Car for Homes-Help Habitat for Humanity...

a great program...

CLICK HERE TO DONATE CARS FOR HOMES

Car donations are another way to support the mission of Habitat for Humanity.
When you donate a car to Cars for Homes, you will help your local Habitat for Humanity build and rehabilitate houses with families in need of affordable shelter. 
The car donation process is quick and easy.
It can be accomplished online or with a toll-free phone call to 1-877-277-4344. If you donate an automobile or other vehicle, you may be eligible for a tax deduction.
What can you donate?

• Car
• Truck
• Boat
• RV
• Motorcycle
• Construction or farm equipment
• Any other vehicle ― running or not!

Why donate?

• Proceeds from the sale of your car help your local Habitat for Humanity build and renovate houses with families in need.
• You may receive a tax deduction if you itemize.
• Recycling your car saves energy and natural resources.

Existing-Home Sales Down in September but Prices Rise

some interesting national real estate info, yet the market can be different locally...

from realtor.com  

After hitting the highest level in nearly four years, existing-home sales declined in September, but limited inventory conditions continued to pressure home prices in much of the country, according to the National Association of Realtors.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.9 percent to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August, but are 10.7 percent above the 4.78 million-unit pace in September 2012. Sales have remained above year-ago levels for the past 27 months.

Lawrence Yun, NAR chief economist, said a decline was expected. “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” he said. “Expected rising mortgage interest rates will further lower affordability in upcoming months.  Next month we may see some delays associated with the government shutdown.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.49 percent in September from 4.46 percent in August, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.47 percent in September 2012.

The national median existing-home price² for all housing types was $199,200 in September, up 11.7 percent from September 2012. This is the 10th consecutive month of double-digit year-over-year increases.

Distressed homes³ – foreclosures and short sales – accounted for 14 percent of September sales, up from 12 percent in August, which was the lowest share since monthly tracking began in October 2008; they were 24 percent in September 2012. Lower levels in the share of distressed sales account for some of the growth in median price.

Nine percent of September sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in September, while short sales were discounted 12 percent.

Data from realtor.com,⁴ NAR’s listing site, show some of the strongest increases in listing price from a year ago are in the Detroit area, up 44.6 percent; Las Vegas, up 30.7 percent; and Sacramento, up 28.9 percent.

Total housing inventory at the end of September was unchanged at 2.21 million existing homes available for sale, which represents a 5.0-month supply⁵ at the current sales pace, compared with a 4.9-month supply in August. Unsold inventory is 1.8 percent above a year ago, when there was a 5.4-month supply.

NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif., said there are far-ranging consequences from the repeating stalemates in Washington. “Just one impact of the recent government shutdown – delays in tax transcripts needed for approval of mortgage loans – put a monkey wrench in the transaction process and could negatively impact sales closings in next month’s report,” he said.

Thomas said flood insurance also is a concern. “Realtors® report that approximately 10 percent of transactions in September were located in flood zones, and that nearly one out of 10 of those transactions were delayed or canceled due to concerns over rising insurance rates.”  Notably higher flood insurance rates went into effect on October 1, and could impact future sales in flood zones.

The median time on market for all homes was 50 days in September, up from 43 days in August, but much faster than the 70 days on market in September 2012. Short sales were on the market for a median of 93 days, while foreclosures typically sold in 43 days, and non-distressed homes took 49 days. Thirty-nine percent of homes sold in September were on the market for less than a month.

First-time buyers accounted for 28 percent of purchases in September, unchanged from August, but down from 32 percent in September 2012.

All-cash sales comprised 33 percent of transactions in September, up from 32 percent in August, and 28 percent in September 2012. Individual investors, who account for many cash sales, purchased 19 percent of homes in September, up from 17 percent in August, and 18 percent in September 2012. Last month, 74 percent of investors paid cash.

Single-family home sales slipped 1.5 percent to a seasonally adjusted annual rate of 4.68 million in September from 4.75 million in August, but are 10.9 percent above the 4.22 million-unit pace in September 2012. The median existing single-family home price was $199,300 in September, which is 11.4 percent higher than a year ago.
Existing condominium and co-op sales fell 4.7 percent to an annual rate of 610,000 units in September from 640,000 in August, but are 8.9 percent above the 560,000-unit level a year ago. The median existing condo price was $198,600 in September, up 14.2 percent from September 2012.

Regionally, existing-home sales in the Northeast declined 2.8 percent to an annual rate of 690,000 in September, but are 15.0 percent above September 2012. The median price in the Northeast was $240,900, up 2.3 percent from a year ago.

Existing-home sales in the Midwest fell 5.3 percent in September to a pace of 1.25 million, but are 12.6 percent higher than a year ago. The median price in the Midwest was $158,400, which is 9.0 percent above September 2012.

In the South, existing-home sales declined 1.4 percent to an annual level of 2.10 million in September, but are 9.9 percent above September 2012. The median price in the South was $171,600, up 13.9 percent from a year ago.

Existing-home sales in the West rose 1.6 percent to a pace of 1.25 million in September, and are 7.8 percent higher than a year ago. With ongoing inventory restrictions, the median price in the West rose to $286,300, which is 16.8 percent above September 2012.

The 100 Largest Landowners in the USA

Click Here for the 100 Largest Landowners in the USA

Colorado home to some of the nation's largest landholders

interesting article from the DP...

By Aldo Svaldi
The Denver Post
POSTED:   10/04/2013

John Malone passed Ted Turner in 2011 as the country's largest landowner. But he isn't the only Coloradan who has amassed hundreds of thousands of acres.

"Colorado has a vibrant tradition of private landownership and stewardship," said Eric O'Keefe, editor-in-chief of the Dallas-based Land Report, which this week released its annual list of the 100 largest U.S. landowners.

Spanish land grants allowed for the development of unusually large private holdings in such states as New Mexico and Colorado, and those have passed down through the years, O'Keefe said.

Malone, who made his money in the cable-TV business, has amassed 2.2 million acres. Earlier this year, he went international, purchasing the Humewood Castle in Ireland.

Stan Kroenke, owner of the Denver Nuggets and Colorado Avalanche, holds 848,571 acres in Wyoming and Montana, enough to rank him as the nation's eighth- largest landowner.

Phil Anschutz, the state's wealthiest resident after satellite magnate Charlie Ergen, holds 434,500 acres, which ranks 16th.

Patrick Broe at No. 22 holds 317,677 acres, the bulk of it within the Great Western Ranch in New Mexico, a fixer-upper he elevated to one of that state's premier ranches.

And there is Louis Moore Bacon, a hedge-fund manager who owns 215,990 acres, making him the nation's 43rd- largest landowner.

Also on the list are the older holdings of the Booth and Linnebur families, each on different sides of the continental divide. They rank No. 84 and No. 95 respectively.

Fix and Flip buys for $322,000 sells for $510,000. Call me to find them...

Interesting October/November Lending Notes

a few interesting snippets from a local lender newsletter....

JPMORAN GETS WACKED

 

“JPMorgan has agreed to pay $5.1 billion to Fannie Mae and Freddie Mac to resolve claims stemming from the housing bubble, federal housing regulators announced Friday. The bank has also been in talks with the Justice Department and other government officials over another potential settlement based on similar claims. That settlement will likely be even more expensive for the bank.” (cnnfn.com)

FEARS OF RISING MORTGAGE FRAUD

As mortgage applications for refinance transactions decline, purchase applications are on the rise; and so is the fear of mortgage fraud.

“With the implementation of the Consumer Financial Protection Bureau’s (CFPB) ability-to-repay standards for the Qualified Mortgage (QM) rule and a focus by underwriters on ensuring the proper income is available to support mortgage payments, falsely claiming the required income to support the loan application could become a bigger problem in the future, CoreLogic said.” (housingwire.com)

Strict underwriting guidelines and tougher regulation will make loan approvals more difficult to come by. This will lead to some loan originators and borrowers to do anything possible to approve loans leading to the increased likelihood of loan fraud.

MORTGAGE LENDING ABOUT TO GET TIGHTER

Dodd-Frank’s ability to repay rules (Qualified Mortgage / QM) hits the mortgage industry in January of 2014. The new rules change how fees to the consumer are calculated and regulated. Once again, on the surface, these changes look promising to the consumer, but will likely prove disastrous in some markets; particularly lower income. 

“The ability-to-repay rule in its current form, calculates points and fees by including fees paid to affiliated title companies, salaries to loan-paid originators, insurance and taxes held in escrow, loan-level pricing adjustments and payments by lenders to correspondent banks, credit unions and mortgage brokers dealing in wholesale transactions, the National Association of Federal Credit Unions warns in a letter to Congress.” (housingwire.com)

Due to the new rules, most lenders will be unable, or unwilling to make loans for lower income housing under the new rules.

20% OF LOANS ORIGINATED TODAY WILL FAIL QM IN 2014

The biggest question that the mortgage industry currently faces is how will the Qualified Mortgage rules impact loan originations going forward. A recent study conducted by a mortgage compliance company found that 1 in 5 of all mortgages that are currently being originated will not meet the Qualified Mortgage (QM) standards that go into effect in January of 2014. According to the study, more than 50% would have fees in excess of the 3% threshold, and the rest violate APR maximums. Lenders will not likely just lower fees in order to originate these loans; they will simply not do them. The massive financial burden the new regulations place on lenders just to stay compliant is forcing the cost to originate a loan up. Some estimates as much as 15%. No, lenders are not going to be lowering fees. The cost of doing business is going up, and the consumer is ultimately going to pay.

Colorado Real Estate Trivia: October Answer.

The highest paved road in North America is the Road to Mt. Evans off of I-70 from Idaho Springs. The Road climbs up to 14,258 Ft. above sea level.

Fictional Homes, What are they Worth? Ghostbusters' FireHouse, Sponge Bob Square Pant's Pineapple, Yoda's Hut

Funny Real Estate to Consider from MSN.com

 

Ghostbusters' firehouse 

Value: $15.7 million

 

Manhattan real estate was cheaper in the 1980s, and paranormal activity in the borough wasn't helping sellers get the best prices. But what would it cost you to buy a "Ghostbusters"-style headquarters today?

Movoto content editor Randy Nelson notes that a character in the 1984 film says the firehouse that serves as the team's headquarters is 9,622.55 square feet. Based on comparable properties in the area, that space would sell for about $1,630 per square foot today.

Movoto estimates that the $15.7 million price tag for the property would buy you about 643 tons of marshmallows -- plenty to recreate the movie's gooey finale.

 

for Sponge Bob Square Pant's Pineapple, Yoda's Hut, & other Fictional Homes and their worth go to 10 Fictional Homes, What are they Worth?

Average US rate on 30-year mortgage at 4.13 pct

good news for buyers this week from Denver Post....

WASHINGTON—Average U.S. rates on fixed mortgages dropped this week to their lowest levels in four months, a positive sign for the housing recovery.
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 4.13 percent. That's down from 4.28 percent. The average on the 15-year fixed loan declined to 3.24 percent from 3.33 percent.
Both averages are the lowest since June 20.

Mortgage rates have been falling since September, when the Federal Reserve held off slowing its $85-billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates.   And a slowdown in hiring in September makes it more likely that the Fed will continue its stimulus into next year.   Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.50 percent Wednesday, down sharply from 2.61 percent last Thursday. To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.   The average fee for a 30-year mortgage ticked up to 0.8 point from 0.7 point. The fee for a 15-year loan declined to 0.6 point from 0.7 point.   The average rate on a one-year adjustable-rate mortgage fell to 2.60 percent from 2.63 percent. The fee rose to 0.5 point from 0.4 point. The average rate on a five-year adjustable mortgage dropped to 3.00 percent from 3.07 percent. The fee was unchanged at 0.4.

Cut Your Electric Bills Painlessly

from realtor.com...

 

A few simple tricks can save you a bundle

By Burt Ramone

 

When Mom told you to turn out the lights, she was thinking of saving energy dollars, not rolling blackouts and bankrupt utility companies. Rarely have Moms words of wisdom been as fitting as they are now and not just in California. Electricity rates are going up everywhere.

Besides switching off lights, there are several other painless methods to conserve energy and save money on your electric bills.

Plug ins

• Look for those electronic devices, especially those with digital time and date displays that are infrequently used such as alarm clocks, TVs and VCRs in a guest room and unplug them.
• Unplug devices used to recharge electronics/batteries when they're not being used.
• Transformers consume energy. Consider unplugging devices like calculators that are not in use.

 

Appliances

• Wait until you can fill up your dishwasher before running it. And if you have a heated-dry option, switch it off. Prop open the door a bit after the cycle to air dry your load.
• If you have an electric cooktop, turn the burners off a few minutes before the allotted cooking time. The heating element will stay hot long enough to finish the cooking without using more electricity.

 

Refrigerators

• Refrigerators use more power than any other appliance in the home and deserve special attention. Although rushing out to buy a new refrigerator may not be in your budget, it is important to know that new models are more efficient and use as little as half the electricity of older units.
• Full refrigerators run more efficiently than ones that are only partially full. So buy more food and save some energy.
• If you have two refrigerators, or an additional freezer, decide if the extra expense is really worth it. Cram as much as you can into your primary refrigerator or consider disposing of two older refrigerators and replacing them with one larger, newer and more efficient model.
• Make sure the refrigerator door seals are tight. Test them by closing the door over a piece of paper or a dollar bill so it is half in and half out of the refrigerator. If you can pull the paper or bill out easily, the latch may need adjustment or the seal may need replacing.
• Place food and liquids in airtight containers. Uncovered foods release moisture and make the compressor work harder.
• Move the refrigerator away from the wall and vacuum its condenser coils yearly unless you have a no-clean condenser model. Refrigerators will run for shorter periods with clean coils.
• Maintain a consistent temperature in the refrigerator and freezer. Recommended temperatures are 37 to 40F for the fresh food compartment of the refrigerator and 5F for the freezer section. If you have a separate freezer for long-term storage, it should be kept at 0F.

Lighting

• Its obvious, but true: Turn off lights that are not being used. Consider installing timers or photo cells on some lights. And instead of constantly nagging the kids, try occupancy sensors that turn on and off automatically when someone enters or leaves a room.
• Rather than brightly lighting an entire room, focus the light where you need it. For example, use fluorescent under-cabinet lighting for kitchen sinks and countertops
• Consider dimmer switches and three-way lamps. These provide low light levels when bright lights are not necessary.
• Use linear fluorescent and energy-efficient compact fluorescent lamps (CFLs) in fixtures throughout your home to provide high-quality and high-efficiency lighting. Fluorescent lamps are much more efficient than incandescent bulbs and last six to ten times longer. Although fluorescent and compact fluorescent lamps are more expensive than incandescent bulbs, they pay for themselves by saving energy over their lifetime.

Buying a Home in the Winter

another good article from realtor.com

Spring and summer are the high season for home sales, but winter can be a buyer’s market. If you don’t mind a smaller pool of homes for sale or moving around the holidays, winter might be a good time for you to house shop.

Less Competition, More Leverage
Since spring and summer are the most active real estate seasons, many home sellers wait until then to list their homes. That means there are fewer homes for sale in the winter, but the sellers often have strong reasons to sell their homes soon, such as job relocation. These motivated sellers can be a boon to the home buyer.
While there are fewer homes to choose among, the smaller selection can save you a lot of time. Do you really want to traipse through 50 houses? It may be simpler to view the handful of homes for sale in the winter and choose the one that best suits your needs.
Just as there are fewer homes for sale during the winter, there are fewer buyers, too. That means less competition and sellers who are more willing to accommodate potential buyers. Use this knowledge to your advantage. Offer a relatively low (but not insultingly low) bid for the home you’ve selected, or ask for perks such as the living room furniture or the chandelier that you admire. The low number of potential buyers also means you have more time to make your decision. In the spring, you often need to choose a home and act quickly, but in winter you may be able to take your time.

Assessing a Home’s Winter Fitness
Viewing homes in the winter lets you see how it holds up to the weather. Did you feel cold while looking through the house? Is there a functioning heating system and hot water? Are the windows letting in drafts?

Availability of Agents and Others
Another advantage of buying a home in the off-season is the greater availability of industry professionals. Real estate agents will have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders even waive fees during the off-season to encourage borrowers to use their services. Likewise, movers tend to lower their costs during the winter months.

Gray Gardens or Winter Wonderland?
Home buyers can be turned off by the bleak look of prospective homes in winter. Bare trees and lawns covered in gray snow aren’t the most picturesque. However, you’ll be able to see how well neighbors tend driveways and sidewalks, whether the town plows or salts icy streets, and whether kids come out to play in the snow. Around the holidays, you might even see the neighborhood decorated in its winter finest.

Your Home’s First Price Should Be Its Best Price

good article from realtor.com...

If you’re putting your home on the market, especially if you live in an area where prices are going up and buyers are competing for homes, you may be tempted to try listing it at a high price just to see if you can get it.
Don’t do it.
Experienced Realtors will tell you that pricing your home appropriately from the beginning is critical to getting it sold quickly and at the best price. Research shows that overpricing your home and then dropping the price several times while it languishes on the market usually leads to selling it at a much lower price than what you originally should have asked for it. The longer a home stays on the market, the deeper the discount is likely to be off the original price.
For example, according to McEnearney Associates, a McLean, VA, real estate company, homes that sold in August 2013 within their first week on the market sold for an average of 2.08 percent above list price. Homes that lingered on the market for four months sold for an average of 11.53 percent below their original price.

How to price your home correctly

Many homeowners want to set their list price based on what they paid for their home, the balance of their mortgage, or on the profit they want to make so they can move into another home. In reality, your home is worth only what the market will bear. If you price your home too high, some potential buyers won’t want to look at it at all, while others will simply walk away without making an offer.
If you’re interviewing several Realtors to choose a listing agent, you may be tempted to pick the sales professional who suggests the highest price for your property. But sellers, like buyers, need to beware. The Realtor who provides the best comparative market analysis and explanation of how your home should be priced will be more likely to sell your home quicker and for a higher price than someone who tells you only what you want to hear.
A comparative market analysis should include sales prices for similar nearby homes that sold in the last month or two. In addition, many Realtors include prices for homes currently on the market that will be your competition, as well as homes taken off the market because they didn’t sell. Other data Realtors can use to suggest a price range include how many days homes were on the market at various price points and the average difference between the list prices and sale prices on homes that have sold.
Your Realtor can help you estimate who might want to buy your house and what else those buyers are looking at so you can measure your price against the competition.
A knowledgeable Realtor can factor in all of these issues in the context of your local market conditions, including whether home prices are rising or falling and whether it’s a buyer’s or seller’s market.
Choose the right professional to help you with your home sale and then listen to your Realtor’s advice and your transaction is more likely to go through quickly and smoothly from the beginning.