Explore Colorado Springs Homes

Down Payment Gift-Giving Rules

Brian Olsen — Wed, 21 Dec 2011 23:11:31 +0000

Last year, 27% of first-time home buyers received a financial gift from relatives or friends that they applied toward a down payment on a new home — up from 22% in 2009, according to data from the NAR. It’s important to follow the IRS and banks’ gift-giving rules, including:
1. Home owners still need to come up with at least some of the down payment on their own.
2. You may need to document where the down payment money came from.
3. If you’ve had the gift for a long time, you likely won’t need to document it. If the gift has been in your bank account for three months or longer, it’s considered “seasoned”.
Read article:

http://realtormag.realtor.org/daily-news/2011/12/20/beware-down-payment-gift-giving-rules

Colorado Springs – one of the best housing markets for 2012

Brian Olsen — Sun, 30 Oct 2011 16:16:32 +0000

Springs listed among best housing markets for 2012 – The Colorado Springs housing market will stage a turnaround in 2012 and become one of the nation’s best, according to a national forecast by Builder Magazine. The Springs ranks No. 7 on Builder’s Top 20 list of healthiest markets the magazine is projecting for next year. Their projections use Moody’s Economy.com data, which focus on jobs, price appreciation, population growth and other factors that drive housing. Read article:

http://www.gazette.com/articles/springs-127343-list-markets.html

To rent or to buy – that is the question

Brian Olsen — Sun, 19 Jun 2011 19:56:08 +0000

Here is a really great article on the current rental market — this is especially true when it comes to Colorado Springs. Our rental market here is crazy, rental prices have gone through the roof and the amount of good, clean rental homes has really dropped. I show a LOT of rental homes and I don’t think I have ever seen it this expensive.

If you are on the fence as to whether or not pay someone else’s mortgage or own a home of your own, please take a look at this article. For the amount of money you would pay every month for a rental home, you could get a much better home and pay less if you purchased.

http://www.msnbc.msn.com/id/43315486/

Interest rates may be climbing soon

Brian Olsen — Thu, 05 May 2011 16:26:24 +0000

Wow, it’s been a while since I last posted anything new — but I am back at it!

I saw this article in the Denver press and thought that it was something worth passing along:

Interest rates to rise as QE2 ends, economist warns in Denver - Prepare for higher interest rates as the Federal Reserve ends its program of purchasing U.S. Treasurys next month, warns Wells Fargo Securities chief economist John Silvia. He predicted that Treasury rates could rise by one- half to a full percentage point but in a moderate way and not resembling the big moves seen in the 1970s.

read the article here:

http://www.denverpost.com/business/ci_17995220

Latest news on Colorado Springs Real Estate

Brian Olsen — Wed, 02 Feb 2011 19:41:18 +0000

Interesting article ion the Gazette today.

Slow start, but gradual improvement expected – Building permits fell 14.7% in January with single-family permits totaling 81. Still, they were up 22.7% from January 2009. Industry experts expect about a 10% gain in permit activity this year. Single-family permits totaled 1,404 in 2010, which was a 27.1% increase over 2009. Read article:

http://www.gazette.com/articles/january-112138-permits-market.html

10 Reasons to Buy

Brian Olsen — Thu, 09 Dec 2010 02:01:29 +0000

10 Reasons to Buy ~ Owning a home has been a part of the American Dream for decades. The article at the link is terrific for potential buyers, containing a list that begins with … 1.) Low Interest Rates: Interest rates are currently at historical lows. 2.) Mortgage Interest Deduction: It’s a great tax advantage! 3.) Stability: Studies have shown that owning your own home not only increases community involvement, it also leads to safer neighborhoods and higher graduation rates. Click here for the balance of the list:
http://realtytimes.com/rtpages/20101208_buy.htm

Unemployement benefits no longer viewed as income for loan modifications

Brian Olsen — Fri, 24 Sep 2010 19:17:52 +0000

I saw this interesting article on a recent change with Fannie Mae. Fannie Mae will no longer accept jobless benefits as income for those people looking to modify their Mortgage. Here is a copy and paste of the article:

“NEW YORK (CNNMoney.com) — Unemployed homeowners cannot count jobless benefits as income when applying for mortgage modifications if they have loans backed by Fannie Mae. That could greatly limit their ability to get a long-term reduction in their monthly payments.

Because the jobless benefits can’t be considered permanent income, the lender will instead evaluate troubled borrowers for forbearance plans of up to six months. The new guidelines, released Tuesday, will take effect Nov. 1.

39
1diggdigg

“We don’t want to set up borrowers to fail, said Amy Bonitatibus, Fannie Mae spokeswoman.

Fannie Mae’s announcement broadens a ban already put in place from the Treasury Department. In July, the agency quit allowing unemployment insurance to be used as income when applying for the administration’s signature Home Affordable Modification Program, known as HAMP. Previously, borrowers had been allowed to do so.

Now, the unemployed who apply for HAMP are evaluated for forbearance plans, which can reduce or suspend their payments for at least three months.”

El Paso County Quality of Life

Brian Olsen — Wed, 22 Sep 2010 22:58:14 +0000

Here is some interesting stats from a quality of life study done. These are for the El Paso and Teller counties.

NAT STATS ~ The following data was collected from the Quality of Life indicators report for El Paso and Teller Counties:

— Over the last 10 years we have added 90,000 people to our community, but we have added only 14,000 jobs – 16,000 more military personnel, 2,000 fewer civilian jobs.

— Since March 2001, salaries and wages in El Paso County have dropped 10%.

— The major crime rate in Colorado Springs is nearly 20% less than the national average.

— We have 35 acres of park for every 1,000 people living in El Paso County – 40% higher than the national benchmark.

— There are over 200 arts and cultural organizations in the Pikes Peak region.

Not so rosy on the job or salary front, but it’s nice to know that we live in an area that encourages health of body and mind

Colorado foreclosure filings are down

Brian Olsen — Thu, 16 Sep 2010 23:05:04 +0000

RealtyTrac: Colorado foreclosure filings down 9.6% in August from 2009 ~ According to RealtyTrac, the improvement puts Colorado at 11th place in rate of foreclosure filings – one for every 368 homes, slightly better than the national rate of one for every 381 homes. However, the Colorado Division of Housing says the state has done even better than that, with foreclosure filings dropping 15.7% from the same time last year. The state report shows a decline for the third consecutive quarter, the most recent having the lowest number of filings in five quarters.

Mortgage rates are up just a bit

Brian Olsen — Thu, 09 Sep 2010 20:51:42 +0000

Avg. mortgage rate up to 4.35 pct. off decades-low ~ The average rate for a 30-year fixed loan ticked up slightly last week, only the second rise in the past 12 weeks and coming off the lowest number since Freddie Mac began tracking rates in 1971. Consequently, applications to refinance home loans fell 3.1%, their first drop in six weeks but still accounting for about 82% of home loan activity.

Check out my Mortgage Calculators to see how your mortgage would look.