Joe & Lynn Schnurr's Blog

Top 10 Cities for Moves...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Wed, 07 Mar 2012 08:20:02 -0800

Daily Real Estate News | Wednesday, February 15, 2012

More people are flocking to the South, according to a list from Penske Truck Rental on the top moving destinations from last year.

Atlanta once again tops the list, which was compiled through online consumer truck rental reservations by Penske from 2011.

“As this list indicates, U.S. residents continue migrating primarily toward warm weather areas,” says Don Mikes, Penske’s vice president of rental.

Here are the top places the company says people are moving to:

Atlanta
2. Phoenix
3. Orlando, Fla.
4. Dallas/Fort Worth
5. Chicago
6. Houston
7. Denver
8. Seattle
9. Sarasota, Fla.
10. Charlotte, N.C.

Source: Penske Truck Rentals

Reminder: 3.8% Tax Is Not a Transfer Tax on Real Estate!

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Wed, 07 Mar 2012 06:50:49 -0800

Daily Real Estate News | Wednesday, February 15, 2012

Tax time is nearing and once more rumors are circulating on the Internet and by e-mail that the health care reform law enacted two years ago includes a 3.8 percent transfer tax on real estate starting in 2013. That rumor is not true; NAR has material available to you to explain how that 3.8 percent tax works. It’s a tax on a very narrow band of investment income for high-wealth households (those who earn $250,000 in a joint return or $200,000 as an individual) that could come into play on the sale of a house if the sales gain is more than $500,000 for a married couple or $250,000 for an individual.

Even in the unlikely event the sales gain is more than that amount, the tax would only apply based on other considerations having to do with the household’s income and tax situation. The bottom line is that the tax, which was imposed to help shore up Medicare, will hit only some portion of investment income. Download a free brochure on how the tax works. Video and explanatory article.

Source: National Association of REALTORS®

Housing Starts Post Highest Level in 3 Years

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 19 Feb 2012 15:17:44 -0800

Daily Real Estate News | Friday, February 17, 2012

Housing starts rose 1.5 percent in January from December, led by a surge in apartment construction, the Commerce Department reported Thursday.

Housing starts in January reached a seasonally annual rate of 699,000 units, reaching its highest level since October 2008.

The main reason for the January increase was due to a 14.4 percent rise in groundbreaking on rental properties or buildings with five units or more.

However, while multifamily units saw a rise in January, the construction of single-family homes had a modest drop of 1 percent for the month. The January decrease follows a strong 12 percent gain in single-family construction in December.

While single-family home construction has made strides over the last few months, construction still remains low and is at about half the rate that is considered healthy for the sector.

Still, more builders are feeling encouraged about the signs of a gradual recovery in the new-home market. Building permits in January, a future gauge to construction, ticked up 0.7 percent. Also, a recent index showed that builder sentiment was at its highest level in nearly five years.

Source: “Single-Family Homes Cool off After December Jump; Apartments Rebound as Starts Rise 1.5%,” Associated Press (Feb. 16, 2012) and “Housing Starts Climb More Than Expected in January,” Reuters (Feb. 16, 2012)

Housing Affordability Reaches New Records

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 19 Feb 2012 15:11:56 -0800

Daily Real Estate News | Friday, February 17, 2012

Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

"While today's report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels," says Barry Rutenberg, chairman of the National Association of Home Builders.

Most Affordable Cities

According to the index, the most affordable major housing market was Youngstown-Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.

Other top affordable housing markets include: Lakeland-Winter Haven, Fla.; Modesto, Calif.; Harrisburg-Carlisle, Pa.; and Toledo, Ohio.

Least Affordable Cities

However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York-White Plains-Wayne, N.Y.-N.J., in which 29 percent of all homes sold were affordable to those earning the area's media income of $67,400.

Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco-San Mateo-Redwood City, Calif.; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale, Calif.

Housing Can Be 'Key Engine of Job Growth'

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Wed, 12 Oct 2011 10:41:55 -0700

Housing Can Be 'Key Engine of Job Growth'

Daily Real Estate News | Thursday, October 06, 2011

The National Association of Home Builders is stressing the need for policymakers to remove anti-housing barriers that they say are preventing a housing market recovery. After all, NAHB says, housing can be the answer policymakers have been searching for in boosting jobs and economic recovery.

The housing industry can be the “key engine of job growth” the country needs, says Bob Nielsen, chairman of the National Association of Home Builders.Nielsen says that constructing just 100 single-family homes can generate more than 300 jobs and $8.9 million in taxes and revenue for state, local, and federal governments.

Yet, Nielsen says the government keeps placing stringent policies that are preventing the housing market from recovering and that are dampening demand and reducing Americans ability to purchase a home, from the tightening of credit and possible stricter down payment qualifications to reducing the conforming loan limit on Oct. 1.

One of the main hurdles home builders are facing is obtaining credit from banks so they can begin working on new homes. The tightening of credit has brought new-home construction practically to a standstill in many parts of the country.

Since April 2006, more than 1.4 million residential construction jobs have been lost, according to NAHB. “Yet there is demand for housing in markets that are on the mend," says Nielsen. "Home builders have plenty of shovel-ready jobs set to go but they can't keep their doors open and create jobs in their communities if federal regulators continue to shut off the credit spigot."

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Existing-Home Sales Rise in Most States in First Quarter; Metro Area Prices Mixed

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Thu, 12 May 2011 09:35:36 -0700

Existing-Home Sales Rise in Most States in First Quarter; Metro Area Prices Mixed

Washington, DC, May 10, 2011

Existing-home sales continued to recover in the first quarter with gains recorded in 49 states and the District of Columbia, while 22 percent of the available metropolitan areas saw prices rise from a year ago, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condo, rose 8.3 percent to a seasonally adjusted annual rate¹ of 5.14 million in the first quarter from 4.75 million in the fourth quarter, and are only 0.8 percent below a 5.18 million pace during the same period in 2010.

Also in the first quarter, the median existing single-family home price rose in 34 out of 153 metropolitan statistical areas² (MSAs) from the first quarter of 2010, including four with double-digit increases; one was unchanged and 118 areas showed price declines.

Lawrence Yun, NAR chief economist, said home prices are all over the map. "The reading of quarterly price data can be volatile because they are based on the types of homes that are sold during the quarter. When buyers principally purchase distressed properties in a given market, the recorded prices will be very low, which is what we're seeing now in much of the country," he said. "Annual price data provides a better guide about the direction of the market in those areas."

The national median existing single-family home price was $158,700 in the first quarter, down 4.6 percent from $166,400 in the first quarter of 2010. The median is where half sold for more and half sold for less. Distressed homes,³ typically sold at a discount of about 20 percent, accounted for 39 percent of first quarter sales, up from 36 percent a year earlier.

To clarify, Yun said lower priced homes have seen the best sales performance. "The biggest sales increase has been in the lower price ranges, which are popular with investors and cash buyers," he said. "The preponderance of sales activity at the lower end is bringing down the median price, so what we're seeing is the result of a change in the composition of home sales."

Although sales are slightly below a year ago, the volume of homes sold for $100,000 or less in the first quarter was 8.9 percent higher than the first quarter of 2010, creating a downward skew on the overall median price. The share of all-cash home purchases rose to 33 percent in the first quarter from 27 percent in the first quarter of 2010.

Investors accounted for 21 percent of first quarter transactions, up from 18 percent a year ago, while first-time buyers purchased 32 percent of homes, down from 42 percent in the first quarter of 2010 when a tax credit was in place. Repeat buyers accounted for a 47 percent market share in the first quarter, up from 40 percent a year earlier.

"The rising sales trend in nearly all states is a part of the healing process to clear off inventory. Sales need to rise before prices can firm up," Yun added.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said strong sales of distressed homes are exactly what the market needs. "The good news is foreclosures, which account for two-thirds of all distressed homes sold, are selling very quickly," he said. "Short sales still take far too long to get lender approval, but it appears the inventory of distressed property is peaking and will be gradually declining next year. This means the market should slowly return to balance. We are encouraged that recent home buyers are having exceptionally low default rates."

According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged 4.85 percent in the first quarter, up from a record low 4.41 percent in the fourth quarter, but below the 5.00 percent average in the first quarter of 2010.

In the condo sector, metro area condominium and cooperative prices - covering changes in 53 metro areas - showed the national median existing-condo price was $152,900 in the first quarter, down 10.4 percent from the first quarter of 2010. Eleven metros showed increases in the median condo price from a year ago, one was unchanged and 41 areas had declines.

Regionally, existing-home sales in the Northeast increased 0.8 percent in the first quarter to a level of 800,000 but are 7.3 percent below the first quarter of 2010. The median existing single-family home price in the Northeast declined 5.0 percent to $234,100 in the first quarter from a year ago.

Existing-home sales in the Midwest rose 7.9 percent in the first quarter to a pace of 1.09 million but are 5.0 percent below a year ago. The median existing single-family home price in the Midwest fell 5.3 percent to $124,400 in the first quarter from the same period in 2010.

In the South, existing-home sales increased 8.5 percent in the first quarter to an annual rate of 1.96 million and are 2.8 percent higher than the first quarter of 2010. The median existing single-family home price in the South slipped 0.6 percent to $141,800 in the first quarter from a year earlier.

Existing-home sales in the West jumped 13.5 percent in the first quarter to a level of 1.29 million and are 2.1 percent above a year ago. The median existing single-family home price in the West fell 4.7 percent to $197,400 in the first quarter from the first quarter of 2010.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: Data tables for both metro area home prices and state existing-home sales are posted at: www.realtor.org/research/research/metroprice. For areas not covered in the tables, please contact the local association of Realtors®.

There often are differences between NAR's data and locally reported data because of differences in methodology, which may include the geographic coverage area, housing types, and Census benchmarking used in NAR's model. More importantly, there is a parallel between the percentage changes over time that is typically seen even when using different methodologies.

¹The seasonally adjusted annual rate for a particular quarter represents what the total number of actual sales for a year would be if the relative sales pace for that quarter was maintained for four consecutive quarters. Total home sales include single family, townhomes, condominiums and co-operative housing. NAR began tracking the state sales series in 1981.

Seasonally adjusted rates are used in reporting quarterly data to factor out seasonal variations in resale activity. For example, sales volume normally is higher in the summer and relatively light in winter, primarily because of differences in the weather and household buying patterns.

²Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. A list of counties included in MSA definitions is available at: www.census.gov/population/estimates/metro-city/0312msa.txt.

Regional median home prices include rural areas and samples of many smaller metros that are not included in this report; the regional percentage changes do not necessarily parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Quarter-to-quarter comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

NAR began tracking of metropolitan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.

Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report.

³Distressed sales, first-time buyers, investors and all-cash transactions are from a survey for the Realtors® Confidence Index.

Second quarter metro area home price and state resale data will be released August 10 at 10:00 a.m. EDT.

QR Codes - Are You Using them In Your Real estate Business Yet?

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 08 May 2011 11:30:42 -0700

Just curious how many of you are utilizing this relatively new tool in your real estate business?

QR codes for smartphones becoming embedded in advertising - The Denver Post www.denverpost.com

Square, black-and-white barcodes are popping up far and wide. They

A QR Code from one of our listings....

The World Park Campaign

http://www.youtube.com/watch?v=7OCyfV_k2_g&feature=player_detailpage

In Time for Buying Season, Rates Hit Yearly Lows

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 08 May 2011 10:55:46 -0700

Daily Real Estate News | May 6, 2011 | Share In Time for Buying Season, Rates Hit Yearly Lows
The 30-year fixed-rate mortgage, a popular choice among buyers, sank even lower this week, matching its yearly low of 4.71 percent from January, reports Freddie Mac in its weekly mortgage market survey. Last year at this time, the 30-year fixed-rate mortgage averaged 5 percent.

Meanwhile, the 15-year fixed-rate hit a new yearly low of 3.89 percent this week. Last week, the 15-year fixed-rate mortgage averaged 3.97 percent. The 15-year rate averaged 4.36 percent last year at this time. It reached its lowest level on record in November when it averaged 3.57 percent.

The one-year adjustable-rate mortgage averaged 3.14 percent, down from last week's 3.15 percent. Last year at this time, it averaged 4.07 percent.

"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week," says Frank Nothaft, Freddie Mac's chief economist.

Source: "30-Year Fixed-Rate Mortgage Matches Yearly Low of 4.71 Percent," Freddie Mac (May 5, 2011)

Here is a list of the cities with the fewest median days on the market from March: Denver is ranked 3rd

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Mon, 02 May 2011 08:02:36 -0700

Daily Real Estate News | April 27, 2011 | Share

California boasted the highest number of cities where homes tended to spend the shortest amount of time on the market last month, based on March housing data from Realtor.com.

In Oakland, Calif., the average days on the market for listings was 50 in March--the least amount of days for median days on the market for the 146 markets reviewed.

Nationally, the median for homes for days on the market was 160 in March, which is an increase of 40 percent in a year.

Here is a list of the cities with the fewest median days on the market from March:

Oakland, Calif.
Median days on the market: 50
Median list price: $319,000

San Francisco
Median days on the market: 63
Median list price: $639,000

Denver
Median days on the market: 66
Median list price: $259,900

Iowa City, Iowa
Median days on the market: 66
Median list price: $187,500

Los Angeles-Long Beach, Calif.
Median days on the market: 70
Median list price: $345,000

Stockton-Lodi, Calif.
Median days on the market: 70
Median list price: $175,000

Bakersfield, Calif.
Median days on the market: 70
Median list price: $141,500

San Jose, Calif.
Median days on the market: 71
Median list price: $470,000

Anchorage, Alaska
Median days on the market: 71
Median list price: $279,975

Fresno, Calif.
Median days on the market: 71
Median list price: $170,000

Tulsa, Okla.
Median days on the market: 71
Median list price: $147,900

Source: REALTOR® Magazine online (April 27, 2011

Where Do Most People Want to Live?

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Fri, 22 Oct 2010 14:56:05 -0700

No Surprise That Colorado is One of the Top Five Places to Live!

Daily Real Estate News | October 20, 2010 | Share Where Do Most People Want to Live?
If you could live in any state, except the one you live in now, what state would you choose to live in?

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

Source: Harris Interactive (10/19/2010)

10 Markets Most Likely to Appreciate...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 19 Sep 2010 19:40:07 -0700

Daily Real Estate News | September 14, 2010 | Share 10 Markets Most Likely to Appreciate
Forbes magazine turned to real estate research firm Local Market Monitor to figure out which markets have the greatest likelihood of price appreciation because they offer a mix of jobs weighted toward growth industries.

These are the top markets, the research company concludes:

1. Raleigh-Cary, N.C.
2. McAllen-Edinburg-Mission, Texas
3. Austin-Round Rock, Texas
4. Nashville-Davidson-Murfreesboro-Franklin, Tenn.
5. San Antonio, Texas
6. Colorado Springs, Colo.
7. Albuquerque, N.M.
8. Denver-Aurora-Broomfield, Colo.
9. Springfield, Mo.
10. Indianapolis-Carmel, Ind.

Source: Forbes, Francesca Levy (09/13/2010)

It's a Great Time for Housing Deals

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 08 Aug 2010 16:47:06 -0700

Daily Real Estate News | July 26, 2010 | Share

It's a Great Time for Housing Deals

Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.

"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.

With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."

Source: The Wall Street Journal, M.P. McQueen (07/24/2010)

Global Interest in U.S. Homeownership Gains...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 11 Jul 2010 11:38:48 -0700

Daily Real Estate News | July 8, 2010 | Share Global Interest in U.S. Homeownership Gains
International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®' 2010 Profile of International Home Buying Activity. Several factors, including the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery, continue to drive international interest in owning a home in this country.

"While all real estate in the U.S. is local, the same is not true for property owners," said NAR President Vicki Cox Golder, owner of Vicki L. Cox Real Estate in Tucson, Ariz. "The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on REALTORS® to help guide them through the complex process of buying property in the U.S. With expertise, knowledge and experience, REALTORS® have a global perspective."

The survey, released today, covers the period between April 1, 2009, and March 31, 2010. During that time foreign buyers, including those with residency outside the U.S. as well as recent immigrants and temporary visa holders, are estimated to have purchased $66 billion of U.S. residential property, or 7 percent of the residential market.

Slightly more than a quarter of REALTORS®, 28 percent, reported working with at least one international client in the past year. This is a significant increase from the 2009 report, when 23 percent of REALTORS® worked with foreign clients. Eighteen percent of all REALTORS® were estimated to have completed at least one sale, compared to 12 percent last year.

"Several factors have contributed to an increase in international buyer interest in the U.S.," said Golder. "A large majority of REALTORS® report the changes in value to the U.S. dollar have had a strong impact on the international real estate business. In addition, perceptions abroad about trends in the U.S. real estate market have led many international clients to believe purchasing a home in the U.S. is more affordable than in their country and holds more value."

International buyers came from 53 different countries around the world. The top four countries were Canada, Mexico, the U.K. and China/Hong Kong. With 23 percent of international buyers coming from Canada, the country has remained the largest buying group in the past three years. Foreign buyers from Mexico have been steadily increasing. In 2010 Mexico replaced the U.K. as the second largest buying group with 10 percent of buyers. Buyers from the U.K. buyers decreased from 10.5 percent in 2009 to nine percent in 2010. Eight percent of recent buyers came from China/Hong Kong.

Two factors important to international clients when purchasing property in the U.S. are proximity to their home country and the convenience of air transportation. Florida typically attracts European, Canadian and South American buyers while the East Coast draws Europeans. The West Coast brings Asian buyers and the Southwest attracts Mexicans.

International buyers were reported in 39 states in 2010, but a slight majority of the total buyers are concentrated in Florida, California, Arizona and Texas. These four states account for 53 percent of purchases and have remained the top destinations for the past three years, with Florida and California remaining the top two destinations.

The median price paid by international buyers for a home in the U.S. was $219,400, a decrease from 2009's median price of $247,100. However, the median price paid by foreign buyers was significantly higher than the overall median market price, which was $172,500 in 2009. On average, foreign buyers tend to purchase closer to the upper end of the market; 16 percent of the total international purchases were for homes priced at more than $500,000. According to REALTORS®, this was because international buyers are typically looking for a second home.

A majority of international buyers, 66 percent, purchased single-family detached homes. However, more international buyers purchased a condo than did their U.S. counterparts, at 23 percent and 7 percent, respectively. Only 44 percent of international buyers used a mortgage to pay for their home, compared to 92 percent of domestic buyers. Fifty-five percent of foreign buyers paid all cash. REALTORS® reported that a majority of international buyers use all cash because of the difficulty in establishing international credit in the U.S. Over one-third, 34 percent, of potential foreign buyers was unable to complete transactions because of financing problems in the U.S.

Source: NAR

"Denver is the Most Improved U.S. Housing Market"

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sat, 12 Jun 2010 10:46:26 -0700

Real Estate News June 10, 2010, 5:40PM EST text size: T T

Denver is the Most Improved U.S. Housing Market

The housing market in Denver and 20 other markets are showing signs of life, but still a long way from precrash highs

By Venessa Wong

Across the U.S., signs of life are budding in the housing market. This statement will have many people scratching their heads. Yes, more foreclosed homes will enter the market. Yes, job creation has been disappointing, and unemployment hovers at high rates. And yes, more mortgages are going to become delinquent. So what is the good news?

With help from the government's first-time home buyers tax credit, which expired in April, home prices improved slightly. Some metro areas appear to have entered the early phases of the long recovery process. According to CoreLogic, a data company in Santa Ana, Calif., national home prices increased 1.73 percent from March 2009 to March 2010. The next few years will be rocky, but gains on Wall Street during the first quarter and hiring improvements in some areas since January have improved confidence, with a positive effect on housing. Things are not rosy, but several markets are showing modest signs of improvement.

To determine which places experienced the biggest overall improvements, Bloomberg and Businessweek.com ranked the 50 largest metropolitan statistical areas (MSAs), based on first-quarter data from CoreLogic. We emphasized first-quarter home prices, foreclosures, and delinquent loans and also looked at overall home sales, distressed sales, and local unemployment figures from the U.S. Bureau of Labor Statistics.

Strength in San Jose, Boston, St. Louis

The greatest year-on-year price increase in the first quarter, 8.3 percent, occurred in the San Jose area, but it was Denver that ranked as the most improved market overall. Prices in the Denver area jumped 5.8 percent during the first quarter, and unemployment dropped slightly, to 7.8 percent in April from 8.3 percent in January. Boston and St. Louis came in second and third. At the bottom of the list were Las Vegas and Miami, where prices fell 13.1 percent and 7.6 percent, respectively.

Development Research Partners, an economic research firm in Littleton, Colo., expects home sales and prices in the metro Denver area to increase about 5 percent this year, says President Patty Silverstein. Also, an influx of renewable energy companies and the relocation of kidney care giant DaVita's (DVA) headquarters to Denver from California in 2009 are expected to create jobs. In fact, about one in 25 employers in the Denver-Aurora-Broomfield area plans to add jobs in the second quarter, according to the most recent Manpower Employment Outlook Survey.

Other leading private-sector employers in the region include DISH Network (DISH), Liberty Global (LBTYA), Liberty Media (LCAPA), Ball Corp. (BLL) and Newmont Mining (NEM).

"We never went up as fast in terms of value, and we never came down as fast," says Jim Nussbaum, a broker associate for Kentwood Real Estate in Greenwood Village, Colo. "Last year [buyers] were like deer in headlights-they were afraid to move. When the stock market improved, they started to feel better."

Is the Upturn Sustainable?

Sam Khater, a senior economist at CoreLogic, says government subsidies and low interest rates have temporarily boosted demand. A good portion of the gains in home sales this year are due to the federal first-time buyer and repeat buyer tax credits, which expired on Apr. 30, and the large supply of low-priced distressed properties. (A state tax credit program in California will continue to encourage buyers for the rest of the year.) Also, fewer new constructions, moratoriums on foreclosures, and loan modifications over the past year have limited the supply of foreclosed homes on the market.

Government life support has boosted the economy, but "the issue is what happens when you reprivatize the market," he says. In many cases, these programs delayed inevitable foreclosures. "We've got our foot on the gas pedal pressed to the floor, but it's not sustainable."

Brokers expect sales to slow this summer, as a large number of buyers signed contracts before the April deadline for the federal credit. In the Denver area, homes under contract in May dropped by 39.3 percent from April and 27 percent year-on-year, according to data from Metrolist, the real estate Multiple Listing Service (MLS) for the area.

Bids Above Listing Prices

California had six metros on our list of improving markets but remains volatile. Zillow's chief economist, Stan Humphries, says California is now experiencing a boom because its housing market went into recession earlier and it had already experienced tremendous declines in home values. Also, state foreclosure laws do not require court action, so foreclosures can be dealt with efficiently. "You can clear through the foreclosure backlog fairly quickly," he says, so markets can bottom out and start to heal.

C.J. Brasiel, a broker in San Jose, Calif., says that since October, her listings have moved quickly, and she has received bids above the listing price for many homes. Sales activity has improved, but more than 70 percent of Brasiel's listings last year were distressed properties, and about half her sales were foreclosed homes.

If first-time buyers retreat following the expiration of the federal tax credit and banks release foreclosed homes on to the market, increasing supply, Brasiel says prices could drop more than 5 percent in some areas in Santa Clara County this summer, unless there are government interventions to mitigate a flood of shadow inventory. "We'll be bumping along the bottom," she says.

Optimism About Next Year

Despite the projected dips over the next months and years, an end is in sight. An April report on the Fiserv-Case Shiller home price indexes says a prolonged recovery will begin early next year, and some markets are poised for a relatively fast recovery, including those that did not see large price declines, such as Pittsburgh, Columbia, S.C., and metro areas in Texas, Washington state, and upstate New York.

Nationally, Zillow's Humphries expects the market to bottom in the third quarter and be flat for the next three to five years as the market works through foreclosures, shadow inventory, other economic issues.

CoreLogic's Khater sees a need for a correction. "When you adjust for inflation, which until recently was 2 percent to 3 percent a year, then prices should return to roughly 1997 rates," he says. "We're not that far off from late 1990s in terms of wealth and income when adjusting for inflation, so home prices should not be much higher than that."

Rising home prices may be encouraging, but in the long term, they will need to climb out of the recession in step with the rest of the economy-even though many would like to see them race ahead.

Click here to see which markets show the most improved housing markets.

Wong is a lifestyle and real estate reporter for Bloomberg Businessweek.

Post-Tax Credit Buyers May Save Money - The Silver Lining...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 30 May 2010 09:29:31 -0700

Daily Real Estate News | May 27, 2010 | Share Post-Tax Credit Buyers May Save Money

Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.

Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April's average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.

The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.

That's a $1,467 annual savings. Over 30 years, it's a $44,003 savings, dwarfing the tax credit.

Source: Informa Research Services (05/26/2010)

Interest in Owning a Home Remains Strong ...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sat, 17 Apr 2010 08:31:47 -0700

Daily Real Estate News | April 13, 2010 | Share Interest in Owning a Home Remains Strong
Interest in purchasing a home as an investment has more than tripled in the last year, according to a survey released today by Move Inc., which operates Move.com and REALTOR.com.

More than 17 percent of potential home buyers say they plan to purchase a home in the near future as an investment, compared to just 5.6 percent in March 2009, the survey found.

Owning a residence in remains a goal for many more potential buyers:

· 21 percent of consumers report they plan to purchase a home in the next 12 months to five years.

· 7.9 percent plan to purchase in the next two years.

· 49 percent of all home owners would buy another home today if they could sell the one they currently own for what they paid for it.

Of those planning to purchase a home in the near future, 50.7 percent are first-time buyers. About 55 percent of potential first-time buyers are men.

While access to financing is important, many buyers plan to use cash to make real estate purchase:

· 12.3 percent of Americans planning to purchase investment property in the near future say they will pay for the property using 100 percent cash.

· 12.8 percent will use cash for more than 50 percent of the purchase price and finance the rest.

· 49.2 percent say they will buy the property with less than 50 percent cash down and finance the remainder.

Source: Move Inc. (04/13/2010)

Short-Sale Incentives Start April 5th

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Wed, 07 Apr 2010 07:48:13 -0700

Let's hope these incentives help begin to move the "Short Sale Process" forward more quickly!

Short-Sale Incentives Start April 5th

Potential buyers of short-sale homes might consider waiting until April 5th before making a formal offer.

That's the date the federal government will begin offering lenders financial incentives to hasten the process. Under the new rules, banks will seek a BPO before the property is listed for sale and let the sellers know a minimum number they are willing to accept. If the sellers bring a buyer with a good offer, the lender must accept it within 10 days.

Not all sellers are eligible for the program, dubbed the Home Affordable Foreclosure Alternatives (HAFA), but enough are that it is probably worth waiting.

Source: The Wall Street Journal, June Fletcher (03/19/2010)

Denver One Of The Top 10 Best Cities for Borrowers...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sat, 27 Mar 2010 17:41:11 -0700

Daily Real Estate News | March 26, 2010 | Share Top 10 Best Cities for Borrowers
Some cities are better than others for borrowers.

The best cities have the lowest percentage of foreclosures and delinquencies, including a low percentage of bank-owned homes. In most of the cities on this best list, home prices are actually rising.

This kind of solid housing market motivates banks to offer lower rates and better terms.

Here are the 10 cities that Forbes ranks as the best for borrowers:
1. Kansas City, Mo.
2. Houston
3. Dallas
4. Virginia Beach, Va.
5. San Antonio, Texas
6. Boston
7. Pittsburgh
8. Denver
9. Seattle
10. Portland, Ore.

Source: Forbes, Francesca Levy (03/22/2010)

Try Something Different This Week! RockyTreats!

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Fri, 19 Mar 2010 09:08:47 -0700

Are you looking for something different for one of your office meetings or maybe an open house? If you are check out this great new place we found in Highlands Ranch!

http://rockytreats.com/

Awarded as "Best Bites" store by 5280 Magazine

Our mission is to provide the high quality European style crepes, pastries and bakeries.

We are loved by locals and European natives living in our community. Many of them are already addicted to our foods. Once you eat our gourmet foods, your mind will be blown away for sure with big surprises and smiles, 100% guaranteed.

Gourmet Crepes, Bakeries and Pastries

5280 Magazine said that our cream puffs are some of the best sweets in the Denver metro area. Wow your friends, co-workers and family bringing the cream puffs. Our top secret crunchy cream puff crust is the best match with delicious homemade creams. Our signature vanilla been custard cream is made with the best of a kind, Madagascar vanilla beans.

Our baguettes taste good, we make them the way French bakers make, soft inside and crispy outside. That's because we make them with a long fermentation method with high quality ingredients. They are freshly baked. Try other breads too. You will know how good we are.

We'd like to bring diversities into the community. Creperies are everywhere in France. Why not in our community? Crepes are a healthy and tasty food made with milk, butter and flour. Our crepe batter is made fresh everyday with our secret recipe.

Trained at La Palme D'or

You may be impressed to discover that our chef was trained at La Palme D'or, under the guidance of a famous Iron Chef competitor. But the proof, as they say, is "in the pudding" and when you taste one of Rocky Treat's foods, you will realize that the only thing "instant" about it is the instant gratification of your taste buds!

New Headlines

Supporting Bloggers

Hello bloggers. Would you like to write about fresh and exciting things? Come and eat our best bakery foods. You'll know why we are the best. Write your blogs. Eat free.

Freshly Baked Pies for your parties.

You can eat the freshest pies. We'll make to your order, making freshly baked pies. You can amaze your family and friends. Call us 2 hours ahead your pick up time.
303-683-3178

Order your Denver's best cakes.

A good taste is the most important thing to us. All ingredients are natural, no preservatives, no artificial colors and no trans fat.
If you care about the taste, you've come to a right place.
Call us to place your order.
303-683-3178

Essential Maintenance...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 07 Mar 2010 10:51:28 -0800

Essential Heating System Maintenance

Getting your home’s heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control. Read
Save Money With an Insulation Upgrade

Beefing up inadequate insulation is one of the quickest energy-payback projects you can do, resulting in lower heating and cooling bills and increased comfort. Read
Chimney Maintenance for Warmth and Safety

Chimney maintenance and a fireplace inspection can make the difference between warm safety and drafty danger. Read
Cleaning and Caring for Siding

The annual cleaning and repair of your home’s siding will pay off in a long life and increased value. Read
Conduct Your Own Energy Audit

A do-it-yourself energy audit can teach you how to be more energy efficient and make you a more-educated consumer should you decide to hire an expert. Read

Visit houselogic.com for more articles like this.

Buyers Who Wait May Lose a Lot ...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sat, 06 Mar 2010 07:31:06 -0800

Buyers Who Wait May Lose a Lot...

Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don't pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there).

Source: Money Magazine, Beth Braverman (03/02/2010)

It's Getting Easier to Get a Jumbo Loan...

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sat, 06 Mar 2010 07:28:01 -0800

Daily Real Estate News | March 3, 2010 | Share It's Getting Easier to Get a Jumbo Loan
The jumbo loan market is starting to thaw, making it easier for move-up buyers to borrow.

Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn't refinance or get a new loan.

In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.

The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.

Source: Los Angeles Times, E. Scott Reckard (02/28/2010)

Looking For Foreclosures? Don't Wait Too Much Longer!

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 28 Feb 2010 07:28:24 -0800

Daily Real Estate News | February 23, 2010 | Share Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.

Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures.

Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars.

Source: The Wall Street Journal, James R. Hagerty (02/23/2010)

2010: The Year of the First-Time Buyer?

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sat, 20 Feb 2010 05:23:31 -0800

Daily Real Estate News | February 19, 2010 | Share 2010: The Year of the First-Time Buyer?
According to the Chinese calendar, 2010 is the Year of the Tiger. But in real estate, 2010 may come to be known as the "Year of the First-Time Home Buyer."

Mark Zandi, chief economist at Moody's Economy.com, says there will be 1.84 million homes sold to first-time home buyers in 2010, compared with 1.73 million in 2009.

These buyers will invariably make some mistakes that they will come to regret a few years down the road, some experts say, including failing to use a real estate professional to help them manage the transaction.

Real estate professionals have the time and the knowledge to sift through thousands of listings, creating market analyses to judge pricing and other key features, points out Ray Boss Jr., a practitioner with RE/MAX Realty Group in Maryland.

"I would want someone who is going to look out for my interests first and foremost," says Boss. "Someone who knows the contracts, who has experience negotiating, and who can walk me through the entire process smoothly - step by step - and make sure I get the house that's right for me."

Source: U.S. News & World Report, Kimberly Castro (02/18/2010)

Forbes says; 10 Cities Where It's Smarter to Buy

Joe & Lynn Schnurr (Keller Williams Realty Denver/Southlands) — Sun, 24 Jan 2010 10:36:40 -0800

If you've been on the fence about when to buy, it appears the time may be now here in the Denver area!

Daily Real Estate News | January 22, 2010 | Share 10 Cities Where It's Smarter to Buy
For people who want to own a home, the premium to buy-the spread between what they'd spend to rent and what they'd pay for a mortgage-is much lower than the 15-year average in many cities.

To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years.

Here are the top 10 cities the magazine chose as the best places to buy right now.

Boston-Cambridge-Quincy, Mass.
Charlotte-Gastonia-Concord, N.C.-S.C.
Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
Cincinnati-Middletown, Ohio-Ky.-Ind.
Denver-Aurora-Broomfield, Colo
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
Portland-Vancouver-Beaverton, Ore.-Wash.
San Francisco-Oakland-Fremont, Calif.
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Source: Forbes, Francesca Levy (01/21/2010)

Joe & Lynn Schnurr's Blog

Top 10 Cities for Moves...

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Housing Affordability Reaches New Records

Most Affordable Cities

Least Affordable Cities

Housing Can Be 'Key Engine of Job Growth'

Housing Can Be 'Key Engine of Job Growth'

Existing-Home Sales Rise in Most States in First Quarter; Metro Area Prices Mixed

QR Codes - Are You Using them In Your Real estate Business Yet?

In Time for Buying Season, Rates Hit Yearly Lows

Here is a list of the cities with the fewest median days on the market from March: Denver is ranked 3rd

Where Do Most People Want to Live?

10 Markets Most Likely to Appreciate...

It's a Great Time for Housing Deals

Global Interest in U.S. Homeownership Gains...

"Denver is the Most Improved U.S. Housing Market"

Post-Tax Credit Buyers May Save Money - The Silver Lining...

Interest in Owning a Home Remains Strong ...

Short-Sale Incentives Start April 5th

Denver One Of The Top 10 Best Cities for Borrowers...

Try Something Different This Week! RockyTreats!

Essential Maintenance...

Essential Heating System Maintenance

Save Money With an Insulation Upgrade

Chimney Maintenance for Warmth and Safety

Cleaning and Caring for Siding

Conduct Your Own Energy Audit

Buyers Who Wait May Lose a Lot ...

It's Getting Easier to Get a Jumbo Loan...

Looking For Foreclosures? Don't Wait Too Much Longer!

2010: The Year of the First-Time Buyer?

Forbes says; 10 Cities Where It's Smarter to Buy