Fannie Mae and Freddie Mac introduced additional steps to the appraisal process effective on May 1st.  Some of the new steps include:

• Appraisers cannot communicate directly with lenders. The appraisal process must involve a third-party, such as an appraisal management company, to act as a go-between for appraisers and other parties, which increases the time to complete the appraisal
  
• Under the old rules appraisers could evaluate just three comparable sold properties. Now, they must also evaluate at least two properties that are currently under contract or are active listings
  
• Under the old rules appraisers could go back up to six months to find the three comparable sold properties. Now, at least two of the sold properties must have been sold in the past 90 days
  
• Appraisers must fill out a "market conditions" report that reviews the market trends over the past 12 months, broken down into the most recent three months, the prior three months, and then the first six months of the period.

With these new rules that are in place, it will take longer to complete appraisal reports due to the greater requirements set on appraisers.  This is according to Cathy Miles of Appraisal Dimensions in Fort Collins. 

Well after about six months, the Larimer County residential market has finally shed its "soft market" persona in the eyes of a number of lenders! While Larimer County was under a soft market classification, mortgage loans were subject to a 5% financing reduction, requiring at least a 10% down payment. In the past months, several lenders were now able to provide programs with 95% financing on conventional with as little as 5% down.  

This is just one of many facts that proves not believe everything you hear on the news! Another one came from my companies June publication of the Insider.  One article compared the return on investment (ROI) between residential property and the major stock indexes since the start of the decade. The chart below shows the returns posted between January 1, 2000, to December 31, 2008, for the three leading stock indexes, and compares those results to gains achieved by residential real estate in Northern Colorado's three largest communities.

In dollar terms, if you invested $100,000 on January 1, 2000 your investment would be worth the following today:

For the Stock Market

• Dow Jones Industrial $80,200
• S&P 500 $64,800
• NASDAQ: $40,100

For the Real Estate Market

• Greeley homes: $114,000
• Loveland homes: $133,000
• Fort Collins homes: $137,000.

Milliken - The "Hub of Northern Colorado", is a fast growing vibrant community in Weld county, which sits six miles east of I-25 on Colorado Highway 60. Milliken offers a pristine quality of life to its residents in a true rural Colorado setting. The Town offers a variety of amenities to residents including beautiful parks and open space, recreational activities, top-notch public services, and local educational convenience with both an elementary and middle school within the community.

Milliken's history started with the settlement of Hillsboro in the 1860's which was the trade center for the immediate area. The town was officially established in 1907 and was named after Judge John D. Milliken, a pioneer lawyer who helped establish the Denver, Laramie and Northwestern railroad.  In the early years, Milliken grew by leaps and bounds, and soon boasted several churches, a school, and thirty businesses including; two lumberyards, a 16 room hotel, a bank, drug store, telephone office, and its own newspaper, The Milliken Mail.

The first of several disastrous fire hit the town in 1911 - destroying three businesses. Subsequent fires coupled with the decline in railroad transport dealt their blows to the community. Many changes have happened in Milliken in the last 20 years. The streets were unpaved even into the early 1980's. The Town continues to grow and still benefits from the land that first drew settlers and developers.  Today Milliken is a growing community, with a population of over 5,700.  The town offers prospective residents the opportunity to choose a home in a variety of master planned communities at a far better value than in many of the surrounding larger cities without sacrificing quality.

Kendall Brook subdivision located three miles north of Highway 34, on the northwest side of Loveland on the northwest corner of North Taft Avenue and West 43rd Street.  Fully developed single family lots are still available in second and third phase.  Price includes water, sewer, gas, electric and cable TV stubbed to each finished lot. The neighborhood has paved streets, curbs, gutters, entry monumentation, landscaping, streetlights and sidewalks.  Other amenities in this subdivision include:

• Tremendous open space
• Soccer field
• 4 Parks with playground equipment
• 1 Park without playground equipment
• City trail system along the Louden Canal
• Excellent views of the Rocky Mountains 
• Professionally managed & landscaped community
• Close to shopping, entertainment and recreation
• Convenient to downtown Loveland and Lake Loveland
• 6 miles south of the City of Fort Collins

Currently, R&R Homes have 5 spec homes to choose from!  Stop by the model home at 4850 Georgetown Drive.  Open Saturday & Sunday from 1:00-5:00 pm.

Or for more information check out our website at:  www.randrnewhomes.com

Building a better home for you & the environment!

• Stunning four bedroom, three bath ranch style home in desirable Kendall Brook subdivision
• Custom tile with granite accents entry
• Tall solid Alder wood interior doors throughout
• Beautiful slab granite countertops in kitchen below a full custom tiled backsplash
• Stainless steel built-in convection oven & microwave PLUS refrigerator are included.
• Open living room with corner accented gas fireplace
• Spacious master suite offering: Patio Access, 5-piece bath with skylight & walk-in closet
• Dedicated dining room with spectacular mountain views
• Finished basement offering full wetbar with dishwasher, microwave & full size refrigerator
• Beautifully landscaped with  fire pit in backyard great for those cool fall evenings

During the 2008 Best Places to Do Business study that was conducted by INC.com - Colorado ranked pretty high!  Our highest ranking city was Grand Junction - coming in at #11 overall and # 9 on the small cities list.  Greeley was ranked 25^th overall (18^th on small cities) which was a huge jump from last year's rank of 64^th.   Fort Collins came in 53^rd overall (31^st on small cities) another huge jump from last year's rank of 141.  These rankings were based on non farm employment, manufacturing, financial services, business and professional services, educational and health services, information, retail and wholesale trade, transportation and utilities, leisure and hospitality, and government.  According to INC.com, the list focuses on short and long term job growth - showing where jobs are being created and to where momentum is shifting - and identifies the best places to locate or expand business.

Below is a chart of how Colorado cities ranked on this 335 city list:

The Northern Colorado area is hold on strong on the national "best of" ranking!  In the recent Money Magazine's 100 Best Places to Live for 2008- Fort Collins was ranked 2^nd This was just one step down from it's 1^st place ranking in 2006.  In the article Money magazine praised Fort Collins for it's bike friendliness, microbreweries and restaurants in Old Town, biosciences and tech companies, employment, Colorado State University, the future downtown solar energy projects, health care and schools.  Another Northern Colorado city that came in at 33^rd was Loveland for it's Valentine Remailing Program, sculptures and Budweiser Event Center.  Other cities in Colorado that were on the list was  Highlands Ranch at 12^th, Westminster at 44^th, Longmont at 50^th.