10 Tips for Homebuyers

Making the decision to buy a new home is a life-altering event…in a good way. But the process can be daunting. Take the following advice from CNNMoney into consideration before heading out on your home-buying journey. Don't buy if you can't stay put. Given today’s challenging marketplace, don’t buy a home unless you can commit to staying there for at least a few years. The days of flipping for profit are long gone and you stand to lose money if you sell too soon after buying. Shore up your credit. Securing a mortgage in today’s market requires excellent credit so take the time to clean up your credit report well before you begin looking for a home. Be honest about what you can really afford. The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But CNNMoney recommends using one of the many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford. If you can't put down the usual 20 percent, you may still qualify for a loan. There are a variety of public and private lenders who, if you qualify, can provide options in terms of interest rates and down payments. Schools affect home values. Even if children aren’t a part of your life now or in the near future, look at homes in areas supported by a good school system. Good schools are paramount for many homebuyers and have a direct impact on the value of your home. Work with a real estate professional. Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Today’s market requires expert guidance through every stage of the home-buying process. That's why you need me, Melissa Kellerman. Choose carefully between points and rate. When picking a mortgage, you usually have the option of paying additional points - a portion of the interest that you pay at closing - in exchange for a lower interest rate. If you stay in the house for a long time - say three to five years or more - it's usually a better deal to take the points, says CNNMoney. The lower interest rate will save you more in the long run. Get pre-approved. This will help you avoid the emotional rollercoaster of falling in love with houses you can’t afford. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. Make an educated bid. Work with your real estate professional to make the right opening bid. Bids should be based on the sales trend of similar homes in the neighborhood, so review with your agent sales of similar homes in the last three months. Hire a home inspector. In addition to the appraiser your lender hires, you should also hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road. Source: Money.cnn.com.

Win at the Credit Scoring Game

Win at the Credit Scoring Game

by Carla Fried with CNN Money

To get the best deal on a loan, you need some new strategies to bump up your score - and keep it there.

Borrowing money today requires impressing an increasingly hard-to-please crowd. With creditors of all kinds more cautious than ever, you need an A+ application to land the best terms -- and that means an A+ credit score, the number lenders use to judge your risk of default.

The most commonly used credit scoring system, called FICO, rates people from a very risky 300 to a pristine 850. And right now we're in the middle of a credit score crunch: "You need a 750 or better today to have the same treatment you got with a 700 two years ago," says John Ulzheimer, president of consumer education at Credit.com.

John D'Onofrio, CEO of Autoloandaily.com, seconds that: "Two years ago a 680 was enough to get a great car loan rate. Today it's often the minimum to qualify at all."

Think you're still in the clear? Don't be so sure. Lenders have been making changes that could cause your score to slip from excellent to average. Improve and protect your number with these strategies:

Learn Your Score. You have three FICO scores, based on your credit reports at the three credit bureaus: Experian, Equifax, and TransUnion. The numbers tend to be in the same ballpark, so pony up $16 to get one representative score at myfico.com. You can get an estimate free at Creditkarma.com. But the FICO score gives you a better sense of what lenders see.

Scout for Mistakes. Your scores are only as good as the information they're based on. And a third of people who've pulled their reports have found errors, according to a Zogby poll. That's good reason to read your report.

When you buy your FICO score, you'll get a copy of the report it was based on. Get gratis histories from the other bureaus via annualcreditreport.com (you're entitled to one free from each bureau every 12 months).

Spot an error? Request a correction, following the instructions on the bureau's website. Let's say the size of a credit line was misstated or an account was mistakenly marked delinquent. Getting the error fixed could raise your score as much as 200 points, says Ulzheimer, who has also worked for Equifax and FICO.

Never, Ever Be Late. As you'll see in the pie chart on the right, the biggest chunk of your credit score comes from your payment history. Just one late payment can shave 100 points off a 750-plus credit score, says Ulzheimer. Lenders can't tattle on you to the bureaus until you're 30 days past due, adds credit expert Gerri Detweiler. But don't risk it. For all your bills, enter recurring due-date reminders on your computer calendar.

Missed a payment? Get back on track within the next 30 days, and you should "get back the lion's share" of points lost, Ulzheimer says. More than 90 days late? The damage can stick for years. If it was a one-off lapse, call your issuer and plea for a good-will adjustment to your credit report. (It's a long shot.)

Remember the Magic 20%. The second-biggest factor in your score is how much you owe vs. how much credit has been extended to you. The part of this that's easiest to finesse is your credit card utilization rate, or your total card balances compared with your total credit limits, as well as each card's balance relative to its limit.

Example: If you've charged $5,000 on cards and have $50,000 in credit, your rate is 10%. For the best score today, 10% is ideal, but you can probably creep up to 20% and keep a high rating.

Unfortunately, with banks lowering credit limits and canceling unused cards, it's harder to maintain such a low percentage. In the previous example, if your available credit is cut to $20,000, your rate shoots to 25%. That could sink your score by as much as 50 points, says Ulzheimer. The lesson: Know your limits, watch for changes, and stay under 20% on each card and in total (0% if you'll be applying for a loan soon).

Already above 20%? Paying down debt is the obvious way to lower your utilization rate, but another strategy is to apply for an additional credit card to increase your overall credit limit. That may cause you to lose a few points in the short term -- so don't do it if you're about to apply for a mortgage -- but it should pay off in the long run.

Keep Oldest Cards in Play. As noted, credit issuers these days are eagerly canceling cards that are not in use. Besides reducing your limit and increasing your utilization ratio, having an account closed can hurt you in another way, especially if it's among your older ones.

See, 15% of your score rides on the length of your credit history. The longer you ably manage revolving debt, the better you look. So don't cancel your oldest cards. And don't let them get canceled on you: Move a recurring charge to each so they stay active.

Already ditched or been ditched? A new card (see previous) can help with your utilization rate, but there's little you can do to help the "history" component of your score, except to keep other old accounts in use.

Accept Fate on the Rest. There are other factors involved in your score, but they're not so easy to manipulate. For example, 10% is based on how well you manage a mix of credit types, such as mortgages, car loans, and credit cards. But you don't want to go out and, say, finance a car just for a score boost; besides, you can easily get 750-plus with just a few well-tended credit cards.

Along the same lines, 10% is based on "new credit," but the effects of a new application can be positive or negative, depending on your history.

In other words, if you want to be among the crème de la credit crème, accept what you can't change, and focus on what you can.

Copyrighted, CNNMoney. All Rights Reserved.

New Hope for Refinancing?

During his State of the Union address on Jan. 24, President Barack Obama called on Congress to approve new legislation that would give all homeowners who are current on their mortgages the opportunity to refinance at record low mortgage rates. According to a follow-up article by Nick Timiraos in The Wall Street Journal (WSJ), administration officials declined to immediately outline specifics of how the program would work, stating that details would be forthcoming as the legislation emerges in the coming days. In theory, however, the new legislation is intended to give responsible homeowners a chance to refinance without “red tape” or a “runaround from the bank,” as the President said in his speech. The existing refinance program, which was unveiled in 2009, limited opportunities to borrowers with mortgages backed by Fannie Mae and Freddie Mac. This newest proposal would remove such limitations. As Timiraos explains in his WSJ piece, while mortgages have fallen to their lowest recorded levels, many borrowers haven't been able to qualify because they owe more than their homes are worth, while others feel that refinancing isn't worth the upfront costs. According to CoreLogic, an estimated 28 million homeowners could cut the interest rates on their loans by more than one percentage point if they could refinance. Some are speculating that the new refinance legislation would involve the Federal Housing Administration (FHA). FHA, Fannie Mae and Freddie Mac are already responsible for backing nearly nine in 10 new loans, reports the WSJ. Refinancing has been particularly limited in five states that have seen the biggest home-price declines: Arizona, California, Florida, Michigan and Nevada. In those states, some 6.4 percent of borrowers with credit scores between 680 and 719 refinanced in 2010, compared with 9.7 percent of borrowers in the remaining 45 states, according to Federal Reserve data. To read the complete Wall Street Journal article, visit online.wsj.com.

My QSC Rating

What Is The Good Neighbor Next Door Program?

What Is The Good Neighbor   Next Door (GNND) Program?     The GNND Program is a way to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities at a discount of fifty percent off the list price of the home.  ---------------------------------------------------------------------------------------------------------------------- What Is Considered A "Revitalization Area"?     Revitalization Areas are HUD-designated geographic areas authorized by Congress under provisions of the National Housing Act. Revitalization Areas are intended to promote "the revitalization, through expanded homeownership opportunities, of revitalization areas."   The criteria for designating an area as a Revitalization Area relate to: Household Income, Homeownership Rate, and FHA-insured mortgage foreclosure activity. To see areas designated as Revitalization Areas check out HUD's Single Family Home Locator map.   ---------------------------------------------------------------------------------------------------------------------- How Do You Qualifications For   The GNND Program?  You can only participate as one of the following: As a law enforcement officer if you are employed full-time by a law enforcement agency of the federal government, a state, a unit of general local government, or an Indian tribal government; and, in carrying out such full-time employment, you are sworn to uphold, and make arrests for violations of, federal, state, tribal, county, township, or municipal laws. As a teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.   As a firefighter/emergency medical technician if you are employed full-time as a firefighter or emergency medical technician by a fire department or emergency medical services responder unit of the federal government, a state, unit of general local government, or an Indian tribal government serving the area where the home is located. Your bid must be for the full list price. You must live in the home for three years.   You must sign a second mortgage and note for the discount amount. No interest or payments are required on this "silent second" provided that you fulfill the three-year occupancy requirement. ---------------------------------------------------------------------------------------------------------------------- How Do I Find Properties Eligible For   The GNND Program?    Go to HUDHomestore.com and click the link titled "Good Neighbor Next Door" then click on the state you are looking in to see all the GNND eligible homes in that state. Or enter the specifications you are looking for in the Search Properties box.    ----------------------------------------------------------------------------------------------------------------------  How Does The GNND Program Work?       Eligible Single Family homes located in revitalization areas are listed exclusively for sale through the GNND Program. These homes are only available for purchase through the program for five days. ----------------------------------------------------------------------------------------------------------------------  What If More Than One Person   Bids On A GNND Home?       If more than one person submits a bid on a home a selection will be made by random lottery. ----------------------------------------------------------------------------------------------------------------------

3 Home-Renovation Projects for Impact and Investment

If you’re like many homeowners, the start of the new year finds you ready to finally tackle those home-improvement projects that have lingered on your wish list. But where do you begin? First, prioritize those renovations that will have a maximum impact, both in terms of aesthetics and investment values. Also prioritize the projects that will enhance the livability and enjoyment of your home. Next, decide whether or not it makes sense to handle these projects on your own or call in a professional for help. According to the experts at Sears Home Services, while taking on home remodeling yourself can seem daunting , enlisting the right help can make the process simple and seamless. Here are three areas of the home to put at the top of your list this year: The Bathroom According to the National Association of REALTORS®, one of the best investments in a home is a bathroom renovation. Remodeling a bathroom that's more than 25 years old substantially increases the value of your home. While your bathroom may not need a complete makeover, updating cabinets, lighting, tiling or countertops can go a long way toward improving design and functionality. Or, consider a few quick fixes, such as a new towel bar, shower-curtain rod, robe hooks or showerhead. The Kitchen The kitchen is the heart of the home. And kitchen renovations don't need to be dramatic to be impactful—updates such as new countertops, cabinets, appliances or flooring can all dramatically improve the kitchen. These improvements can also help yield increased functionality and space throughout the kitchen. For a simple refresh, homeowners can give their kitchen a new look by replacing the hardware on cabinets, painting or updating fixtures. The Floors A great way to upgrade an area of your home and pull a room together is to install new floors. There are myriad options to choose from: carpeting, tile, laminate, porcelain or ceramic tile, vinyl or hardwood. Consult a home-improvement retailer or flooring expert to help make the best choice and to ensure proper installation.

Check out this Fabulous Home!

5468 Plumstead Dr, Colorado Springs, CO | Powered by Postlets

Tips for Preventing Frozen Pipes

On average, an approximate one-quarter-million homes and offices have at least one room damaged by a frozen pipe per year. In order to ensure your home stays safe and your pipes don’t freeze, the Federal Alliance for Safe Homes (FLASH)® suggests three easy-to-remember steps: Foam, dome and drip. Foam: Insulate pipes exposed to the elements or cold drafts. For as little as $1 per 6’ of insulation, you can stop pipes from freezing and save energy. By keeping your water warmer, you reduce the amount of energy needed to heat water in the cold, winter months. Dome: Place an insulating dome or other coverings on outdoor faucets and spigots to reduce the likelihood of water pipes freezing, expanding and causing a costly leak. Drip: Allow a slow drip from your faucets to reduce the buildup of pressure in the pipes. Even if the pipes freeze, the released pressure in the water system will reduce the likelihood of a rupture. If you are going out of town and suspect the temperature will drop, turn off the water and open all of the taps to drain the water system. This way pipes won’t freeze and you won’t return home to a mess. Your local home improvement store will have all of the tools and expertise you will need to complete these steps. Foam, dome and drip your way to a safe winter season free of costly home repairs. For more information, visit www.greatwinterweatherparty.org.

De-Icing the Driveway Video

2012 Housing Message Video

Housing Market to Perk up in 2012

Housing Market to Perk up in 2012-  GREAT NEWS!!!!!!!!!!!


There appears to be signs of life out there for the housing market.

The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.

But most of the surveyed agents are optimistic moving forward, and the majority say that buyers are out there and activity is up, but pricing remains stagnant, and in some cases inched downward a little more throughout the year.

"I've been just as productive now as I was in the heyday of real estate except that the prices are 50 percent less," said Chris Cochran, a broker-owner from Riverside, Calif. "It's good news for buyers and bad news for sellers because sellers are losing equity by the minute and buyers are able to get a fairly-priced home and a really, really low interest rate."

Cochran said that the inventory in his region of Southern California is crowded with short sales, which fuels a buyer's market mentality. He added that prices were flat during 2010 and the first three quarters of 2011 before edging down late in the year. A breakdown of listings, he said, were 65 percent short sales, 10 percent REOs and the rest investor-owned "flips."

Looking forward, he thinks the housing inventory will increase and prices will again drop slightly before stabilizing in the middle of 2012 with a slight uptick in the final few months.

"The banks that have this so-called ‘shadow inventory' just need to put it on the market and get rid of it," Cochran said when asked how he would get real estate rolling again. "Once we get rid of all that inventory, supply and demand will take over and prices will go back up."

Decreased prices haven't been a big problem recently in the Naples area of Florida, said agent Dawn Amato, whose territory is Marco Island. She said that homes that were previously reduced by around $50,000 are now reduced "by a couple thousand, if that."

"We're not getting near as many reductions as we did in the past," Amato said. "It's been turning around steadily over the past year. The office I just left sold over $200 million in 2011. That's just one office. People feel the bottom of the market is here, so they're buying, and eager to do so."

Amato, who said she's "openly optimistic" about 2012 and beyond, said a tight inventory of available houses is the main problem in her area. That scenario leads to faster sales and even prompted some 'price wars' the final two months of 2011.

"If it's on the water with a view and it's priced right, it could be sold in days," Amato said. "Same scenario, but priced too high, maybe a few weeks."

Overall, 22 percent of HouseHunt agents said the average time for houses on the market was 60 days or less, down from 26 percent in the previous quarter. Regarding inventory, figures were identical in the third and fourth quarters, with 68 percent saying supply was good and 32 percent reporting a tight market. The only significant difference from the third quarter to the fourth was 42 percent saying they were getting at least 95 percent of a listing's asking price, compared to 51 percent previously.

On the Boise outskirts of Meridian, Idaho, agent Jeff Stewart said inventory and foreclosures have been declining for a number of quarters, with short sales diminishing toward the end of 2011. Prices are basically stable, he said, and the average time houses are staying on the market has decreased "from eight to nine months of inventory" to a little less than three months.

"The market is actually better of late," Stewart said. "We actually have a shortage of good properties. I think people are confident that we’ve hit bottom. In fact, in some of the areas I cover, prices are ticking up a bit, and I think it bodes well for a slow curve of stabilization."

An upward trend also was reported by agent Kevin Bergin, who works in the Long Beach Island, N.J., shore area. Bergin said levels in his office for the year were back to 2008 levels, with 60 percent of house visits turning into sales.

"I think buyers generally feel better about the economy, the low interest rates and prices being down 15-20 percent," he said. "People are still very discouraged about the government on both sides of the aisle, but they feel that now is a good time to buy a second home."

Of Bergin’s clients, 10 percent were first-time buyers and 25 percent were buying a primary residence. The assessed value vs. the asking price remains an issue, he said, but "most of the people looking now aren’t the same tire-kickers as there were two years ago when they were just asking for ridiculous prices."

Overall, prices in his area are down 7 percent from 2010, Bergin said, but he’s optimistic about 2012.

"If the current trends and the way people are thinking continue and interest rates stay low, which they probably will, it’s going to be a pretty good year," Bergin said.

Optimism also is what Wanda Hardee is clinging to as the new year begins. The agent who works in the Anderson, S.C., area said she had two "big closings" in December to ring out 2011 on a high note. But while she said that "things are picking up here," Hardee added that it’s hard to get sellers to price their homes correctly because of increased competition from foreclosed properties.

"Foreclosures are still pretty prevalent here and we’re starting to see more and more in the higher-priced end," Hardee said, adding that another obstacle to home sales has been the difficulty of some people being able to secure financing.

Still, she said she loves the business and only knows one way to tackle it.

"We’re going gung ho," Hardee said. "With real estate, just like anything else, you have to have a positive attitude. We’re going to make it work."

Additional results from HouseHunt’s fourth quarter survey include: 
• Sixty-five percent reported that they were getting multiple offers, the same figure as the previous quarter.
• Twenty-nine percent said customers were first-time buyers, up slightly from 27 percent in the previous quarter.
• Fifty-one percent reported a negative price appreciation, compared to 58 percent in the third quarter and 64 percent in the second.

For more information, visit www.househunt.com. 

Twice as Many Housing Markets Seeing Positive Recovery - Colorado Springs

Twice as Many Housing Markets Seeing Positive Recovery

Mon, 2012-01-09 17:24 — NationalMortgag...

The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the latest National Association of Home Builders/First American Improving Markets Index (IMI). The IMI now boasts 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry. The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. New entrants to the list in January include the following (listed alphabetically by state):

►Florence, Ala.
►Tuscaloosa, Ala.
►Fayetteville, Ark.
►Denver, Colo.
►Greeley, Colo.
►Bridgeport, Conn.
►New Haven, Conn.
►Cape Coral, Fla.
►Jacksonville, Fla.
►Punta Gorda, Fla.
►Honolulu, Hawaii
►Ames, Iowa
►Des Moines, Iowa
►Dubuque, Iowa
►Elkhart, Ind.
►Indianapolis, Ind.
►Lafayette, Ind.
►Lake Charles, La.
►Worcester, Mass.
►Grand Rapids, Mich.
►Lansing, Mich.
►Monroe, Mich.
►Minneapolis, Minn.
►Columbia, Mo.
►Joplin, Mo.
►Fargo, N.D.
►Manchester, N.H.
►Cincinnati, Ohio
►Oklahoma City, Okla.
►Tulsa, Okla.
►Corvallis, Ore.
►Erie, Pa.
►Philadelphia
►Chattanooga, Tenn.
►Clarksville, Tenn.
►Nashville, Tenn.
►College Station, Texas
►Dallas
►Victoria, Texas
►Madison, Wisc.

"The fact that the list of improving housing markets nearly doubled this month shows that a significant, positive trend is developing, and is even more relevant when you consider the expanding geographic distribution of the list—which now includes 31 states and the District of Columbia," noted NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. "This trend could be even stronger if not for the numerous impediments that continue to slow a housing and economic recovery, including overly restrictive lending policies and the growing inventory of distressed properties in certain markets."

The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list.

"The substantial gain in the number of improving housing markets in January shows that more consumers are looking favorably at a home purchase in light of today's historically low interest rates and attractive prices, particularly in areas where job growth has picked up," said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.

Only five metropolitan areas dropped from the NAHB/First American Improving Markets Index in January. These included Anchorage, Alaska; Fort Wayne, Ind.; Canton, Ohio; Scranton, Pa.; and Charleston, W. Va.

Avoid Money Pit Homes on Your Next House Hunt

Homebuyers should pay close attention and avoid money pit houses as the rules of navigating local real estate continue to change. These rapidly changing rules are happening in every area of the home buying process. Some of these rules have to do with the condition of the homes themselves. Bank owned properties and short sale homes tend not to be in the best shape and could have hidden conditions. New requirements for homeowners insurance policies have made changes on roof and sinkhole coverage limitations. Changes to Federal government regulations for banks and lending requirements make navigating an FHA loan quite tricky.

According to REALTOR® Ginny Zukowski, the “money pit” can not only be a home that has hidden repair costs, but homeowners insurance policies may require the repairs to be made before they will write a policy. Also, banks are not accepting all appraisals and often require a second and sometimes third appraisal before they will provide a loan. This can lead to a lower price than the original appraised amount and less than the contract price.

To help potential homebuyers, Zukowski reveals the following tips:

Tip 1: Be prepared for the new changes and have open communication with the real estate agent and lender. Try to meet with them together and find out all of the upfront cash that will be needed to purchase the home. Buyers will need to pay for all inspections, appraisal, good faith money, and provide a down payment. With new private mortgage insurance, this could be several thousand dollars.

Tip 2: Once the buying process starts, be prepared for the closing to take some time. If it is a short sale, this could be four-to-five months. The loan process is also taking longer, around 45 days on the average, and additional delays often occur.

Tip 3: Be on the lookout for properties that will soon need a new roof or A/C. Home insurance policies can require new ones before they issue a policy and the mortgage lender requires homeowners insurance. This can cost the buyers more upfront dollars.

Tip 4: Before putting in an offer, ask the REALTOR® to explain all the possible things that could require more time and money at or before closing. As an example, the bank may require additional appraisals. A bank-approved appraiser may be required.

Tip 5: Be sure the REALTOR® goes over all of the fine print before an offer is submitted. Be aware of all the possible things that could go wrong and how it could impact the buying process up front.

With a real estate professional to help both buyers and sellers navigate the process, you can be know what to expect in the home buying process...and what to avoid.

Source: GoToRealty.net

Homeowners Unaware of Costly Repair Responsibility

A recent national survey conducted by GfK Roper Custom Research finds that less than 50 percent of homeowners surveyed know that they are responsible for repairs to the water line on their property. Further, the report goes on to state that one-third of all homeowners responding actually assume that their local utility is responsible for the cost of a burst water line between their house and the street, when this is usually not the case. "One of the challenges of homeownership is that the potential for expensive repairs is always out there," says Tom Rusin, chief executive officer of HomeServe USA. "The fact that homeowners don't know about their responsibilities in these situations serves to make unexpected and expensive repairs harder to handle." To protect yourself in the case of an unexpected emergency, homeowners can be prepared with a service repair plan that helps cover the cost of expensive water service line repairs. Typically the homeowner is responsible for the water service line from the curb or well casing all the way to the home, connecting to the water heater, sinks, showers and more. Temperature changes, shifting soil or the age of the line can all cause the line to become damaged. Many times this results in a loss of water pressure or a loss of water altogether. In other instances, the effects will not be noticed until there is a spike in the water bill due to an underground leak. Repairing a water service line can cost more than $2,000. A well-protecting plan provides consumers thousands of dollars in coverage for a low monthly fee and will dispatch a contractor to make any necessary repairs should a problem arise. For more information, visit www.homeserveusa.com.

Education Fair!

January 28, 2012 - 10 a.m. - 3 p.m. Freedom Financial Services Expo Center || 3650 N. Nevada Get smart at the PikesPeakParent Education Fair! PikesPeakParent.com in conjunction with Colorado League of Charter Schools & District 49 invites you to attend. From public schools to charter academies, you’ll get face-to-face with over 40 of the region’s top choices in education. Find the best educational fit for your family in time for Spring 2012 enrollment! Enter to win a $500 cash prize! FREE event and FREE parking available Plus, education-related businesses and organizations such as The Fine Arts Center, SpringsMilitaryLife.com and the Cheyenne Mountain Zoo Daycare provided by Rocky Mountain Montessori. Licensed providors will be on site running activities in a secured atmosphere Public Schools Home School Academy District 11 District 20 District 38 District 49 Charter Schools Atlas Prep CIVA Colorado Connections Academy Colorado League of Charter Schools CS Charter Academy James Irwin Charter Schools K12, Inc. Life Skills Center of Colorado Springs The Vanguard School Other Education & Businesses After School University Champions Cheyenne Mountain Zoo Colorado Springs Christian School Exceptional Dentistry Fine Art Center Peak Aviation Pikes Peak Library District Soccer Buddies

 

2011's foreclosure rate lowest since recession began

January 12, 2012 7:56 AM

THE ASSOCIATED PRESS

IN THE SPRINGS:

The number of homeowners who fell into foreclosure in Colorado Springs and surrounding El Paso County fell sharply in 2011, though foreclosure activity remained historically high. According to a report on foreclosures released early this month by the El Paso County Public Trustee’s Office, foreclosure filings — the  start of the legal process in Colorado that can lead to the loss of a home or other property — totaled 3,603 in 2011, a 25.4 percent decline from the previous year. Last year’s foreclosure filings were the fewest since 3,556 in 2007.

THE GAZETTE

NEW YORK — About 1.9 million homes entered the foreclosure process in 2011, the lowest level since 2007 when the recession began, according to a report Thursday by the foreclosure listing firm RealtyTrac.

The firm cautioned that the decline does not necessarily indicate that the housing market is getting better, as many foreclosures have been delayed due to confusion over documentation and legal issues involved in the process.

There have also been problems with the way some lenders were handling foreclosures. Specifically, signing off on home foreclosures without first verifying documents — a practice referred to as "robo-signing." Many of the nation's largest banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors.

"Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year," RealtyTrac CEO Brandon Moore said in a statement.

The listing firm anticipates that 2012's foreclosure rate will be higher than last year's, but will remain below the peak of 2010.

High unemployment, a sluggish housing market and falling home values remain major factors in homeowners falling behind on their mortgage payments. Many borrowers also have simply stopped paying their mortgage because they owe more on the mortgage than the home is worth.

RealtyTrac said that 2011's foreclosure activity is 34 percent lower than 2010 and the lowest since 2007. The Great Recession began in December 2007 and ended in June 2009.

In 2011, Nevada, Arizona and California were among those with the most foreclosures. Other states among those with the highest foreclosure rates for the year were Georgia, Michigan, Florida, Illinois, Colorado and Idaho.

The company said that December's foreclosure filings on 205,024 homes were the lowest monthly total since November 2007. The figure was also 20 percent below the prior-year period's results.

In the fourth quarter, there were foreclosure filings for 586,133 homes in the U.S., down 27 percent from a year earlier.

Read more: http://www.gazette.com/articles/lowest-131600-new-rate.html#ixzz1jHtI9e3n

Amazing Video about HUD buying process

Video for HUD process

2011 Stats Are Out

Question: In 2011 what went up in Colorado Springs?

a) hot air balloons at the Balloon Glow during Labor Day weekend

b) Air Force Thunderbirds performing an AFA air show

c) home sales in the Pikes Peak region

d) all of the above

If you guessed (d) then you are correct!  That's right...2011 year-to-date home sales in our area surpassed total home sales in 2010 by 3.3%  I know it's a small climb, but at least we are headed in the right direction!

In 2011 we saw 8,459 single family home sales here.  Our average sales price dropped slightly by 4.9% this year.  BUT...here's the biggest change of all:  ACTIVE LISTINGS (meaning existing homes for sale) DROPPED BY 24% THIS YEAR.  Whoa!  Okay, let's summarize.

Sales are going up.  Inventory is going down.  Supply and demand are trading places.  What will that do the market this year?  Hmmm, I'm thinking prices are going to start going up again.  It will most likely be a gradual increase in price, and I'll bet the lower price ranges will see the most rapid improvement.  But I predict that 2012 will be an exciting year for real estate here!

by Nicole Happel
photo by By Beverly & Pack

Home price index holding on in Colorado Springs

Home price index holding on in Colorado Springs

From Colorado Springs Business Journal

Home prices in Colorado Springs are stronger than the national average, according to data released today from real estate analytics firm CoreLogic.

Excluding the sales of distressed properties in short-sale, foreclosure and similar circumstances, existing home sales prices in Colorado Springs rose 1.1 percent from November 2010 to November 2011. They rose 0.4 percent from October 2010 to October 2011.

Nationally, home sales prices, excluding distressed properties, dropped 0.6 percent from November 2010 to November 2011, according to CoreLogic data. That was an improvement over October figures when the home price index dropped 1.6 percent.

Including the sales of distressed properties, national figures were even worse with a 4.3 percent year-over-year decline.

Colorado Springs home sales prices, including distressed properties, declined only 0.2 percent year-over-year in November.

Including distressed sales, the five states with the highest appreciation were: Vermont (+4.3 percent), South Carolina (+2.8 percent), District of Columbia (+2.1 percent), Nebraska (+1.9 percent) and New York (+1.7 percent).

The five with the highest depreciation were: Nevada (-11.2 percent), Illinois (-9.7 percent), Minnesota (-7.8 percent), Georgia (-7.7 percent) and Ohio (-7.2 percent).