Good News/Bad News: There are some awesome deals right now in Durango but its due to increasing foreclosures. Good time to buy.

According to Richard W from CU's Leeds School of Business, once again Colorado is late to go into the economic toilet and late to climb out. Construction being the brunt of the problem. In the last decade we've added 800,000 people and zero net jobs created. Still, we are seeing solid signs that Colorado is starting its recovery.

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





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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.