Colorado Homes For Sale and Denver Rental Home ...

On July 30, 2008, President Bush signed the housing bill to provide mortgage relief and stabilize markets.  The bill takes several approaches to curing the ailing housing market.  It
aims to spare an estimated 400,000 debt-strapped homeowners, many of
whom owe more their houses are worth, from foreclosure by allowing them
to get more affordable mortgages backed by the Federal Housing
Administration.

However, the one negative of this housing bill is the elimination of the FHA down payment assistance programs.  While many believe this contributed to the current housing troubles, in my opinion it did not.  A borrower is required to pay both principal and interest with a FHA loan therefore building equity with every mortgage payment.  The real cause is sub-prime loans which often times where interest only loans with 2 year fixed periods which became adjustable with unfair terms after the loan adjusted.  Unfortunately, the down payment assistance programs were grouped with these sub-prime loans as the cause and are will be eliminated on September 30, 2008. 

Your next big move is just around the corner and you want to make sure that
it will be as smooth as possible for everyone involved.

Before getting underway, consider the following:

• Order a telephone book for your new area. You’ll be glad you did!
•
Arrange for childcare. You may have to sit on a waiting list, so this is
something to arrange beforehand.
• Subscribe to the local newspaper.
• Get
to know the new town street by street before you arrive. Locate the places
you’ll need to frequent when you arrive, such as a grocery store or a gas
station.
• If possible, enroll your children in school.

MileHighListings.com has a great feature that allows users to see how walkable a potential for sale or rental property is.  Walk Score shows you a map of what's nearby and calculates a Walk Score for any property. Living in a walkable neighborhood is good for the
environment and good for your health.

Here is an example of Walk Score in action

http://www.milehighlistings.com/walkscore.php?id=171

Source: Wall Street Journal

Florida is the 4th state to file a lawsuit against our nation's largest mortgage lender, Countrywide.  For many years, Countrywide was considered the best of the breed in the mortgage industry.  However, it appears even the pillar of the mortgage lending arena was caught with its hand in the cookie jar a couple thousand times to many.

The Florida attorney general on Monday filed a civil
lawsuit against Countrywide Financial Corp. and its chief executive,
Angelo Mozilo, alleging the company engaged in deceptive and unfair
trade practices.

The lawsuit, filed in state court in Broward County by
Florida Attorney General Bill McCollum, alleges that Countrywide put
borrowers into mortgages they couldn't afford or loans with rates and
penalties that were misleading. It seeks civil penalties and damages.

Florida's action follows similar lawsuits filed last
week by attorneys general in California and Illinois. Mr. McCollum said
that his state has had a continuing investigation of Countrywide and
"we thought it was important for us to do this right now."

A Countrywide spokesman declined to comment on the
specifics of the suit but said the company is "fully cooperating" with
the Florida attorney general's office and is "particularly focused" on
working with customers who are having difficulty making payments.

AP

The National Association of Realtors Pending Home Sales Index, based on contracts signed in April and seen as a key barometer of future housing activity, increased 6.3 percent to 88.2 from an unrevised 83.0 in March.

Despite the uptick, sales were 13.1 percent lower than a year ago.

"Bargain hunters have entered the market en masse, especially in areas that have seen double-digit price declines," said the association's chief economist, Lawrence Yun.

Regions of the country that have seen sharp price declines, such as the West, are now seeing a sales recovery, he added.

Economists polled by Reuters before the report were expecting pending home sales to decline 0.5 percent.

"We are seeing an acceleration in foreclosures. As foreclosures have taken off, they put pressure on prices. Banks have become more aggressive with sales on homes they have foreclosed," said Christopher Low, chief economist at FTN Financial in New York.

Low said the pickup in pending home sales could be a sign that the housing market could soon be stabilizing.

"Sales will stabilize in the next few months and that will set the stage for inventories turning to normal sometime next year and maybe even for prices to appreciate a bit," he said. "For now, prices will continue to fall. There is still an inventory overhang that will take 18 months to work through. The end game of the housing bust is near."

The median home price fell 8 percent in April from a year earlier, according to a report from the National Association of Realtors last month, which was the second-largest price decline on record.

The pending sales index is supposed to be a leading indicator for the housing market, based on contract signings that usually lead to actual sale closings in one or two months.

The regional indices rose in all areas of the US except the Northeast, where it fell 1.9 pct in April. The index rose 13.0 pct in the Midwest, 8.3 pct in the West, and 4.6 pct in the South.

U.S. Treasury debt prices fell Monday after the surprise jump in April pending home sales, while U.S. stock markets were up.

The unexpected rise could be the result of statistical reporting issues being disrupted from an earlier-than-usual Easter holiday week.

"The exceptionally early Easter meant that all the holiday disruption was in March, so April had more selling days than usual," said High Frequency Chief Economist Ian Shepherdson, expecting the May data will reflect a
sharp drop.

Has the seller had any problems with the home in the past?

Asking the seller whether he or she has had any problems with the home while
living there is important to discovering a home’s true condition.

Has the seller had problems with leakage from the upstairs bedroom in the
past? If so, even if the leak has been corrected, the floor and walls
surrounding the bathroom might have been damaged. So, then you should check that
these items were property repaired.

Asking about past problems can help you identify those trouble areas that
might have required more than just surface repair.

What does the seller like most and least about the property?

By asking the seller what he or she likes most and least about the property,
you might get some interesting information.

In a few cases, I’ve seen that what a seller likes most, might be exactly
what you as a buyer are trying to avoid. For example, if the seller describes
his house as being in a “happening neighborhood,” the buyer might consider this
a negative factor because the area is too busy or noisy.

How much did the seller pay for the home that you’re considering?

This question, depending on the market, can help buyers negotiate a better
deal – perhaps even get the seller to carry a portion of the financing.

Remember, the purchase price of a home is influenced by several factors,
like current market value and improvements made to the home. The original
purchase price may not have anything to do with the current value of the house,
but it could play into the negotiations…

I have had situations in the past where sellers had a little room to maneuver
on price, so it’s important to keep the original price in mind.

This is the first in a series of four that are quick easy questions, home buyers can use to help compare houses and hopefully save some money.

One question that may help you compare homes during your home buying
experience is: Why is the seller selling?

The answer to this question may help you in evaluating whether to pursue
offers on a particular home. What is the real value of the home? Is there
something about the house that the seller does not like?

The various reasons why a seller may be considering a sale could have an
affect on the value and price of a home. So, leave no stone unturned!

According to the Standard & Poor's/Case Shiller national home price index, prices of U.S. single-family homes plunged a record 14.1 percent in the first quarter from a year earlier, marking a pace five times faster than the last housing recession.

The S&P/Case Shiller composite index of 20 metropolitan areas fell 2.2 percent in March from February and plummeted 14.4 percent from March 2007.

Economists expected prices for the 20-city index to fall 2.0 percent on month and
14.0 percent from a year earlier, according to a median in a Reuters survey.

Credit can make or break your ability to secure financing. Whether you are you looking forward to buying a home, trying to start your own business or even renting a house you most likely will have your credit pulled. Today credit is used as a barometer to judge everything from your ability to repay loans to your responsibility as an employee.

One of the the first things you’ll want to do is order your credit report.
There are three primary credit reporting agencies that you should contact:

1. Equifax (800-685-1111)
2. Experian (888-397-3742)
3. Trans Union
(800-888-4213)

Why contact three agencies? Because various creditors may choose to report to
a single agency, as opposed to all three.

Once you have your credit report, we can sit down and make sure that all the
information is accurate. Over 70% of credit reports contain erroneous information. One must be proactive when it comes to maintaining a great credit score. Reviewing your credit report monthly for errors or suspicious activity is the only way to prevent ID theft.