Here are a couple of Real Estate tidbits....

* the long term mortgage rates have gone up again, the third time in as many weeks. Maybe time to finalize that refi.

* the commercial market seems to be on the mend with leading economists saying that vacancy rates have probably topped out. A good sign to go along with marginally better Consumer Confidence.

Durango Real Estate Market Enjoys Late Fall Sales Hike. Its been a late rush for fall real estate sales in Durango. October sales are almost double what we expected here at Prudential and November is looking strong for pending contracts. Don't pull your property off the market just yet folks!

Its not all bad...take a look at this example of the power of a "Buyer's
Market': Economist Karl Case (of the Case-Shiller home price index)
provided a useful (if not obvious) perspective on just how affordable
houses are these days. In short, Case notes that four years ago, the
monthly payment on a $300,000 house with 20 percent down and a mortgage
rate of 6.6 percent was $1,533. Today that $300,000 house would sell (on
average) for $213,000 and a 30-year fixed-rate mortgage with 20 percent
down would carry a rate of about 4.2 percent and a monthly payment of
$833. What's more, the 20-percent down payment would be knocked down to
$42,600 from $60,000





http://ping.fm/TxKYJ or
970-375-3232

CNN says 'these are the glory days of the residential real estate investor'. Not the one of a few years back, buying and flipping, but the new breed of vulture investor. They buy distressed properties - those in short sales or foreclosures - and hold on to them as rentals. It takes a long term approach which is arguably the way to go...planning no price appreciation for a couple of years but enjoying a strong rental market and good occupancy rates.
I know of a couple multi-family units coming on the market so if this sounds good, let me know!

First time Buyers are stealing equity. Those of us that bought on the mid 2000's...not so much. With the Buyer's market we are experiencing, and the phenominal interest rate, these first timers may not even know, or care, that they are hoarding equity to come. If you have a decent job and can buy your first house....get on with it. I wish I was in a position to buy....course.....I'm one of those that bought at the hight of the market. Sigh.

JD Power & Associates ranks Prudential Real Estate Network #1 in Customer Satisfaction (Seller) for the 2nd time in 3 years. Not bad for our lil globally recognized company, huh?!

Our association meeting was pretty informative this morning. Year over year, residential sales are up in La Plata County 39% from 2009. Of course, most of that volume happened prior to the end of the tax credit. July and August appear to be relatively flat, similar to last year. Still, 50-year lows on interest rates are very attractive as a one-point (%) reduction in interest rates translates to approximately a 10% price reduction. Our Board President rightly pointed out that in 10 years we'll be bragging about the interest rate we got rather than the price we paid on the house. True that! Great day folks!

Our association meeting was pretty informative this morning. Year over year, residential sales are up in La Plata County 39% from 2009. Of course, most of that volume happened prior to the end of the tax credit. July and August appear to be relatively flat, similar to last year. Still, 50-year lows on interest rates are very attractive as a one-point (%) reduction in interest rates translates to approximately a 10% price reduction. Our Board President rightly pointed out that in 10 years we'll be bragging about the interest rate we got rather than the price we paid on the house. True that! Great day folks!

It's Good News, Bad News again...Homebuilder confidence is low but with little new housing being built, eventually inventory will drop once the RE0 market stabilizes. In this scenario, there is worry that prices will start inflating again but for now its serving to keep existing home prices from falling too far.

Its good news, bad news: while the last 2 weeks stock gain were erased
today there was good news too....of the Top 25 places where jobs were
created helping to create a positive regional economy, many were in our
region and feeder markets. A couple in Colorado, a couple in Arizona, a
few in Utah and several in Texas.





http://ping.fm/WxtMP

Typical Durango Herald, grabbing and publishing the only negative statistic from the 2nd quarter real estate stats. I am really tired of media only reporting the bad. How about some balance in what's news?! Anyone? Anyone?

Thankfully, last week was good for the stock market. Real Estate sales have slowed despite even lower rates than lenders ever thought possible. Still, while the recovery may have slowed, its still labeled a 'recovery' and hopes are that the potential for a 'double-dip recession' is still low. Attitude is everything folks, stay positive. Showing in the Durango area are still relatively brisk and the board is almost full here at Prudential.

So, results are coming in for the 2nd quarter of 2010. Many of you just received my Newsletter with local stats through June 15th. And, for the most part, all the numbers were up over the same time last year. No doubt we've seen a noticeable dip in contracts and sales in June. Showings are still up over last year so we'll see how the summer goes.

Mortgage rates at 4.75% people. Beg and borrow to buy or refinance asap. Call me if you have questions or want the names of a couple great lenders.

The stock market was headed back in the right direction, a trend which has continued today as the european nations appear to be in better shape. The federal reserve also released a report that said it believes the housing recovery will be gradual but has a solid foundation and should prove to be 'durable'. While many markets in the east have been recovering and prices ticking up, the west has been slower to recover. So, it was good news to us in the west when markets such as Phoenix and San Diego saw modest price gains.

Many are worried that with the stimulus from the tax credits behind us interest in buying will wane but the fed reported that continuing low interest rates and modest pricing will continue along but at a gradual pace.

Come visit me today at the 'Party in the Park' High School Scholarship fund-raiser today at Rotary Park in Durango from4-7 pm. Bands, games, food and fun...plus I'm your MC so I'm sure to make an ass of myself...

Key financial markers continue to improve lending credence to economists veiled optimism that we are slowly, but surely, coming out of the recession. Today the Labor Department announces that job openings are at the highest level in 16 months, unemployment is down, and more people quit their jobs in april than were laid off.

Good to hear Realtytrac and MSNBC report that ebbing foreclosure rates are hinting at a plateau for this sorry state of affairs. April foreclosure filings were down 9% in April over March signaling a slight slowdown in loan failures. Good news for all.

Construction materials report higher than expected sales numbers for April bringing some early strength to trading on the Dow today. I'm showing a lot of property as well and showing numbers locally are still up. It seems there is still quite a few folks that just didn't (couldn't) get their homes on the market prior to the end of the tax credits. Dominos...they gotta sell so they can buy. At least in this market you can make up the ground lost in selling your house when you buy the next one.

Stocks are looking up after some turmoil in the last couple weeks.
Housing numbers were better than expected in April. My company,
Prudential Triple S Realty, has seen better-than-expected numbers in the
last couple quarters, thankfully. Slowly but surely people....Have a
great Memorial Day weekend folks.





http://ping.fm/vRCa0

CNNMoney's headline: 'Stocks cut losses after housing report'. Good news from The National Association of Realtors aiding Investors in thinking that the US Recovery has some solid foundation.

Big Win for the Prudential Big Booters Kickball Team last night. I think the score was 18-5! Yep...Durango Parks and Rec has a huge adult kickball league. We sustained a couple of injuries however, my beautiful fiancee, Brooke, pulled her quad and a couple of us lost some skin but hey...its a win!

Sitting in Well Fargo Home Mortgage's Market Challenge seminar...they say ask for your social networks help. So, I'm asking....send me your friends that are buying or selling! You all know I have a wonderful new fiancee...help me take care of her. If she's happy, we're all happy. It's the Jerry Maguire close: help me help you (no...not necessarily the 'show me the money part')m

New home starts surged in April, up more than 40% from the bottom in April 2009 (though still down 70% from the decades peak in January 2006. Still there is a 4-decade low stockpile of new single-family homes and rates remain low which may start to push prices up.

Real Estate Shortage?! Really?! CNNMoney.com is reporting a shortage of single-family homes on the market in many market areas emerging from the economic downturn. There are 21.7% less homes on the market than this time in 2008. For example, Denver has fallen to a 5.7 month supply while Phoenix has dropped to a 4.5 month supply. Normal is over a 6 month supply. Nationally, we are at an 8-month supply, but that is down, especially in homes priced from $300-$500,000.

Good News on Jumbo Loans: Jumbo loans, those over $417,000, have been notoriously hard to come by for consumers in the last 24 months. But, analysts are seeing Jumbo's coming back and one major lender is quoting a 30 year fixed rate of just 5.7% - the lowest APR on Jumbo's in 30 years.

Thankfully, the Euro's appear to have put together a plan for Greece, Spain and Portugal so the Market looks better today, especially after the roller coaster ride last week. In real estate, despite the end to federal tax credit incentives, housing looks to have stabilized somewhat. The risk of continued decline in home values has substantially decreased in 93% of 384 metro area around the country. Many analysts think the housing market is sufficiently stable enough to stand on its own. Nonetheless, despite being in a 'growing' economy, rates remain at record lows as the Fed is trying to keep the moderate homes sales moving forward following the end of tax credits.

Armed Service Members...The Fed has extended the $8,000 first-time Buyer tax benefit for you through April of 2011. Mortgage rates remain low...for how long, nobody knows. The market is sliding a bit from last weeks high but most think a sell off and a correction are in order as stocks have surged since the low in March of 2009m

Markets are up again today on good reports from auto makers and Greece's reported backing from the euros. Jobs are inching up, consumer confidence is up...but savings are down...be careful folks. Spend, but don't spend it all!

Good News for Builders...National Homebuilders report that building permits were up 7.5 % in March and up 34% over March 2009. This was the largest jump in permits since 1992. New Housing starts were up 2%. Surely not big numbers but encouraging nonetheless.

As reported on CNNmoney.com, existing home sales jumped 6.8 % in March
as Buyers tried to get under-contract before the deadline for the
tax-credit credit expires eight days from now at the end of April. Homes
must close by the end of June. Many Buyers are asking for, and getting,
Sellers to match the Buyer credit here in the last few days of the
month, resulting in a swing of up to $16,000 in the Buyer's favor. The
feds are not expected to extend the credit again.





http://www.OWNdurango.com

Just 2 weeks left for the Housing Tax Credit...$8,000 for 1st Time Buyers or $6,500 for Homeowners moving up that have owned for more than 3 years....the home must close by the end of June. If you are on the fence...get off and grab that credit!

8th seed Colorado Avalanche win 2-1 over the San Jose Sharks in Game 1 of the NHL West Coast Conference Finals! Galliardi scores with 50 seconds left to put the Avs in the lead. AND...the Red Wings lost! Cheers gentleman.

Despite horrible weather nationally in the early part of the year, it
appears March was a good month for real estate in our slowly recovering
economy. Nationally, home sales in March went up 8.2 % over February and
were up 17.6 % over this time in 2009. Good signs. There was growth in
all areas except here in the Western Region (including Colorado), which
fell just over 5% from February but nonetheless, still accounted for a
15% increase over March of 2009. Nationally, unemployment shrank
slightly to 9.7 % and consumer confidence continues to inched upward
hopefully signaling a continued economic recovery.





http://www.OWNdurango.com