US consumers more confident in the economy in July

another positive sign from Denver Post.....

NEW YORK—Americans breathed a bit easier about the economy in July, as a better outlook on short-term hiring and lower gas prices offset lingering worries about poor income growth.

The Conference Board said Tuesday that its Consumer Confidence Index increased to 65.9, from 62.7 in June, the first increase in five months. That's the highest reading since April and better than the reading of 62 that economists had forecast.

"Consumers had a much improved view of job prospects, not immediately, but six months from now," said John Lonski, chief economist at Moody's Capital. "They're extrapolating from the dip in energy prices and recent firming of equity prices."

Still, the index remains well below 90, which indicates a healthy economy. It hasn't been near that level since the Great Recession began in December 2007. The index fell to an all-time low of 25.3 in February 2009—four months before the recession officially ended.

Consumer confidence is widely watched because consumer spending drives 70 percent of U.S. economic activity. A separate Commerce Department report Tuesday showed Americans spent no more in June than May, even though their income grew by 0.5 percent.

The consumer confidence report is based on a poll conducted from July 1 through July 19 of about 500 randomly selected people nationwide.

Lynn Franco, director of economic indicators at The Conference Board, said consumers attitudes toward current conditions were little changed in July, and the overall index remains at historically low levels.

"While consumers expressed greater optimism about short-term business and employment prospects, they have grown more pessimistic about their earnings," she said in a statement. "Given the current environment—in particular the weak labor market—consumer confidence is not likely to gain any significant momentum in the coming months."

The amount of consumers expecting business conditions to improve over the next six months rose slightly, according to the survey. Those expecting more jobs in the months ahead increased as well. But fewer people in July expected that their incomes would increase.

"People are not only fearful of losing their jobs; they think that if you do lose your job, your next position may indeed be at a lower salary," said Lonski.

Consumer confidence has fluctuated over the past year. It rose during the first quarter and then retreated over the past four months.

"We believe consumer confidence will remain choppy until we have a resolution of the situation in Europe, or better yet, until the November elections," Lonski said.

The economy grew at a sluggish 1.5 percent annual pace from April through June, slower than the 2 percent rate in the first quarter. A key reason for the slowdown was weak consumer spending.

Economists generally say even 2 percent annual growth would add only about 90,000 jobs a month. That's too few to drive down the unemployment rate, which is stuck at 8.2 percent. That is expected to remain unchanged when the Labor Department releases its July jobs report on Friday.

But on a bright note for consumers, housing prices are rising, indicating a modest recovery in the housing market. The Standard & Poor's/Case-Shiller home price index released Tuesday showed increases in all of the 20 cities tracked from April to May. And a measure of national prices rose 2.2 percent from April to May, the second increase after seven months of flat or declining readings.

Gas prices have receded from highs. Retail gasoline prices were flat over the weekend at $3.49 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is about 45 cents cheaper than its peak price in April. It's also 22.4 cents cheaper than it was a year ago.

The report also included some promising news about future spending: More people said they plan to buy a car in the next six months.

"The story the consumer is telling us now is 'I think I can live with this, and I think I'll go buy a car," said Mike Moriarty, a partner in the retail practice of A.T. Kearney, a global management consulting firm.

Another snapshot of American's willingness to spend will be revealed on Thursday, when major retailers report July revenue in stores open at least one year. Analysts expect the measure, considered a key gauge of a retailer's financial health because it excludes volatility from stores that open or close during the year, edged up 1.5 percent during the month.

Home purchase and refinance activity up 10 percent in Colorado

positive article from Denver Post yesterday

Home purchase and refinance activity is up 10 percent in Colorado during the first half of the year, according to a report released Monday by the Colorado Division of Housing.
According to the report, public trustees in Colorado released a total of 138,859 deeds of trust during the first half of the year, compared to 126,903 during the same period last year.
Typically, a release of a deed of trust occurs when a real estate loan is paid off whether through refinance, sale of property, or because the owner has made the final payment on the loan.

Release activity rises as refinance and home-sale activity increases, according to the report.
For the second quarter alone, releases of deeds of trust increased 20.7 percent to 65,051 from 53,878 deeds released during the second quarter of last year.
Releases were down 13 percent from the first quarter of this year when there were 74,808 deeds released. The second quarter's total was the highest total recorded for any second quarter since 2009.
"Releases dropped off a bit during the second quarter, but overall activity is still up this year," said Ryan McMaken, spokesman for the Colorado Division of Housing. "With mortgage rates at such low levels, there's a big incentive to buy or refinance right now, assuming your loans gets approved."

The New Peyton Pad in Denver

from yahoo sports....

Peyton Manning is committed to Denver for the next five years (or at least as committed as an NFL contract makes someone), so he was going to need a place to live. That problem is solved quite nicely by the home pictured above.
According to the Denver Post, Peyton purchased the modest shanty for $4,575,000. It reminds me a lot of my place, except it's a bazillion times bigger, was decorated by an adult with taste, and doesn't smell like whatever horrific cabbage nightmare the whackjob down the hall is cooking. Also, it's a house, and he owns it.
Peyton's new crib is over 16,000 square feet with seven bathrooms. It has an elevator, a media room, a billiards room and a "safe room," which I think is just a padded room full of people repeating "It's OK, you're better than Tom Brady" over and over again.

8 Tips for Selling a Home in Summer

8 Tips for Selling a Home in Summer

BOSTON (MainStreet) -- Steamy summer months aren't always the hottest time of the year to show your home to prospective buyers, but take the right steps and you can get interest in your place sizzling.

"It's challenging to get buyers to look at houses in hot weather," says Brad Knapp of Henkle, Schueler Realtors in suburban Cincinnati, where the mercury topped 100 degrees in recent days.
"Even though buyers have air conditioning in their cars, you have to convince them to get into their cars -- then out of their cars -- to check places out," says Knapp, a National Association of Realtors regional vice president.
So the expert recommends taking some extra steps to make sure your home shows well in the summertime.
Just as smart sellers trim a home's bushes in the spring and rake up leaves in the fall to maximize "curb appeal," savvy property owners will go the extra mile to make their places look good during summer months.
Here are eight things Knapp says every would-be seller should do this summer to get their property moving:

Don't skimp on air conditioning
No one will want to look at your home if it's as hot inside as the temperature is outside.
That's why Knapp says people without central air conditioning might consider keeping their properties off of the market until the fall.
"Even if you have window units, they just don't do the job when it's approaching 100 degrees out," he says.
Assuming your home does have central air, get it inspected before putting the home on the market so it keeps functioning through the summer.
Then keep the thermostat around 72 degrees all the time to cool and dehumidify your home.

Knapp says you shouldn't try to save money by turning the air conditioning down when you're out. Doing so will create the risk of having a place that's too warm or muggy if house hunters show up on short notice.

Leave the lights on
This is another area where you'll have to skip energy efficiency for a while.
Knapp says it's important to keep lots of lights on at all times -- especially in the basement, hallways and other places that don't get much sun.
"You don't have to light your house up like a Christmas tree," he says, "but you don't want an agent who's showing the home to have to spend a lot of time pawing for light switches."

Create a pleasant smellPet smells or musty basements are bad enough in cooler temperatures, but summer heat can make them unbearable.

So make sure you remove things such as kitty litter regularly, and consider relocating your pets for a while if that's what it takes to keep your home smelling clean.

If you tend to have a damp or musty basement, clean it with bleach to remove mold and mildew before putting the home on the market. Then use dehumifiers to keep everything dry.
Knapp also suggests giving a house a "homey" smell by baking a pie in the oven when you know house hunters are on the way.
If the idea of cooking during hot summer days turns you off, you can actually buy sprays, essential oils and scented candles that smell like apple or cherry pie.

Water the front lawn
High water costs and summertime sprinkler bans can make green grass hard to come by this time of year, but Knapp says you should keep your front landscaping looking good to maximize curb appeal.
"Try to keep the front yard as green as possible -- but you can forget about the backyard if you have to," he says. "Most buyers are astute enough to know that if all of the backyards up and down the street are brown, there really isn't a problem if yours is, too."

Have a clean front door and windows
A nice front door makes a great first impression, but keeping one clean takes extra effort during the summer pollen season.
Knapp recommends cleaning the front door at least once a week to keep it pollen free.
Also thoroughly clean all windows inside and out before you put your home on the market. Then check the windows periodically throughout the summer to make sure they still sparkle.

Provide school information
Most schools are closed during the summer, but school boards, superintendents and other top people typically work year-round and can provide tours or answer house hunters' questions.
Knapp suggests leaving brochures and contact information for all nearby public and private schools on a table in your home where would-be buyers can see them.

Go away
Summer vacation or not, all occupants -- including kids -- must clear out of the home any time would-be buyers drop by.
"You need to pack your kids up and go out for ice cream whenever a buyer is coming," Knapp says. "You have to give the buyer and the real estate agent free rein of the house. A lot of buyers will feel very uncomfortable looking at a home if the seller is there."

Declutter
Regardless of when you put your home on the market, Knapp recommends throwing out, giving away or storing off-site as many things as possible to make your home's rooms and closets look spacious and clean.
You also want to "depersonalize" your house by removing offbeat furnishings and taking down most family photos.
After all, would-be buyers want to imagine what your home will look like with their stuff in it -- not yours.

Hands off these items in a home purchase

good article...

Hands off these items in a home purchase

Buyers who want a particular fixture or appliance should put it in writing
By Dian Hymer
Inman News®

One reason sellers prepare and stage their homes for sale is so buyers can imagine themselves living there. It can be difficult for buyers who are emotionally involved with the home to picture what the place will look like after the sellers move out.

To avoid after-closing problems, make sure that your purchase contract is clear about what stays with the house and what does not. Real estate law and custom vary from one area to the next. Ask your agent for help if you have any question about what's included in the sale and what is not.

The multiple listing service (MLS) can provide some information. For instance, if there are washer and dryer hookups only, then the washer and dryer are not included in the sale unless otherwise specified in writing in the purchase agreement.

To be enforceable, real estate contracts must be in writing. Verbal agreements to sell real estate aren't binding. The MLS is the REALTORS®' listings of homes for sale and an offer to cooperate with other agents in procuring a buyer. It is not a contract between the buyers and seller.

So, even if the MLS information on a listing says the washer and dryer are included, you should write this into the contract so there's not confusion when the sellers move out.

HOUSE HUNTING TIP: Typically, items that are permanently attached to the property, such as built-in appliances, tacked-down floor coverings, window coverings, light fixtures and bookcases, are included in the sale unless they are specifically excluded in writing by the sellers.

For example, the dining room chandelier might have been in the sellers' family for years. It has sentimental value. The best approach would be for the sellers to remove and replace the fixture before the home goes on the market. Otherwise, ask the sellers to replace the fixture before they leave so that you're not left without light if this is the only source of light in the room.

Satellite dishes and wall mounts for flat-screen TVs can create ambiguity. In some contracts, they are included. If you don't want them to be included, ask the sellers in writing to remove the wall mount and satellite dish and to make necessary repairs before they leave.

If the sellers are taking these items with them, be sure to require in writing that they make necessary repairs. Special attention should be paid to the roof covering where a satellite dish is removed to avoid leakage into the home.

Buyers are often taken by items of personal property that belongs to the sellers. They are a perfect fit for the house, like a fountain in the front courtyard, outdoor furniture or potted plants that enhance the garden, or a table that fits the breakfast nook perfectly. These items, unless permanently attached, are usually not included in the sale.

Just because the sellers haven't offered to include a piece of personal property you covet doesn't mean you can't ask for them. Again, to ensure that they are included, write it into the contract, or an addendum to the contract.

When should you ask for personal property that's not included in the sale? If you're in competition, postpone the request until the sellers accept your offer. When you remove contingencies might be a good time to bring up the subject. If the sellers can't part with the item you want, ask where they bought it.

Even if the sellers have specifically said they are not leaving items like the washer and dryer, they might be willing to do so if your offer is good enough.

THE CLOSING: If the sellers offer to include items of personal property you don't want, specify in writing in the purchase contract that those items be removed.

6 Tips to Sell Your Home Fast

good points from a fellow industry professional...

6 tips to sell your home FAST –

The real estate market is local. So if you want to sell your home fast, first find out how quickly homes at your price point are selling in your area. Then take these steps to speed up the process.

1. Ask Agents the Key Question. Ask prospective Realtors the average time their listings were on the market before they sold. Days on the market is influenced by the state of the market and the list price, but you still want to see who sold their homes the quickest.

2. Price It Right. If you want to sell fast, start off with an attractive price. Your home will stand out from homes that are listed unrealistically high. You’ll get more showings and more potential buyers.

3. Prep It Completely. Make your home look its best inside and out. Curb appeal counts. Paint the front door, pull weeds, plant bright flowers. Inside, put extra furniture in storage along with any clutter you can't throw out. Then clean the place thoroughly.

4. Shoot It Sharp. Once your home looks great, have your Realtor take lots of crystal clear pictures that show off the house and grounds. Keep cars, kids and pets out of the picture.

5. Stay on Top of the Marketing. Marketing is the agent's responsibility, but check up on the advertising and ask to be featured prominently.

6. Seriously Consider the First Offer. "The first offer is the best offer" – this is true more often than not. Unless the offer is preposterous, holding out may be just wasting time when you need to sell your home fast. Again, enlist the services of a professional and heed their advice!

Denver, Fort Collins among Forbes’ 5 best places for business

another good Denver Business Journal article....

Denver, Fort Collins among Forbes’ 5 best places for business

Denver Business Journal by Mark Harden, New Media Editor

Date: Wednesday, June 27, 2012, 12:37pm MDT

Colorado has placed two cities in the top five of Forbes’ latest ranking of America’s “best places for business and careers,” published Wednesday.
The 14th annual list places Fort Collins at No. 3 and Denver at No. 5.
Both rankings are improvements over last year, when Fort Collins places No. 5 and Denver No. 9. Fort Collins was rated No. 4 in 2010 and No. 2 in 2009; Denver was No. 6 in 2010 and No. 14 in 2009.
Forbes evaluated the nation’s 200 largest metro areas on job trends, business costs, income growth, quality of life and the educational level of the labor force, among other factors.
“Many high-tech companies including Hewlett-Packard, Intel, AMD, Amago, among others, have relocated to Fort Collins to take advantage of the resources of [Colorado State University] and its research facilities,” Forbes says of Fort Collins. “Up and coming industries within the area include clean energy, bioscience, and agri-tech businesses.”
Of Denver, Forbes says the Mile High City’s “relatively central location makes it a natural location as a distribution hub for the American west, while also supporting a number of growing industries in technology and telecommunications. Its location just east of the mineral-rich Rocky Mountain range encouraged mining and energy companies to spring up in the area, making the energy industry another staple of Denver’s economy.”
Forbes also notes that Denver offers museums and performing arts centers, bustling neighborhoods and nightlife, and nearby mountains.
Other Colorado cities in this year’s ranking of 200 cities: Boulder, at No. 27 (up from No. 44 last year); Colorado Springs, at No. 42 (down from No. 30); and Greeley, at No. 46 (down from No. 42).
Provo, Utah, tops Forbes’ best-places list this year, followed by Raleigh, N.C.; Fort Collins; Des Moines, Iowa; Denver; Ogden, Utah; Lincoln, Neb.; Dallas; Austin, Texas; and Nashville, Tenn.

Rents rocket 10.9% in Denver over last year

Great article from Denver Business Journal

Rents rocket 10.9% in Denver over last year

Denver Business Journal by Mark Harden, New Media Editor Date: Tuesday, July 3, 2012, 2:58pm MDT

The average asking price for rental housing in the Denver area was up 10.9 percent in June from a year earlier, the third-biggest gain among large U.S. markets in that period and twice the nationwide increase, according to a report Tuesday from Trulia Inc.
Denver’s rent increases over the 12-month period were exceeded only by San Francisco (up 14.7 percent) and Oakland (up 11.2 percent), according to the quarterly Trulia Rent Monitor report issued by the San Francisco-based real estate information service.
Nationwide, big-city rents were up an average of 5.4 percent higher in June from a year earlier. Rents rose year over year in 24 of the 25 biggest U.S. markets, except for Las Vegas.
In a previous Trulia report, comparing Denver-area rents from March 2011 to March 2012, rents rose 9.4 percent.

Yes It's a Rare Opportunity

interesting article from Wall Street Journal Article this summer...

Yes It's a Rare Opportunity

This could be the best time in a generation to be a first-time home buyer.

ERIC LASCELLES: Investors 'understand that this is the mother of all buyer's markets, and won't last forever.'

Cheery views such as this are out of vogue and easy enough to dismiss as the ravings of a serial optimist. And yet this opinion isn't based on any heroic economic assumptions. To the contrary, it is constructed upon a more curmudgeonly foundation: In my estimation, the stock market probably underestimates Europe's woes, U.S. economic growth may fall short of expectations, and—of greatest relevance—the overall housing market is likely still several years from normality.

Nevertheless, this is still a remarkable time to be a first-time home buyer. Affordability is the best it has been in 30 years, thanks to the combination of a 34% decline in prices since the 2006 peak and a historically low 4% average rate for a 30-year, fixed-rate mortgage.

The two affordability metrics that truly matter are how much monthly income a mortgage consumes, and whether this is less costly than renting. On the first count, I calculate that home prices are now an astonishing one-third cheaper than the historical norm. On the second, real-estate website Trulia figures that buying is cheaper than renting in 98 out of America's 100 major markets. That is practically a clean sweep.

Rock-Bottom Rates

Investors get this. While households dither, investors ramped up their home buying by 64% across 2011. They understand that this is the mother of all buyer's markets, and won't last forever. The prospect of making a profit by flipping these properties is still rather distant, so they lay in wait for an eventual rebound and in the meantime make money by renting out their properties for more than the monthly mortgage payment.

Yet most people are sitting on their hands, frozen not by the fundamentals but by psychology. For those able to overcome their phobias, a blazing contrarian opportunity exists.

Here's a dirty little secret about recessions: They aren't bad for everyone. They can even be downright beneficial if played right. Roughly one in 30 Americans is unemployed as a result of the financial crisis. The rest have sidestepped this blow, and what's more have been given the gift of extraordinarily low interest rates.

The long arc of history reveals no other sustained period of real interest rates this low. It is mind-bending that American home buyers can now borrow for 30 years at a cheaper rate than either General Electric Co. or the Australian government. And unlike their counterparts in most other countries, Americans can lock in today's borrowing costs for the full life of their mortgage, enjoying perfect certainty about future payments.

The finances of most households have had a rough go over the past several years. Many were ravaged by financial markets. Others are trapped beneath an illiquid and possibly underwater home.

However, the situation for first-time home buyers is different. They largely skated through the past few years. They weren't yet in the housing market, and so escaped that devastating hit. And with an average age of 30, they hadn't yet accumulated sufficient assets to truly suffer when markets fell.

A significant part of this cohort's savings has been generated in just the past five years, and while markets have been enormously volatile over that period, a monthly savings plan would have generated a 26% return in equities and 22% in bonds. First-time home buyers may not be so hard up for their down payment after all.

Heck of a Deal

But is it wise to take the plunge in this era of economic uncertainty? While the economy remains very fragile, it has become less so since the fall. Still, say the worst happens—you buy a home and then immediately lose your job: The foreclosure backlog provides breathing room, and there is ample evidence that the newly unemployed are regarded preferentially by employers over the poor souls in long-term unemployment purgatory.

Could home prices fall further? Yes they could. The home-inventory overhang is still quite large and credit availability remains poor. Home prices are unlikely to bloom in earnest for quite some time. But inventories are finally shrinking and mortgage availability has at least stabilized, and if you wind up buying a house on sale for one-third off its fair value instead of discounted by 40%, you still got one heck of a deal.

Arguably, the bigger risk is rising interest rates, which could erode affordability and snuff out this buying opportunity.

What if you are presently unemployed, or a grim-faced banker has rejected your mortgage application? Alas, your decision has been made for you. But for viable first-time home buyers—those with a stable job and a preapproved mortgage—this opportunity is ripe for the picking. Investors are already eating your lunch.

Mr. Lascelles is the chief economist at money-management firm RBC Global Asset Management Inc. He can be reached at reports@wsj.com.