OK, we’ve all heard about the recent July home sales report. Home sales down well over 27% — lowest level in 15 years. Many say it’s the result of the tax credit causing people to buy earlier in the year. What about the fact that low consumer confidence and job openings are making it scary to cross the street much less buy a home? Does anyone really know?
Analysts (whoever they are) describe a “silver lining” in the July home sales report. They state that home values have not dropped despite the home sales drop. Is that a real silver lining? I don’t think so. The drop in sales for July would not impact the price of homes until later in July and August. Let’s wait until September to look at prices then. My uneducated guess is that we’re going to see some price softening even as sales volume starts to come back to a moderate level. Get used to it for awhile. If your an investor be extra diligent in your deal analysis to make sure you buy right. If you’re a real estate agent get cracking on your marketing. If you’re a mortgage broker keep farming that refi list and make hay while the sun shines!
Want to read about the sales report? There is a good article in the Denver Business Journal HERE
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Colorado House Bill 1141 goes into effect today — August 11, 2010. This bill is the state counterpart to the Federal “SAFE” Act, which was enacted “to enhance consumer protection and reduce fraud by encouraging states to establish minimum standards for the licensing and registration of state-licensed mortgage loan originators.”
For real estate investors, the law has a huge impact on the ability to offer owner/seller carry financing. In the past, seller financed transactions were relatively unregulated. That’s no longer the case.More on Seller Finance Law Effective Today – August 11, 2010
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OK, this might not be what you expected but it’s absolutely hilarious because it’s so true to form.
Enjoy!
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The Property Listing section of the site is getting some major attention!!
In the last 5 days we’ve posted 8 properties — mostly wholesale opportunities.
You can check out the postings here: Available Properties
We’re thinking of doing an email posting service to allow you — if you wanted to be on the list — to receive an email about new postings every time a new property is posted.
Please comment below to let us know your thoughts on that concept!
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Colorado’s Governor just signed HB 10-1133 into law, a bill that makes some major amendments to the Colorado Foreclosure Protection Act. If you’re a short sale investor who buys and flips short sales, you need to read this law.
The main target of the bill is the so called “short sale flipper.” If you plan on flipping a short sale property within 14 days of your purchase, the law will require you to inform all parties involved (including the parties’ lenders) about both transactions (including the profit you intend to make). Here’s how the law works:
More on New Colorado Law Curtails Short Sale Flips
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On June 29, 2010 Standard & Poors released its S&P/Case-Shiller Home Price Indices — which is the leading measure of home prices. The report shows a year-over-year price increase across the 20-city composite of 3.8%.
Increases are even higher for Denver. In Denver we saw a 4.4% increase in home prices between April 2009 and April 2010. This increase was Denver’s largest year-over-year price increase in the last six months. While the growth is moderate, it sure beats the steady decreases we saw month after month in 2009.
As far as month-over-month prices, the report showed a .8 percent increase across the 20-city composite from March to April. For Denver the increase was a larger 1.7 percent increase.
How is Denver comparing to other cities? More on Housing Prices Rising?
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