Shelli Dore’s Real Estate Blog

Archive for February 2009

Yes, home prices in the Denver area dropped 4 percent during the 12-month period that ended in December. But that was the smallest decline of the 20 metropolitan areas tracked in the closely watched S&P/Case-Shiller Home Prices Indices released Tuesday.

Overall, the 20 cities fell by an average 18.5 percent. 

It was the second piece of news in as many days that indicates the local real estate market is bucking a national trend of homes in a free fall, as the nation grapples with the worst housing crisis since the Great Depression.

On Monday, the Colorado Division of Housing reported that state foreclosure filings declined 2 percent in 2008 from 2007, the first drop since the state began tracking foreclosures six years ago. In the metro area, Denver County showed a 21 percent drop in filings.

Foreclosure sales were down even more, falling 16 percent, though many experts think that is largely due to temporary lender moratoriums on foreclosures.

While any decline in prices is "not happy news," the Denver-area housing market should hit the bottom no later than the end of third quarter of this year… Read on!

Your friend in the real estate business,

Shelli Dore

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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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You may have seen news reports about President Obama’s budget proposal that was released today at 9:30 MST. A small section of the sweeping budget plan has the potential to become a major impediment to a recovery in real estate markets across the nation. NAR is 100% opposed to the provision that modifies the Mortgage Interest Deduction and is prepared to use its formidable array of resources against its enactment.

As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will lead to a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.

As you read this NAR is launching a multiphase plan of action to eliminate this provision from the budget plan. In the next 24 hours, NAR will be expressing our concerns directly to President Obama, to all members of the United States House of Representatives and the Senate, placing advertisements in the publications read by Washington, DC decision makers. Additionally, NAR will be forming a coalition with other groups affected by this proposal.

Your friend in the real estate business,

Shelli Dore

Find me on Facebook!
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

 

imageThe son of a butcher, Mozilo co-founded Countrywide in 1969 and built it into the largest mortgage lender in the U.S.  Countrywide wasn’t the first to offer exotic mortgages to borrowers with a questionable ability to repay them. In its all-out embrace of such sales, however, it did legitimize the notion that practically any adult could handle a big fat mortgage. In the wake of the housing bust, which toppled Countrywide and… Oh, there’s more!

Shelli Dore

Find me on Facebook!
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

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If you or someone you know is facing foreclosure, I can help!  You do have options.

I am one of just a few Certified Distressed Property Experts (CDPE) in Colorado. 

The Developers of the Certified Distressed Property Expert Designation (CDPE) believe that in almost all cases the best person for a homeowner in distress to speak with is a well informed Licensed Realtor® that has the tools needed to help that homeowner find the best solution for their situation.

Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without help of any kind.

An Agent who has earned the CDPE Designation has dedicated their time and effort to understanding the issues distressed homeowners are dealing with. The CDPE Professional is an agent who understands the full range of solutions and is ready to help.

While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn’t be, Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.

If you are in a state other than Colorado and need the help of a Realtor who understands the intricacies of a looming foreclosure, be sure to give me a call.  I can help you find the right Realtor.

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Your Certified Distressed Property Expert,

Shelli Dore

Find me on Facebook!
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…Remember! The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first! I can help make sure your friends, family members and work associates are very well taken care of.

From my lender friend Mark Afman
www.MarkAfman.com

CHFA (Colorado Housing and Finance Authority) http://www.chfainfo.com/ has been working hard to make their program more competitive. This includes dropping some of their programs altogether. They are now going to combine their 2 main programs to benefit more buyers. This program will be called the CHFA Home Opener.

As of March 2nd, this program will be for 1st timers and non 1st time buyers alike.

There will be no purchase limits.

The income limits are higher then before by a little bit but most importantly, the rates will be more competitive.

The down side of this is that the old “silent 2nd” for the down payment is gone. Now CHFA will still provide a 2nd in the amount of 3% of the 1st mortgage loan amount but buyer’s will have to pay a monthly interest payment equal to the interest of the 1st mortgage.

So if the rate on the first is 6% then that is the rate on the 2nd as well. The 2nd will be a 30 year fixed mortgage just like the 1st. This adds very little to the debt ratio. For example on a $150,000 loan, the 2nd would be $4,500 and at 6% the payment would only add $27.00 to the overall debt ratio. Read on…

Denver is ranked 6th in the 10 best US housing markets.

Matt Woolsey, 02.24.09, 11:50 AM EST

The cities that are showing signs of stabilization and those that continue to unravel. Wishing you’d left the game earlier is a time-honored Las Vegas tradition. Today, that’s true not only for gamblers but for homeowners there. The last time Las Vegas properties were worth more than the average mortgage? Blame overbuilding and risky loans, a gambling mentality or… Oh, there’s  more!

Now is a great time to buy!

Your friend in real estate,

Shelli Dore
Find me on Facebook!
Connect with me on LinkedIn!

…Remember!  The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first!  I can help make sure your friends, family members and work associates are very well taken care of.

Don’t miss these top stories:

LAS VEGAS — People who attended the International Builders’ Show when it was held here several years ago remember how crowded it was on the show floor or how long it took to get a cab. With the industry… More Info

Your friend in the Real Estate business,

Shelli Dore

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…Remember!  The next time you are in a conversation with someone who is thinking about a move – IN ANY CITY OR STATE IN THE US OR CANADA – call me first!  I can help make sure your friends, family members and work associates are very well taken care of.


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