real estate: Everyone wants to change compensation plans! - 05/11/07 10:41 AM
So one of my favorite hobbies is watching all of the people who don't really know or understand what the problem is or if there even is one. Just a moment ago I read a headline on Inman that seemed to suggest that mortgage brokers need to find a new way to be compensated; Time to change how loan brokers are compensated, and of course 60 Minutes will air a report this Sunday night on how real estate agents are compensated and I'm certain they will focus on all the negative and bad things that are found when paying someone a … (0 comments)

real estate: Foreclosures and Sub-Prime lending - 04/24/07 06:54 PM
I've written in the past here and elsewhere that one potential answer to a large foreclosure issue is decreasing the availability of sub-prime loans by making borrowers qualify at a higher rate than the teaser. One way to do that?  Inman news reported that another sub-prime based lender closed up shop - http://www.inman.com/hstory.aspx?ID=62950 - and that is one sure fire way to stop the sub-prime lending, close down the lenders!
Let me be perfectly clear; I am not for closing down businesses and laying off over 300 workers in the process. I think sub-prime loans offer a chance for some people to own property … (0 comments)

real estate: Licensure for Mortgage Brokers in Colorado could become a reality - 03/20/07 11:53 AM
Senate Bill 203, Mortgage Broker licensing, is making its way around the Colorado state Capital.  This bill, which carries a list of prohibited activities, licensing requirements for mortgage brokers and some education (wow, educate those who educate the consumers..............novel) remains a bit of a mystery to almost everyone, including me (and I just read it). Even the Colorado Mortgage Lenders Association(CMLA) doesn't have a position on the bill because it has been reworked so many times!
While on one hand it is good to require the licensing of mortgage professionals, I am unclear why bankers seem to be removed from the act? Again, leaving a large group … (2 comments)

real estate: SubPrime Lender stops funding loans. - 03/09/07 03:27 AM
So way back in 2002 was the first time I started to get a sense that subprime lending might have some challenges ahead. First I had a client who was forced to go subprime, and then a report was written by a non-profit consumer advocacy group, the Center for Community Change, starting me on my path of "paying attention" to what was going on in the industry.
A CNNMoney.com article on that report is available online - http://money.cnn.com/2002/05/01/pf/banking/subprime/
The report and my client tumultuous transaction led me to believe that subprime lending might be helping to fuel some of the record real estate … (0 comments)

real estate: When does Green building equal $1 Billion dollars? - 03/05/07 08:27 AM
When it's in Vail, of course.  Today Vail Resorts announced plans to build what they call the largest Green resort village in North America.
Where will they find the land, you ask? Why, West Vail.......errrr......Ever Vail (as the new resort area will be dubbed) of course. Ever Vail will be 1 Million square feet, of which somewhere around 650,000 square feet will be residential, 100,000 square feet retail of office space (which should include restaurants) and a new parking grage and a new park (maybe you will need to park in the parking garage to get to the park!). Ever Vail will … (0 comments)

real estate: Freddie Mac takes first Secondary Market stand agains Subprime lending - 03/01/07 06:19 AM
This week Freddie Mac announced that it will no longer purchase common subprime mortgages, becoming the first major secondary market player to stop putting subprime into its portfolio. The announcement this week should be no surprise to those who follow Freddie's anti-predatory lending practices. Freddie has been at the forefront of this for some time.
Freddie Mac will still purchase subprime Adjustable Rate Mortgages (ARM's) and securities backed by these loans where the home buyers are qualified at the fully-indexed and fully-amortized rates. Freddie Mac, the secondary mortgage purchaser created by Congress in 1970, hopes that by limiting the purchase to only these types of … (0 comments)

real estate: Rocky Mountain Regional Conference information - 02/22/07 06:30 AM
The good folks on the CAR event staff have gotten all the presentation materials uploaded onto their website for you to download if desired. I've seen many of these, and while there is good information there sometimes the presentation is valuable as well, and you may have missed that.
Follow the link below to see the materials, and I may comment on them over the next few days as I go back and review them again.
http://coloradorealtors.com/car_events_main.asp?section=&module_id=497
That link should take you directly to the CAR web site page with the materials.
(0 comments)

real estate: REALTORS® for Education grant program launched in Colorado - 02/08/07 06:21 AM
The Colorado Association of REALTORS® and Van Education Center (VanEd.com) have launched a combined effort aimed at assisting Colorado's classroom teachers. The REALTORS® for Education Foundation is a non-profit program designed at making direct grant donations to classroom teachers in need of funds to run classroom programs.
A recent study showed that the average schoolteacher spent over $450 of their own money each year purchasing items to be used in the classroom for the benefit of Colorado's school children. VanEd and CAR hope that by offering grants the state's REALTOR® and Real Estate Education organizations can both offset the expenses that … (1 comments)

real estate: Foreclosure Warnings still in the air - 01/26/07 10:10 AM
In reading through the current influx of daily email news items, I'm struck by a couple of recent ones that might indicate that perhaps some of the foreclosure market is still waiting to show up on our doorstep.
Realtor Magazine online posted "Trouble Ahead for Subprime Borrowers" which has a focus on the ARM market for these loans and the catch 22 that they borrowers will find themsleves, if they haven't already lost their homes. The numbers in the article are a staggering 2.2 Million households in the subprime market, with a cost to homeowners of over $164 Billion dollars.
An article in Business … (2 comments)

real estate: Will a Foreclosure Task Force help? - 01/22/07 08:31 AM
With the announcement last week of a major Foreclosure Task Force created by the Denver City Council, the question is Will it help?
The task force has been created to try to find some solutions to problems such as abandoned property and quality of life. My presumption would be that the best solution to the after-effects of a foreclosure would be the quick turn around of the property? Wouldn't the best scenario after the fact be to re-sell the property as quickly as possible and thus get new, vested owners back into the home?
In reading through the list of task force members … (0 comments)

real estate: Real Estate Bubble - Where Flat means Down! - 01/13/07 10:00 AM
Some recent article headlines from various sources;
Home Sales to Rise Gradually into 2008A steady improvement in existing-home sales will support price appreciation moving forward, says NAR Chief Economist David Lereah.
Mortgage Applications Climb SharplyRequests for purchase loans were up 16.2 percent and refinancing applications rose 17.3 percent, according to Mortgage Bankers Association data.
JOBS REPORT STRONG; MORTGAGE RATES IDLE
 
So I read these articles and the posts and all the news media coverage and I have come to a few conclusions. First off, I believe that 2007 will be strong for those who have a niche or a steady market base. For those who … (0 comments)

real estate: Just another way to committ Mortgage Fraud - Air Loans - 01/08/07 06:41 AM
RISMedia just posted an article that says that what the FBI calls "Air Loans" are the Ultimate Mortgage Fraud. You can check out the article using this link;
http://www.rismedia.com/wp/2007-01-07/fbi-names-air-loans-as-type-of-mortgage-fraud/
Here is how it works; the perpetrator creates a non-existent buyer OR steals the identity of a real person and uses them as the borrower. Then they forge W-2's or 1099's and all the required documentation; drivers license, social security card, birth certificate and tax records and supply that to the lender. Fake pay stubs can also be created very easily.
To more easily facilitate the fraud, the con artist will create a phony title company … (0 comments)

real estate: Colorado Governor-elect Ritter tabs Rico Munn to head Department of Regulatory Agencies - 01/04/07 03:51 PM
The Denver Business Journal reported that Governor-Elect Bill Ritter recently announced that Rico Munn was his appointment as the Executive Director for the Department of Regulator Agencies in Colorado. Mr. Munn takes over as the head of DORA at a time when the Division of Real Estate is in the middle of a Sunset review. You can view the DBJ article by following this link;
                http://denver.bizjournals.com/denver/stories/2007/01/01/daily9.html
This appointment may have influence over education and licensure matters in Colorado for Real Estate brokers, Appraisers and Mortgage Brokers, who were required to register for the first time this January 1st in Colorado.
Mr. Munn is currently on … (1 comments)

real estate: Do real estate agents plan ahead? - 12/12/06 02:38 PM
In an ever changing market full of media hype and lowered economic forecasts, it seems like a good time to talk about planning for the coming year. As I started talking with people in November about business planning and goals for 2007, I realized that there were a couple of articles that might help us out.
First is the worry that rates and the Fed, along with consumer perception, will play a long term roll in determining if there is in fact a modest correction in many market areas or if in fact a pricing slide is and will continue occurring.
You can … (3 comments)

 
J. Markinson (DEC Inc.)

J. Markinson

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