shifted money into the safety of Treasury bonds, lowering their yield. Mortgage rates tend to track those yields. The Associated Press
A Foreclosure Sitcom
First we
learned America’s
biggest
banks couldn’t
properly lend.
Then we
learned they
couldn’t keep themselves solvent
without taxpayer assistance.
Then we learned they
couldn’t effectively work with
troubled borrowers in a bursting
housing bubble. And now
we’ve learned they don’t even
know how to foreclose.
Last week, attorneys general
from 50 states launched investigations
into the defective and
fraudulent paperwork banks
have been filing in courts as
they foreclose their bad loans
across the land. Banks have
been caught deploying “robosigners”
who sign off on thousands
of documents and affidavits
without even so much as
looking at them.
This is more than just a little
paperwork problem. Ohio Attorney
General Richard Cordray
put it best: “This is about the
private-property rights of homeowners
facing foreclosure and
the integrity of our court system,
which cannot enter judgments
based on fraudulent evidence.”
Imagine losing your home
and then another bank says it
wants to foreclose on you, too.
“But I was already foreclosed,”
you might say. And the bank
might say, “Whoops. The court
gave your house to the wrong
bank.”
First, banks took shortcuts
madly writing millions of bad
mortgages and pawning them
off on investors. Now, their
shoddy paperwork is biting
them back. So what’s their solution
to the cascade of foreclosures
their own shortcutting let
loose? More shortcuts.
Acknowledging such problems,
Bank of America had already
suspended foreclosures
nationwide before the attorneys
general jumped on the case.
GMAC Home Mortgage (a unit
of Ally Financial), J.P. Morgan
Chase and PNC Bank had already
suspended them in the 23
states where foreclosures require
court approval.
Not to miss a chance to pile
on, lame-duck Senate Banking
Chairman Chris Dodd (D., Conn.)
set a hearing for Nov. 16 to scrutinize
the mess. “Regulators at
the federal, state and local levels
have a responsibility to uphold
the law,” he explained.
Really, Senator? And here we
thought their job was to stand
pat as banks papered themselves
with lies, from false income
statements and appraisals
to inadequate disclosures on
mortgage-backed securities.
Systemic reckless lending
laid the U.S. economy to ruin.
And after all the bailouts, reforms
and loan-modification programs,
banks still can’t keep up
with their own mess.
Terry Smiljanich, a former
federal prosecutor and fraud attorney
in Tampa, Fla., compares
banks’ latest antics to a memorable
episode of “I Love Lucy.”
Lucy and Ethel are working
beside a chocolate-factory conveyor
belt. Their job is to wrap
chocolates in paper. But the
chocolates whip by so fast, they
can’t paper them all. Panicked
they’ll be fired, they start devouring
the chocolates and stuffing
them under their hats. (Take
a look at the scene at youtube.
com/watch?v=4wp3m1vg06Q.)
“Keeping up with the paperwork
was Lucy’s job and what
these robo-signers were trying
to do,” Mr. Smiljanich says.
“These banks are overwhelmed,”
he says. “The factory
needs to hire more people to do
the paperwork properly. ...It’s
sad we had to get to this point to
force them to do the right thing.”
learned America’s
biggest
banks couldn’t
properly lend.
Then we
learned they
couldn’t keep themselves solvent
without taxpayer assistance.
Then we learned they
couldn’t effectively work with
troubled borrowers in a bursting
housing bubble. And now
we’ve learned they don’t even
know how to foreclose.
Last week, attorneys general
from 50 states launched investigations
into the defective and
fraudulent paperwork banks
have been filing in courts as
they foreclose their bad loans
across the land. Banks have
been caught deploying “robosigners”
who sign off on thousands
of documents and affidavits
without even so much as
looking at them.
This is more than just a little
paperwork problem. Ohio Attorney
General Richard Cordray
put it best: “This is about the
private-property rights of homeowners
facing foreclosure and
the integrity of our court system,
which cannot enter judgments
based on fraudulent evidence.”
Imagine losing your home
and then another bank says it
wants to foreclose on you, too.
“But I was already foreclosed,”
you might say. And the bank
might say, “Whoops. The court
gave your house to the wrong
bank.”
First, banks took shortcuts
madly writing millions of bad
mortgages and pawning them
off on investors. Now, their
shoddy paperwork is biting
them back. So what’s their solution
to the cascade of foreclosures
their own shortcutting let
loose? More shortcuts.
Acknowledging such problems,
Bank of America had already
suspended foreclosures
nationwide before the attorneys
general jumped on the case.
GMAC Home Mortgage (a unit
of Ally Financial), J.P. Morgan
Chase and PNC Bank had already
suspended them in the 23
states where foreclosures require
court approval.
Not to miss a chance to pile
on, lame-duck Senate Banking
Chairman Chris Dodd (D., Conn.)
set a hearing for Nov. 16 to scrutinize
the mess. “Regulators at
the federal, state and local levels
have a responsibility to uphold
the law,” he explained.
Really, Senator? And here we
thought their job was to stand
pat as banks papered themselves
with lies, from false income
statements and appraisals
to inadequate disclosures on
mortgage-backed securities.
Systemic reckless lending
laid the U.S. economy to ruin.
And after all the bailouts, reforms
and loan-modification programs,
banks still can’t keep up
with their own mess.
Terry Smiljanich, a former
federal prosecutor and fraud attorney
in Tampa, Fla., compares
banks’ latest antics to a memorable
episode of “I Love Lucy.”
Lucy and Ethel are working
beside a chocolate-factory conveyor
belt. Their job is to wrap
chocolates in paper. But the
chocolates whip by so fast, they
can’t paper them all. Panicked
they’ll be fired, they start devouring
the chocolates and stuffing
them under their hats. (Take
a look at the scene at youtube.
com/watch?v=4wp3m1vg06Q.)
“Keeping up with the paperwork
was Lucy’s job and what
these robo-signers were trying
to do,” Mr. Smiljanich says.
“These banks are overwhelmed,”
he says. “The factory
needs to hire more people to do
the paperwork properly. ...It’s
sad we had to get to this point to
force them to do the right thing.”
Home Prices Taking Turns
Areas that escaped the
mess of distressed sales
may see it now, as some
hard-hit areas stabilize.
By Margaret Jackson
The Denver Post
Homes in metro Denver neighborhoods
that previously appeared insulated
from the housing crisis are seeing
a decline in prices as foreclosures
and short sales tick up. Meanwhile,
those communities that were hit hardest
are showing signs of improvement.
While foreclosures and short sales—
knowncollectively as “distressed sales”
—stillmakeupa larger share of themarket
in lower-priced neighborhoods, the
slight decline in those sales is expected
to help prices there stabilize.
“If you’re in a neighborhood where
the number of distressed sales is increasing,
it’s going to push prices
down,” said Lon Welsh, managing broker
of Your Castle Real Estate. “If
you’re in a neighborhood where the
number of distressed sales is declining,
you should see values improving.”
An analysis of Metrolist data by
Your Castle showed that homes
priced at $461,000 or more saw the distressed
sales increase from 12 percent
of the total volume in the first quarter
of 2008 to 17 percent in the second
quarter of 2010.
Meanwhile, 69 percent of homes
sold in the $95,000-$149,000 price
mess of distressed sales
may see it now, as some
hard-hit areas stabilize.
By Margaret Jackson
The Denver Post
Homes in metro Denver neighborhoods
that previously appeared insulated
from the housing crisis are seeing
a decline in prices as foreclosures
and short sales tick up. Meanwhile,
those communities that were hit hardest
are showing signs of improvement.
While foreclosures and short sales—
knowncollectively as “distressed sales”
—stillmakeupa larger share of themarket
in lower-priced neighborhoods, the
slight decline in those sales is expected
to help prices there stabilize.
“If you’re in a neighborhood where
the number of distressed sales is increasing,
it’s going to push prices
down,” said Lon Welsh, managing broker
of Your Castle Real Estate. “If
you’re in a neighborhood where the
number of distressed sales is declining,
you should see values improving.”
An analysis of Metrolist data by
Your Castle showed that homes
priced at $461,000 or more saw the distressed
sales increase from 12 percent
of the total volume in the first quarter
of 2008 to 17 percent in the second
quarter of 2010.
Meanwhile, 69 percent of homes
sold in the $95,000-$149,000 price
Fed crafting aid package, chief says
washington» The Federal Reserve is prepared to take further
steps to rejuvenate the economy by buying Treasury bonds but is
wrestling with how big the program should be, Chairman Ben Bernanke
said Friday.
Bernanke also indicated that Fed policymakers are trying to
craft a plan to lift inflation from super-low levels. He made his remarks
in a speech at a Fed conference in Boston.
Bernanke said the Fed must both weigh the risks of a Treasury-
buying program and determine how the debt purchases
should be paced. The Fed’s bond purchases would be intended
to lower long-term interest rates to stimulate buying and spending
and help lower unemployment. Those Treasury purchases
would inject many more dollars into the financial system, but
that poses a longer-term risk: high inflation.
Fed policymakers are expected to announce a Treasury-buying
program at their Nov. 2-3 meeting. The Associated Press; AP photo
steps to rejuvenate the economy by buying Treasury bonds but is
wrestling with how big the program should be, Chairman Ben Bernanke
said Friday.
Bernanke also indicated that Fed policymakers are trying to
craft a plan to lift inflation from super-low levels. He made his remarks
in a speech at a Fed conference in Boston.
Bernanke said the Fed must both weigh the risks of a Treasury-
buying program and determine how the debt purchases
should be paced. The Fed’s bond purchases would be intended
to lower long-term interest rates to stimulate buying and spending
and help lower unemployment. Those Treasury purchases
would inject many more dollars into the financial system, but
that poses a longer-term risk: high inflation.
Fed policymakers are expected to announce a Treasury-buying
program at their Nov. 2-3 meeting. The Associated Press; AP photo
Join the inner circle in dome-home tour
By Sheba R. Wheeler
The Denver Post
fairplay» Keith Wortman had a
potential deal-breaker when he
was dating his future wife, Sylvia.
“I told her if she was going to get
serious about me,” says the retired
herpetologist, “then someday she
was going to be living in a dome.”
Turns out Sylvia Wortman was
on board—as long as that dome included
a walk-in pantry and a sewing
room, which it does.
Now, just 10 weeks after moving
into their new 4,000-square-foot
dome home, the Wortmans are
opening their doors to the public
today and Sunday as part of the
10th annual Dome Tour.
Their home—which was constructed
beneath an inflatable
frame— along with another dome
home in Conifer and several others
around the country built by the
Texas-based Monolithic Dome Institute
will be open for tours this
weekend. The goal of these tours is
to educate people about the benefits
of living in the round. Those
benefits include extreme energy efficiency
and structural durability.
“The shape of the dome isn’t
what people tend to envision when
they think of their dream home,”
says Larry Byrne, Monolithic’s vice
president of design. “The tours reshape
that vision … because people
can experience domes and see
things that others have done to
dress them up.”
Wortman, 60, used to travel the
country lecturing on exotic venom-
ous reptiles. He started dreaming
about living in a dome about
three decades ago after he saw a
million-gallon water tank in Wisconsin
and imagined it as a
burn- and rot-proof home.
He later lectured at a school in
Idaho built by the Monolithic
Dome Institute. That visit cemented
Wortman’s goal of having
a dome of his own.
His home is nestled among
bristlecone pine trees on a
10-acre lot overlooking a valley.
It boasts picturesque views of
central Colorado’s Mosquito
Range and resembles a Mickey
Mouse hat. One 47-foot diameter
dome is molded to two smaller,
36-foot diameter domes. Half of
the central dome sits atop a
10-foot-high, vertical retaining
wall near a pond.
Unlike geodesic dome homes,
which generally are made of several
panels, a Monolithic dome
is made from reinforced concrete
sprayed into an inflatable
nylon form. Three inches of
steel-reinforced polyurethane insulates
the structure.
“People are shocked to learn
that just a 50-gallon electric hot
water heater keeps 4,000 square
feet of building heated,” says
Wortman, who is assisting another
couple in planning for their
Rocky Mountain dome home.
Wortman’s dome cost roughly
$129 per square foot and is likely
to outlive him.
“It’s constructed like a bomb
bunker,” he says. “This house
will be here 500, maybe 1,000
years from now.”
Personal decorating touches
enhance the Wortmans’ dome,
like the bear tracks stamped into
the front walkway and the Western
motif highlighted by the couple’s
extensive collection of Indian
kachina dolls, paintings, beadwork
and rugs.
The kitchen, dining room, upper
living room and sunken living
room are set off by a metal
art panel and railings.
Sylvia, a retired teacher, is
pleased that at least one part of
her husband’s dream home
wasn’t realized.
“My original dream included
having a pond for my collection
of crocs and venomous snakes in
that sunken living room,”Wortman
says. “But we discovered
my reptiles didn’t do so good at
10,000 feet.”
Every room includes concave
details well-suited to the home’s
textured concrete backbone.
Turn right from the main dome,
walk past the living room, and
visitors find the master bedroom
suite. Turn left and walk down a
hallway to the second dome to
find the library, two guest rooms
and two hobby rooms— one for
Sylvia’s sewing and the other for
Keith’s photography.
Having a devoted sewing
room is a step up for Sylvia, who
used to stash her sewing machine
in a closet, especially because
this room offers views of
high-country wildlife. “I told all
my friends that I came out of the
closet,” she jokes.
Keith and Sylvia Wortman’s
dome home is open for free tours
today and Sunday from 8 a.m. to
5 p.m. It’s located at 2066 Platte
Drive, Fairplay. For more information,
visit monolithic.com.
Sheba R. Wheeler: 303-954-1283
The Denver Post
fairplay» Keith Wortman had a
potential deal-breaker when he
was dating his future wife, Sylvia.
“I told her if she was going to get
serious about me,” says the retired
herpetologist, “then someday she
was going to be living in a dome.”
Turns out Sylvia Wortman was
on board—as long as that dome included
a walk-in pantry and a sewing
room, which it does.
Now, just 10 weeks after moving
into their new 4,000-square-foot
dome home, the Wortmans are
opening their doors to the public
today and Sunday as part of the
10th annual Dome Tour.
Their home—which was constructed
beneath an inflatable
frame— along with another dome
home in Conifer and several others
around the country built by the
Texas-based Monolithic Dome Institute
will be open for tours this
weekend. The goal of these tours is
to educate people about the benefits
of living in the round. Those
benefits include extreme energy efficiency
and structural durability.
“The shape of the dome isn’t
what people tend to envision when
they think of their dream home,”
says Larry Byrne, Monolithic’s vice
president of design. “The tours reshape
that vision … because people
can experience domes and see
things that others have done to
dress them up.”
Wortman, 60, used to travel the
country lecturing on exotic venom-
ous reptiles. He started dreaming
about living in a dome about
three decades ago after he saw a
million-gallon water tank in Wisconsin
and imagined it as a
burn- and rot-proof home.
He later lectured at a school in
Idaho built by the Monolithic
Dome Institute. That visit cemented
Wortman’s goal of having
a dome of his own.
His home is nestled among
bristlecone pine trees on a
10-acre lot overlooking a valley.
It boasts picturesque views of
central Colorado’s Mosquito
Range and resembles a Mickey
Mouse hat. One 47-foot diameter
dome is molded to two smaller,
36-foot diameter domes. Half of
the central dome sits atop a
10-foot-high, vertical retaining
wall near a pond.
Unlike geodesic dome homes,
which generally are made of several
panels, a Monolithic dome
is made from reinforced concrete
sprayed into an inflatable
nylon form. Three inches of
steel-reinforced polyurethane insulates
the structure.
“People are shocked to learn
that just a 50-gallon electric hot
water heater keeps 4,000 square
feet of building heated,” says
Wortman, who is assisting another
couple in planning for their
Rocky Mountain dome home.
Wortman’s dome cost roughly
$129 per square foot and is likely
to outlive him.
“It’s constructed like a bomb
bunker,” he says. “This house
will be here 500, maybe 1,000
years from now.”
Personal decorating touches
enhance the Wortmans’ dome,
like the bear tracks stamped into
the front walkway and the Western
motif highlighted by the couple’s
extensive collection of Indian
kachina dolls, paintings, beadwork
and rugs.
The kitchen, dining room, upper
living room and sunken living
room are set off by a metal
art panel and railings.
Sylvia, a retired teacher, is
pleased that at least one part of
her husband’s dream home
wasn’t realized.
“My original dream included
having a pond for my collection
of crocs and venomous snakes in
that sunken living room,”Wortman
says. “But we discovered
my reptiles didn’t do so good at
10,000 feet.”
Every room includes concave
details well-suited to the home’s
textured concrete backbone.
Turn right from the main dome,
walk past the living room, and
visitors find the master bedroom
suite. Turn left and walk down a
hallway to the second dome to
find the library, two guest rooms
and two hobby rooms— one for
Sylvia’s sewing and the other for
Keith’s photography.
Having a devoted sewing
room is a step up for Sylvia, who
used to stash her sewing machine
in a closet, especially because
this room offers views of
high-country wildlife. “I told all
my friends that I came out of the
closet,” she jokes.
Keith and Sylvia Wortman’s
dome home is open for free tours
today and Sunday from 8 a.m. to
5 p.m. It’s located at 2066 Platte
Drive, Fairplay. For more information,
visit monolithic.com.
Sheba R. Wheeler: 303-954-1283
Foreclosed-home buyers antsy
By Dave Carpenter
The Associated Press
It seemed too good to be true: You
bought a house in foreclosure at a fraction
of the former price. Maybe you
even knocked out a wall or two and remodeled
with all the money you saved.
But now thousands of foreclosures
across the country may be invalid because
of bank paperwork problems.
Should you worry?
“Anyone who’s purchased a foreclosed
property in the last three years should really
be concerned,” said George Babcock,
a Providence, R.I., attorney who represents
homeowners who have been foreclosed
on. “They should call the attorney
that did their closing and say, ‘Hey, do I
have a problem?’ ”
Bank of America, JPMorgan Chase and
other major lenders have frozen tens of
thousands of foreclosures in at least
some states while they review the paperwork
for errors or mishandling.
For homeowners, there are several
questions to ask. But first, experts say,
they should check to make sure they have
title insurance, which protects the homebuyer
from any claim on the property
that surfaces after the deal has closed.
Those claims can arise from unpaid
taxes or legal glitches in the ownership
documents. Most people who take out
mortgages are required by their lenders
to buy a policy. For those paying cash,
it’s optional but highly advisable, especially
now.
“If you’re a bona fide purchaser with title
insurance and no knowledge of any irregularities
in the transaction, courts
are going to be extremely loath to set
aside the sale,” said DianeThompson, an
attorney with the National Consumer
Law Center.
The Associated Press
It seemed too good to be true: You
bought a house in foreclosure at a fraction
of the former price. Maybe you
even knocked out a wall or two and remodeled
with all the money you saved.
But now thousands of foreclosures
across the country may be invalid because
of bank paperwork problems.
Should you worry?
“Anyone who’s purchased a foreclosed
property in the last three years should really
be concerned,” said George Babcock,
a Providence, R.I., attorney who represents
homeowners who have been foreclosed
on. “They should call the attorney
that did their closing and say, ‘Hey, do I
have a problem?’ ”
Bank of America, JPMorgan Chase and
other major lenders have frozen tens of
thousands of foreclosures in at least
some states while they review the paperwork
for errors or mishandling.
For homeowners, there are several
questions to ask. But first, experts say,
they should check to make sure they have
title insurance, which protects the homebuyer
from any claim on the property
that surfaces after the deal has closed.
Those claims can arise from unpaid
taxes or legal glitches in the ownership
documents. Most people who take out
mortgages are required by their lenders
to buy a policy. For those paying cash,
it’s optional but highly advisable, especially
now.
“If you’re a bona fide purchaser with title
insurance and no knowledge of any irregularities
in the transaction, courts
are going to be extremely loath to set
aside the sale,” said DianeThompson, an
attorney with the National Consumer
Law Center.
Still skittish about, the asking price for Yester House, an 18thcentury
Still skittish about
Scottish home’s tab
By Peter Woodifield Bloomberg News
edinburgh, scotland» Scotland’s most expensive
house for sale, an 18th-century mansion
with 85 rooms, had its price slashed for the second
time this year as the global economic slump
curbs the enthusiasm of millionaire buyers.
The owner of Yester House, 23 miles east of Edinburgh,
cut the asking price to 8 million pounds
($12.7 million) after failing to attract offers at
$19.05 million. Italian-American opera composer
Gian Carlo Menotti’s adopted son originally put
it on the market for $23.8 million in August 2008.
“A lot of people were interested before the
world started to go to pot,” said John Coleman of
Knight Frank LLP, which is marketing the house.
Yester House, designed by Scottish architects,
was commissioned in 1697 by John Hay,
the 2nd Marquess of Tweeddale, whose family
occupied the house until 1967.
Scottish home’s tab
By Peter Woodifield Bloomberg News
edinburgh, scotland» Scotland’s most expensive
house for sale, an 18th-century mansion
with 85 rooms, had its price slashed for the second
time this year as the global economic slump
curbs the enthusiasm of millionaire buyers.
The owner of Yester House, 23 miles east of Edinburgh,
cut the asking price to 8 million pounds
($12.7 million) after failing to attract offers at
$19.05 million. Italian-American opera composer
Gian Carlo Menotti’s adopted son originally put
it on the market for $23.8 million in August 2008.
“A lot of people were interested before the
world started to go to pot,” said John Coleman of
Knight Frank LLP, which is marketing the house.
Yester House, designed by Scottish architects,
was commissioned in 1697 by John Hay,
the 2nd Marquess of Tweeddale, whose family
occupied the house until 1967.
Lawyer: Foreclosure Staffs Had No Training
By Michelle Conlin
The Associated Press
new york» In an effort to
rush through thousands of
homeforeclosures since 2007,
financial institutions and
their mortgage-servicing departments
hired hairstylists,
Wal-Mart floor workers and
peoplewhohad workedon assembly
lines and installed
them in “foreclosure expert”
jobs with no formal training, a
Florida lawyer says.
In depositions released
Tuesday, many of those
workers testified that they
barely knew what a mortgage
was. Some couldn’t define
the word “affidavit.” Others
didn’t know what a complaint
was, or even what was
meant by personal property.
Most troubling, several said
they knew they were lying
when they signed the foreclosure
affidavits and that they
agreed with the defense lawyers’
accusations about document
fraud.
“The mortgage servicers
hired people whowould never
question authority,” said
Peter Ticktin, a Deerfield
Beach, Fla., lawyer who is defending
3,000 homeowners
in foreclosure cases.
As part of his work, Ticktin
gathered 150 depositions
from bank employees who
say they signed foreclosure
affidavits without reviewing
the documents or ever laying
eyes on them, earning them
the name “robo-signers.”
The deposed employees
worked for the mortgageservice
divisions of banks
such as Bank of America and
JP Morgan Chase, as well as
for mortgage servicers like
Litton Loan Servicing, a division
of Goldman Sachs.
Ticktin said he would make
the testimony available to
state and federal agencies that
are investigating financial institutions
for allegations of
possible mortgage fraud. This
comeson the eve of an expected
announcement today from
40 state attorneys general that
they will launch a collective
probeinto the mortgage industry.
“This was an industrywide
scheme designed to defraud
homeowners,” Ticktin said.
Thedepositions paint a surreal
picture of foreclosure experts
who didn’t understand
even the most elementary aspects
of the mortgage or foreclosure
process — even
though they were entrusted
as the records custodians of
homeowners’ loans.
The Associated Press
new york» In an effort to
rush through thousands of
homeforeclosures since 2007,
financial institutions and
their mortgage-servicing departments
hired hairstylists,
Wal-Mart floor workers and
peoplewhohad workedon assembly
lines and installed
them in “foreclosure expert”
jobs with no formal training, a
Florida lawyer says.
In depositions released
Tuesday, many of those
workers testified that they
barely knew what a mortgage
was. Some couldn’t define
the word “affidavit.” Others
didn’t know what a complaint
was, or even what was
meant by personal property.
Most troubling, several said
they knew they were lying
when they signed the foreclosure
affidavits and that they
agreed with the defense lawyers’
accusations about document
fraud.
“The mortgage servicers
hired people whowould never
question authority,” said
Peter Ticktin, a Deerfield
Beach, Fla., lawyer who is defending
3,000 homeowners
in foreclosure cases.
As part of his work, Ticktin
gathered 150 depositions
from bank employees who
say they signed foreclosure
affidavits without reviewing
the documents or ever laying
eyes on them, earning them
the name “robo-signers.”
The deposed employees
worked for the mortgageservice
divisions of banks
such as Bank of America and
JP Morgan Chase, as well as
for mortgage servicers like
Litton Loan Servicing, a division
of Goldman Sachs.
Ticktin said he would make
the testimony available to
state and federal agencies that
are investigating financial institutions
for allegations of
possible mortgage fraud. This
comeson the eve of an expected
announcement today from
40 state attorneys general that
they will launch a collective
probeinto the mortgage industry.
“This was an industrywide
scheme designed to defraud
homeowners,” Ticktin said.
Thedepositions paint a surreal
picture of foreclosure experts
who didn’t understand
even the most elementary aspects
of the mortgage or foreclosure
process — even
though they were entrusted
as the records custodians of
homeowners’ loans.
Friday, October 15, 2010
Colorado is No. 4 in Forbes business ranking.
Colorado is No. 4 in Forbes business ranking. Forbes has ranked Colorado as the fourth-best state for businesses and for fostering economic growth for the second year in a row.
The Forbes ranking puts Colorado first for labor supply, sixth for overall economic climate and growth prospects, and ninth for quality of life.
The Forbes ranking puts Colorado first for labor supply, sixth for overall economic climate and growth prospects, and ninth for quality of life.
Sleeper House foreclosure sale rescheduled.
The foreclosure sale of the Sleeper House on Genesee Mountain has been rescheduled for Nov. 10, according to Jefferson County foreclosure records.
Bayview Loan Servicing LLC, which holds the home’s mortgage, filed to foreclose in June on the home. Businessman Michael Dunahay bought the house in 2006 for $3.43 million.
As of June 2, Dunahay owed $2.77 million on the original $3.13 million loan. On Sept. 21, he filed his intention to “cure,” or become current on, his mortgage. He needs to pay $170,773 to do so, according to county records.
The 7,000-square-foot house, known for its futuristic design, was used in director Woody Allen’s 1973 movie “Sleeper.”
Denver Post 10.15.10
Bayview Loan Servicing LLC, which holds the home’s mortgage, filed to foreclose in June on the home. Businessman Michael Dunahay bought the house in 2006 for $3.43 million.
As of June 2, Dunahay owed $2.77 million on the original $3.13 million loan. On Sept. 21, he filed his intention to “cure,” or become current on, his mortgage. He needs to pay $170,773 to do so, according to county records.
The 7,000-square-foot house, known for its futuristic design, was used in director Woody Allen’s 1973 movie “Sleeper.”
Denver Post 10.15.10
RECORD HOME REPOSSESSIONS IN SEPTEMBER
Denver Post staff and wire reports
More than 100,000 homes were seized by lenders in September, a record number that probably will decline in coming months as major banks halt repossessions and review their foreclosure practices.
Lenders took over 102,134 properties last month, Realty-Trac Inc. said in a report Thursday. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364.
In Colorado, lenders took back 2,313 properties last month. Foreclosure filings rose 3 percent to 6,030, with one of every 357 households receiving a notice.
More than 100,000 homes were seized by lenders in September, a record number that probably will decline in coming months as major banks halt repossessions and review their foreclosure practices.
Lenders took over 102,134 properties last month, Realty-Trac Inc. said in a report Thursday. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364.
In Colorado, lenders took back 2,313 properties last month. Foreclosure filings rose 3 percent to 6,030, with one of every 357 households receiving a notice.
Wednesday, October 13, 2010
"Great Neighborhoods" singles out LoDo.
The Denver Post
Posted: 10/13/2010 01:00:00 AM MDTUpdated: 10/13/2010 08:50:33 AM MDT
Denver's Lower Downtown has been named one of the 10 Great Neighborhoods for 2010 under the American Planning Association's Great Places in America program.
The organization singled out LoDo for its strong political leadership by current and former mayors, historical character and adaptive reuse of warehouse buildings, and use of planning to guide its revitalization. Through the Great Places program, the planning association recognizes unique and authentic characteristics found in three essential components of all communities: streets, neighborhoods and public spaces.
Read more: "Great Neighborhoods" singles out LoDo. - The Denver Post http://www.denverpost.com/business/ci_16323214?source=rss#ixzz12G6gwexs
Posted: 10/13/2010 01:00:00 AM MDTUpdated: 10/13/2010 08:50:33 AM MDT
Denver's Lower Downtown has been named one of the 10 Great Neighborhoods for 2010 under the American Planning Association's Great Places in America program.
The organization singled out LoDo for its strong political leadership by current and former mayors, historical character and adaptive reuse of warehouse buildings, and use of planning to guide its revitalization. Through the Great Places program, the planning association recognizes unique and authentic characteristics found in three essential components of all communities: streets, neighborhoods and public spaces.
Read more: "Great Neighborhoods" singles out LoDo. - The Denver Post http://www.denverpost.com/business/ci_16323214?source=rss#ixzz12G6gwexs
Sunday, October 10, 2010
Mortgage interest rates at all-time low, but qualifying can be tough
By Alan J. Heavens
The Philadelphia Inquirer
With fixed mortgage-interest rates at an all-time low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line. Last week, Freddie Mac announced that the average 30-year rate had fallen to 4.27 percent.
At that rate, a $200,000 mortgage — not including hazard insurance and taxes — would cost $986.22 a month. Add to that the decline in home prices, and it seems like a combination that’s hard to resist.
But banks are extra-careful these days about whom they lend money to, with the result that many looking to buy houses aren’t able to qualify for the lowest interest rates — or for mortgages, period.
Real estate agents and mortgage brokers say they are trying to work with buyers to clear obstacles to borrowing created by cautious lenders. In some cases, the agents and brokers say, such efforts might include providing lenders more income documentation and clearing up borrowers’ credit issues.
The Philadelphia Inquirer
With fixed mortgage-interest rates at an all-time low, it might seem as if real estate offices should have house hunters lining up, ready to sign on the dotted line. Last week, Freddie Mac announced that the average 30-year rate had fallen to 4.27 percent.
At that rate, a $200,000 mortgage — not including hazard insurance and taxes — would cost $986.22 a month. Add to that the decline in home prices, and it seems like a combination that’s hard to resist.
But banks are extra-careful these days about whom they lend money to, with the result that many looking to buy houses aren’t able to qualify for the lowest interest rates — or for mortgages, period.
Real estate agents and mortgage brokers say they are trying to work with buyers to clear obstacles to borrowing created by cautious lenders. In some cases, the agents and brokers say, such efforts might include providing lenders more income documentation and clearing up borrowers’ credit issues.
Friday, October 8, 2010
Another Gain for Pending Home Sales
Daily Real Estate News | October 5, 2010 | Share
Another Gain for Pending Home Sales
Pending home sales have increased for the second consecutive month, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months.
“Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”
Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery.
“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”
The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.
Source: NAR
Another Gain for Pending Home Sales
Pending home sales have increased for the second consecutive month, according to the NATIONAL ASSOCIATION OF REALTORS®.
The Pending Home Sales Index, a forward-looking indicator, rose 4.3 percent to 82.3 based on contracts signed in August from a downwardly revised 78.9 in July, but is 20.1 percent below August 2009 when it was 103.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.
Lawrence Yun, NAR chief economist, said the latest data is consistent with a gradual improvement in home sales in upcoming months.
“Attractive affordability conditions from very low mortgage interest rates appear to be bringing buyers back to the market,” he said. “However, the pace of a home sales recovery still depends more on job creation and an accompanying rise in consumer confidence.”
Although Yun expects a continuing steady rise in home sales from favorable affordability conditions and some job creation, he cautioned any sudden rise in mortgage rates could slow the recovery.
“Current low consumer price inflation has helped keep mortgage interest rates very attractive this year. However, recent rising trends in producer prices at the intermediate and early stages of production, along with very high commodity prices, are raising concerns about future inflation and future mortgage interest rates,” he said. “Higher inflation would mean higher mortgage interest rates. In the meantime, housing affordability is hovering near record highs.”
The PHSI in the Northeast declined 2.9 percent to 60.6 in August and remains 28.8 percent below August 2009. In the Midwest the index rose 2.1 percent in August to 68.0 but is 26.5 percent below a year ago. Pending home sales in the South increased 6.7 percent to an index of 90.8 but are 13.1 percent below August 2009. In the West the index rose 6.4 percent to 101.1 but remains 19.6 percent below a year ago.
Source: NAR
Helmsley Mansion Sells at Deep Discount
Daily Real Estate News | October 6, 2010 | Share
Helmsley Mansion Sells at Deep Discount
The Greenwich, Conn., estate of the late hotel magnates Leona and Harry Helmsley has finally sold for $35 million. The property was originally listed in early 2008 for $125 million. It was most recently listed at $55 million by Lyn Stevens of Greenwich Fine Properties.
Cynthia L. Smith of the Greenwich law firm Whitman, Breed, Abbott & Morgan LLP, purchased the property. Jane Basham of David Ogilvy & Assoc. sold the property.
The 28-room, 22,000-square-foot home on more than 40 acres was originally built in 1918. In 1989, the Helmsleys were accused of illegally billing their company for more than $3 million in renovations to this property. Mrs. Helmsley was convicted and sentenced to 16 years in prison, though she served less than two. Mr. Helmsley was too ill to stand trial.
Source: Greenwich Time, Susan Nova (10/05/2010)
Helmsley Mansion Sells at Deep Discount
The Greenwich, Conn., estate of the late hotel magnates Leona and Harry Helmsley has finally sold for $35 million. The property was originally listed in early 2008 for $125 million. It was most recently listed at $55 million by Lyn Stevens of Greenwich Fine Properties.
Cynthia L. Smith of the Greenwich law firm Whitman, Breed, Abbott & Morgan LLP, purchased the property. Jane Basham of David Ogilvy & Assoc. sold the property.
The 28-room, 22,000-square-foot home on more than 40 acres was originally built in 1918. In 1989, the Helmsleys were accused of illegally billing their company for more than $3 million in renovations to this property. Mrs. Helmsley was convicted and sentenced to 16 years in prison, though she served less than two. Mr. Helmsley was too ill to stand trial.
Source: Greenwich Time, Susan Nova (10/05/2010)
Sunday, October 3, 2010
Tips for fall home sellers
MOST REAL ESTATE agents say spring is theseasontosella home,but don’truleout fall just yet. Theremay be fewerbuyers, buttheytendtobemoremotivated. Thekey is to findthem fast, because you don’t have much time before the holidays kick in and real estate really slows down, says Annalisa Burgos of HGTV’s FrontDoor.com . Try these selling tips:
Price aggressively. You don’t have the luxury of starting high and making incremental price drops. Be competitive —price your home 5% to 15% below comparable homes on the market.
Stage it to sell. Fall is one of the most beautifultimes of the year, but it can also be hard on home maintenance. Make sure the front yard is clear of leaves, clean out gutters and downspouts, and touch up paint. Incorporate tasteful fall decor. If you have afireplace, make it the focal point of the room.
Be flexible. Bargain hunters are out in force in the fall, so don’t be discouraged by low-ball offers. See them as opportunities to negotiate. If you don’t want to come down on price, be creative, such as offering to pay for closing costs or repairs.
Price aggressively. You don’t have the luxury of starting high and making incremental price drops. Be competitive —price your home 5% to 15% below comparable homes on the market.
Stage it to sell. Fall is one of the most beautifultimes of the year, but it can also be hard on home maintenance. Make sure the front yard is clear of leaves, clean out gutters and downspouts, and touch up paint. Incorporate tasteful fall decor. If you have afireplace, make it the focal point of the room.
Be flexible. Bargain hunters are out in force in the fall, so don’t be discouraged by low-ball offers. See them as opportunities to negotiate. If you don’t want to come down on price, be creative, such as offering to pay for closing costs or repairs.
Saturday, October 2, 2010
Foreclosures on Rise, BBB Warns
By Margaret Jackson The Denver Post
With 2.7 million homeowners nationwide
facing foreclosure, scammers are flocking to
take advantage of the crisis, the Better Business
Bureau warned this week.
There are two main types of foreclosurerescue
and loan-modification scams: advance-
fee loan-modification schemes and
sales-leaseback schemes, according to a recent
report by the U.S. Government Accountability
Office.
Advance-fee loan-modification schemes
prey on anyone who is in debt but especially
the most desperate. In a foreclosure situation,
scammers charge the homeowner a fee
in advance to negotiate a deal with a mortgage
lender. They may offer a money-back
guarantee. In the end, they take the victim’s
money, provide little or no service and refuse
to refund the fee.
In a sales-leaseback scheme, scammers persuade
victims to transfer the home deeds to
them by offering to assume the payments
while the victims pay rent. The scammers
promise to sell the properties back to the victims
when they get their financial affairs in order.
But the scammers don’t sell the properties
back and often take out another loan or
sell the houses.
To avoid being scammed, the Better Business
Bureau recommends homeowners
should avoid businesses that:
B Guarantee to stop the foreclosure process.
B Instruct you not to contact your lender.
B Collect a fee before providing a service.
B Accept payment only by cashier’s check
or wire transfer.
B Encourage you to lease your home so you
can buy it back over time.
B Offer to fill out paperwork for you.
B Pressure you to sign paperwork you
haven’t had a chance to read.
Margaret Jackson: 303-954-1473
With 2.7 million homeowners nationwide
facing foreclosure, scammers are flocking to
take advantage of the crisis, the Better Business
Bureau warned this week.
There are two main types of foreclosurerescue
and loan-modification scams: advance-
fee loan-modification schemes and
sales-leaseback schemes, according to a recent
report by the U.S. Government Accountability
Office.
Advance-fee loan-modification schemes
prey on anyone who is in debt but especially
the most desperate. In a foreclosure situation,
scammers charge the homeowner a fee
in advance to negotiate a deal with a mortgage
lender. They may offer a money-back
guarantee. In the end, they take the victim’s
money, provide little or no service and refuse
to refund the fee.
In a sales-leaseback scheme, scammers persuade
victims to transfer the home deeds to
them by offering to assume the payments
while the victims pay rent. The scammers
promise to sell the properties back to the victims
when they get their financial affairs in order.
But the scammers don’t sell the properties
back and often take out another loan or
sell the houses.
To avoid being scammed, the Better Business
Bureau recommends homeowners
should avoid businesses that:
B Guarantee to stop the foreclosure process.
B Instruct you not to contact your lender.
B Collect a fee before providing a service.
B Accept payment only by cashier’s check
or wire transfer.
B Encourage you to lease your home so you
can buy it back over time.
B Offer to fill out paperwork for you.
B Pressure you to sign paperwork you
haven’t had a chance to read.
Margaret Jackson: 303-954-1473
Where the Smart Folks Live
Daily Real Estate News | October 1, 2010 |
The better educated the population, the higher the salaries. So choosing to live where the smart people do can help ensure that someone’s income is also above average.
Here are the metro areas that the most- and least-educated call home:
Metro areas with the highest percentage of residents with a college degree:
1. Washington, D.C., 47.3 percent
2. San Francisco, 43.5 percent
3. San Jose, Calif., 43.2 percent
4. (tie) Raleigh, N.C. 42.2 percent
4. (tie) Boston, 42.2 percent
6. Austin, Texas, 38.7 percent
7. (tie) Minneapolis, 37.6 percent
7. (tie) Denver, 37.6 percent
9. Seattle, 37.4 percent
10. New York, 35.6 percent
Metro areas with the lowest percentage of residents with a college degree:
1. Riverside, Calif., 19.2 percent
2. Las Vegas, 21.3 percent
3. Memphis, Tenn., 24.2 percent
4. Tampa, Fla., 24.6 percent
5. San Antonio, Texas, 24.8 percent
6. Louisville, Ky., 24.9 percent
7. New Orleans, 26.2 percent
8. Detroit, 26.3 percent
9. Orlando, Fla., 26.6 percent
10. Cleveland, 26.9 percent
Source: CNNMoney.com, Les Christie (10/01/2010)
The better educated the population, the higher the salaries. So choosing to live where the smart people do can help ensure that someone’s income is also above average.
Here are the metro areas that the most- and least-educated call home:
Metro areas with the highest percentage of residents with a college degree:
1. Washington, D.C., 47.3 percent
2. San Francisco, 43.5 percent
3. San Jose, Calif., 43.2 percent
4. (tie) Raleigh, N.C. 42.2 percent
4. (tie) Boston, 42.2 percent
6. Austin, Texas, 38.7 percent
7. (tie) Minneapolis, 37.6 percent
7. (tie) Denver, 37.6 percent
9. Seattle, 37.4 percent
10. New York, 35.6 percent
Metro areas with the lowest percentage of residents with a college degree:
1. Riverside, Calif., 19.2 percent
2. Las Vegas, 21.3 percent
3. Memphis, Tenn., 24.2 percent
4. Tampa, Fla., 24.6 percent
5. San Antonio, Texas, 24.8 percent
6. Louisville, Ky., 24.9 percent
7. New Orleans, 26.2 percent
8. Detroit, 26.3 percent
9. Orlando, Fla., 26.6 percent
10. Cleveland, 26.9 percent
Source: CNNMoney.com, Les Christie (10/01/2010)
Cities With Highest, Lowest Credit Scores
Daily Real Estate News | September 27, 2010 |
Major credit scoring company Experian revealed the nation’s metropolitan areas with the highest and lowest average credit scores.
Experian analysts say that difficulty meeting housing payments are a critical driver of credit scores in this market.
Cities with the highest average credit scores:
· Minneapolis, 787
· Madison, Wis., 785
· Cedar Rapids, Iowa, 781
· Green Bay, Wis., 780
· San Francisco, 780
· Boston, 779
· Peoria, Ill., 778
· La Crosse, Wis, 778
· Seattle, Wash., 777
· Sioux Falls, S.D., 777
Cities with the lowest average credit scores:
· Harlingen, Texas, 684
· Jackson, Miss., 698
· Corpus, Christi, Texas, 700
· Shreveport, La., 701
· El Paso, Texas, 706
· Monroe, La., 706
· Las Vegas, Nev., 707
· Bakersfield, Calif., 708
· Myrtle Beach, S.C., 709
· Tyler, Texas, 709
To see the complete list of cities and credit scores, visit www.livecreditsmart.com.
Source: Experian (09/22/2010)
Major credit scoring company Experian revealed the nation’s metropolitan areas with the highest and lowest average credit scores.
Experian analysts say that difficulty meeting housing payments are a critical driver of credit scores in this market.
Cities with the highest average credit scores:
· Minneapolis, 787
· Madison, Wis., 785
· Cedar Rapids, Iowa, 781
· Green Bay, Wis., 780
· San Francisco, 780
· Boston, 779
· Peoria, Ill., 778
· La Crosse, Wis, 778
· Seattle, Wash., 777
· Sioux Falls, S.D., 777
Cities with the lowest average credit scores:
· Harlingen, Texas, 684
· Jackson, Miss., 698
· Corpus, Christi, Texas, 700
· Shreveport, La., 701
· El Paso, Texas, 706
· Monroe, La., 706
· Las Vegas, Nev., 707
· Bakersfield, Calif., 708
· Myrtle Beach, S.C., 709
· Tyler, Texas, 709
To see the complete list of cities and credit scores, visit www.livecreditsmart.com.
Source: Experian (09/22/2010)
States With Highest, Lowest Property Taxes
Daily Real Estate News | October 1, 2010 |
Using U.S. Census data, the nonprofit Tax Foundation has uncovered where the highest property taxes in the country are paid relative to the median value of the homes. Some of the locales may surprise you.
New Jersey came in first — no surprise there — but New Hampshire, which has no state income tax and prides itself on that, had the next-highest real estate taxes as a percentage of home values.
Louisiana had the lowest median taxes compared to property values, another ho-hum finding. But the second-lowest taxes compared to values are in pricey Hawaii.
The national median for real estate taxes is 1.04 percent of a property’s value. Here’s the list of the top 10 states with the highest median real estate taxes as a percentage of median home value as well as the ranking of states with the lowest:
States with the highest taxes:
1. New Jersey (1.89 percent of property value)
2. New Hampshire (1.86 percent)
3. Texas (1.81 percent)
4. (tie) Wisconsin (1.76 percent)
4. (tie) Nebraska (1.76 percent)
6. Illinois (1.73 percent)
7. Connecticut (1.63 percent)
8. Michigan (1.62 percent)
9. Vermont (1.59 percent)
10. North Dakota (1.42 percent)
States with the lowest taxes:
1. Louisiana (0.18 percent)
2. Hawaii (0.26 percent)
3. Alabama (0.33 percent)
4. Delaware (0.43 percent)
5. West Virginia (0.49 percent)
6. South Carolina (0.50 percent)
7. (tie) Arkansas (0.52 percent)
7. (tie) Mississippi (0.52 percent)
9. New Mexico (0.55 percent)
10. Wyoming (0.58 percent)
Source: 2009 U.S. Census Data and Tax Foundation calculations
Using U.S. Census data, the nonprofit Tax Foundation has uncovered where the highest property taxes in the country are paid relative to the median value of the homes. Some of the locales may surprise you.
New Jersey came in first — no surprise there — but New Hampshire, which has no state income tax and prides itself on that, had the next-highest real estate taxes as a percentage of home values.
Louisiana had the lowest median taxes compared to property values, another ho-hum finding. But the second-lowest taxes compared to values are in pricey Hawaii.
The national median for real estate taxes is 1.04 percent of a property’s value. Here’s the list of the top 10 states with the highest median real estate taxes as a percentage of median home value as well as the ranking of states with the lowest:
States with the highest taxes:
1. New Jersey (1.89 percent of property value)
2. New Hampshire (1.86 percent)
3. Texas (1.81 percent)
4. (tie) Wisconsin (1.76 percent)
4. (tie) Nebraska (1.76 percent)
6. Illinois (1.73 percent)
7. Connecticut (1.63 percent)
8. Michigan (1.62 percent)
9. Vermont (1.59 percent)
10. North Dakota (1.42 percent)
States with the lowest taxes:
1. Louisiana (0.18 percent)
2. Hawaii (0.26 percent)
3. Alabama (0.33 percent)
4. Delaware (0.43 percent)
5. West Virginia (0.49 percent)
6. South Carolina (0.50 percent)
7. (tie) Arkansas (0.52 percent)
7. (tie) Mississippi (0.52 percent)
9. New Mexico (0.55 percent)
10. Wyoming (0.58 percent)
Source: 2009 U.S. Census Data and Tax Foundation calculations
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