Real Estate Market News November

Now is the time to buy! You can save thousands!

Not only can you get a great deal on buying a home. You can also take advantage of low rates and save thousands of dollars over 30 years! If you have been thinking of moving up, now is the time to make the move. Below I have listed out the differences in 30 mortgage payments at a 6% loan versus a 4.25% loan.



If you would like a free no obligation market analysis on your existing home please feel free to contact me I would be happy to help you. Never has there been a better time to move up! If you don't currently own contact me for a free no obligation buyer consultation. There are great deals out there!

New Mortgage Regulation

The Housing and Economic Recovery
Act of 2009 (HERA) is a wide-ranging
piece of legislation that strengthens and
modernizes the regulation of government-
sponsored enterprises Fannie Mae
and Freddie Mac, along with the Federal
Home Loan Banks.

Part of HERA imposes sweeping changes
in the lending industry, placing greater
focus on consumer protection. HERA
aims to assure borrowers are better
informed about the loan process and
better protected against deceptive lending
practices.

These changes, effective July 30, 2009,
will have a direct impact on how
Realtors structure their transactions
and how lenders keep the consumer
informed of loan charges through stricter
disclosure requirements.

Four Key Elements

1. If the home buyer is financing the
property, the new regulatory and
investor guidelines will impact and
perhaps even dictate the closing date.
In the past, the parties to the transaction
agreed upon a closing date and all
service providers, including the lender,
worked to meet that date. After July 30,
a closing date may still be written into
the contract, but the earliest any home
purchase transaction can close is 7 days
after the homebuyer receives the initial
mortgage disclosures from the lender.

2. With the exception of the credit
report fee, the lender cannot collect
upfront fees until the initial disclosures
have been received. Disclosures that
are overnighted are considered “received”
the next business day (except Saturdays),
allowing fees to be collected the following
business day.
Historically, lenders could collect upfront
fees immediately at the time of application
for both telephone and in-person
applications. Now, the buyer must receive
initial disclosures before any fees can
exchange hands. The single exception
is the credit report fee, which can be
collected at the time of application.
If a lender takes an application in person
and delivers the disclosures at that time,
the fee can be accepted at that time as
well.

3. The homebuyer must receive a
copy of his appraisal a minimum of
3 business days prior to closing.
A homebuyer who believes the required
3-business-day review period is not
necessary may waive that requirement in
writing.

4. Any increase of more than .125%
in the Annual Percentage Rate (APR)
from the initial Truth in Lending
Disclosure (TIL) requires that the TIL
Disclosure be revised and reissued to
the homeowner.

The homebuyer must receive the revised
TIL Disclosure at least 3 business days
before the closing. If the TIL is mailed, it
is considered “received” 3 business days
after the mailing.

It is typical for many details to change
during the course of the transaction,
including the APR, which can delay
the closing. The APR can be impacted
by many details of the market and the
transaction, including an unlocked rate,
a change in the loan amount, a change
to a different loan product, a rate relock
because of market improvement, a
change in closing date, and changes to
fees associated with the transaction. If
the closing date is critical, it is imperative
that the lender ensure that the estimated
fees are as accurate as possible.

American Recovery and Reinvestment Act

What does it mean for real estate and the economy in Denver?

This $780 billion dollar package has many elements that will impact the real estate industry market trends and forecast for 2009. Here is a breif synopsis of key real estate provisions in the bill.

Home Buyer Tax Credit - This bill provieds for an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. The cost of the program is $3.7 billion, less than 1 percent of the overall stimulis package. The benefit will be felt widely as first time homebuyers move to take advantage of low housing prices triggering trade-up perchases. The tax credit is likely to boost home sales by 300,000 first-time buyers in 2009.

FHA, Fannie Mae and Freddie Mac loan limits - The bill reinstates the 2008 loan limits for FHA, Freddie Mac and Fannie Mae loans. These limists were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For a few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted to increase the loan limit for any "sub-area", i.e. an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009. The higher loan limit will permit more home buyers and homeowners to access lower interest loans as Fannie Mae and Freddie Mac will now be able to buy those loans. The loans for amounts above the limit are jumbo loans that carry very high interest rates. The provision will provide more people the ability to refinance at a lower rate and provide more people the ability to lock in lower interest rates for purchases. This is good news for thos in higher -end markets. The highend market has been stalled and this measure provides some relief. The high loan limit is likely to raise home sales on the high-end by 150,000 in 2009.

Neighborhoos Stabilization - The bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP provides grants through the Community Development Block Grant program CDBG to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and re-sell foreclosed and abandoned properties. In addition the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or velow 50% of area median income.

Can I still get a mortgage in today's volitale market?

Don't let today's volatile market worry people who are thinking of purchasing a home.



Qualified buyers can still get a mortgage and can still buy a new home.



Click or paste the link below to view a video.


http://www.teravisiontech.com/majesticconsulting/postcards2.0/showpostcard.php?postcard_id=3&clientid=29

Riding out the market: Some Sellers turn to renting instead of selling

This current market has been challenging to say the least. We have been lucky here in the Denver Metro area not being hit as hard as other major cities in the country. A lot of sellers are feeling the frustration of selling their home now. Those in the higher end price ranges are struggling even more. Often having to reduce their price way below what they thought they would and having their home on the market for several months instead of just a couple. Some of these sellers have turned to leasing instead of selling. Not the most ideal situation but a lot of them are able to recover a part of their mortgage payment and then will look at putting their home back on the market for sale in six months to a year. If you are thinking about doing this you should consult with your real estate professional. A lot of Realtors are willing to help out with the rental process.

Fannie and Freddie delay foreclosures for holiday season

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 homes during the holiday season. They are halting foreclosures sales between November 26th and January 9th while they evaluate whether borrowers qualify for a new loan-modification program announced last week. Around 10,000 households will be affected with Fannie and 6,000 households with Freddie. This change does not apply to vacant homes. Fannie and Freddie were seized by the government on September 7th. The companies chief executives were ousted and the government now has direct control over the pair. Fannie and Freddie's loan modification plan aims to help abate the foreclosure crisis.

Information gathered from article by Alan Ziebel of The Associated Press

A little Positive News in the Denver Real Estate Market

If you are looking for a positive perspective on in this crazy real estate market we have it below. Things are looking up here in Denver!

Seven hotels retain U.S. 36 plans: A faltering economy hasn’t chased hotel developers away from the U.S. 36 corridor, where seven hotels are slated to open before energy giant ConocoPhillips launches a new training facility on the former StorageTek campus in 2012. (Denver Business Journal)

http://denver.bizjournals.com/denver/stories/2008/10/06/story1.html

Home Prices: Now for the Good News: Denver listed in the top 7 of areas most likely to rebound. Denver’s overall outlook is sunnier than for most western cities because neither inventory nor prices spiraled out of control during the boom. (Yahoo Real Estate)

http://realestate.yahoo.com/promo/home-prices-now-for-the-good-news.html;_ylc=X3oDMTF0NTRjZTFlBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNob21lLXByb2Nlcy1nb29kLW5ld3M-

ULI ranks Denver among top 10 real estate markets: The Urban Land Institute named metro Denver one of its top 10 real estate markets to watch next year, in its Emerging Trends in Real Estate 2009 report released Oct. 21. (Denver Business Journal)

http://denver.bizjournals.com/denver/stories/2008/11/03/daily8.html?surround=lfn&brthrs=1

Halting the Mortgage Meltdown: Citigroup, JPMorgan Chase and Bank of America have separately announced plans to help ailing borrowers. On Tuesday, the Federal Housing Finance Agency, the regulator for Fannie and Freddie, announced its own sweeping plan. Collectively the hope to modify 1.3 Million loans.

http://www.forbes.com/wallstreet/2008/11/11/mortgages-fannie-freddie-biz-wall-cx_lm_1111citi.html

Supply of Unsold Homes Dives Again: The number of unsold homes on the Denver-area market continued to plummet in October, falling to an almost three-year low. There were 4,504 homes placed under contract, down only 3 percent from the 4,645 in October 2007

http://www.rockymountainnews.com/news/2008/nov/07/stock-of-unsold-homes-dives-again/?partner=RSS

Reprinted with permission: Land Title's positive perspective newsletter November.

Statement by James B. Lockhart of Mortgage Rescue Policy by FHFA

Below is a link to the yesterday’s announcement of the mortgage rescue
package/plan by Federal Housing Finance Agency.

This plan encourages Fannie Mae and Freddie Mac, as well as private
mortgage holders, to modify mortgages held by borrowers who are in
financial trouble and on the verge of foreclosure. In order to be
eligible for a potential loan modification, a borrower must be at least
90 days behind in their payments, the property must be a primary
residence, and the new/modified payment must not exceed 38% of the
borrower’s monthly income.

Critics of this plan say it falls short as FNMA and FHMC don’t hold the
majority of the problematic sub prime loans in the market, but
nonetheless it is a step in the right direction to hopefully slow the
pace of foreclosures and stabilize the market.

http://www.fhfa.gov/GetFile.aspx?FileID=169


As always if you have any questions reagarding your local real estate values or buying a home please feel free to contact us anytime!

Will the election of the 44th President change our housing market?

While I think that the President elect Barack Obama will make changes to aid our economy, I don't think that he will have a huge impact on the housing market. Over time I believe some of the economic changes he makes will impact our market in a positive way, but just because we have chosen our next president will not make people go out and decide to buy a house. I think people still buy and sell for the same reasons. They need to move for work, their family is growing or they are empty nesters, some simply move just for a change. The golden rule to real estate is that over time it is one of the best investments that you can make. Over time your home will appreciate. Over time our market will recover, there is no overnight fix. If you are thinking about buying right now rates are still historically low and you will get an awesome deal on a house, and yes over time you will gain equity, just not over night like in the past. If you are an investor now is a great time to invest and over time your investments will pay off. Real estate has always been one of the best investments you can make and even in troubled times is still the best investment you can make for yourself and your family's future.

The market in Jefferson County Colorado is showing signs of improvement and I believe it will continue to. We definitely are better off than other parts of the nation. Something we should all be thankful for.

I am in the market to buy a home. Is now a good time to buy?

Now is absolutely a wonderful time to buy! The Home Purchase Tax Credit for first time buyers is one of the reasons why it’s a great time to buy NOW as opposed to waiting.
Lower prices, a huge abundance of inventory for sale, sellers that are getting more desperate by the month (at least the serious ones are)…all of this is what creates a very strong negotiating position for the buyers side of the transaction.
What do you risk by waiting?

Rising Interest Rates
If interest rates start going up by any significant amount, you are losing all the benefit of buying the home for a lower price because your interest payments will go up significantly.

Losing the Home Buyer Tax Credit
That’s a $7,000 interest-free loan from the government that you WON’T get if you wait to buy…it’s free money!

The market could turn around before you know it.
From my experience, it takes 2-3 months for real estate agents to know that the market is changing direction…it takes another 2-3 months beyond that before the average buyer/seller realizes the shift (How many people do you know who didn’t believe their Realtor when told that the market was no longer going up 2 years ago? How long did it take them to come around and realize the shift?)

We tend to give all my buyers the same basic advice.
If you are buying a home in a downward trending market, understand that you’re buying a HOME…not a cash cow. Plan on living in it. Plan on staying. There is no better long-term investment than real estate - but it’s the long term that makes it a safe bet…the only time you get into trouble is when you HAVE to sell (if the investors who got burned didn’t have to sell, they could have taken their properties off the market, waiting for it to turn around, and then sold for a great profit…but their hand was forced because they were (mostly) in over their head. Buy a HOME first…investment second, and you will be absolutely thrilled with the deals you can get in today's marketplace…just please don’t turn around and want to sell next month for a $35,000.00 dollar profit!

Busting the myth. Yes you can still get a home loan!

I was on a listing appointment this weekend. The seller started asking me about buyers and how many would even be able to qualify to get a loan right now to purchase his home. I noticed what a huge area of concern was for my client and decided that I should write a little something about it to bust the myths that the media seems to be portraying lately. Many consumers right now would like to purchase a home, but they are worried that they can’t get financing. So what’s the real story with getting a loan?
It’s true that banks have tightened up their lending procedures. What the news does not tell you is who they are not lending to anymore. The root of the problem with the banks right now was caused by the sub prime market. The sub prime market was established for people who otherwise would not be extended credit.

What do you need to do to qualify for a mortgage loan?

You need to have established credit and have a history of paying your bills on time.

You need a satisfactory job history for the past 2 to 3 years.

Your debt to income ratio shouldn't’t be over 40%.

You should have some money in the bank.

Obtaining a loan for a home is not out of your reach. The key is working with a good mortgage lender who is knowledgeable about the many programs available that you could qualify for. If you have a desire to purchase a home you should start planning now. Your first step should be finding a good mortgage lender to review your finances and help you take the necessary steps to obtain an approval. Next you need to determine what your housing needs are and what you can afford.

We have many good reputable lender contacts. If you have any further questions or are interested in purchasing or seeing what you can qualify for in today's market do not hesitate to contact us we would be happy to help you!

Real Estate cycles and a shifting market

In these uncertain times, many pundits and talking heads are reporting the news and acting as if this was the end of the world as we know it- but that just isn’t true. We most certainly are in a shifting market, which threw a lot of us off guard. A few years ago, we never would have imagined the situation we are in today, when homes were selling in record times with many multiple offer scenarios. Or when the consumer confidence rating was at a record 99.5% last September as compared to 59.8% this year. Those glory days are gone and we are facing a new beast.(http://money.cnn.com/2008/09/30/news/economy/consumer_confidence/index.htm).

This shifting market seems foreign to us, seeing as we just went through some pretty great times. But this shift is nothing we haven’t been through before. SHIFT, the most recent book by Gary Keller of Keller Williams Realty International, begins with the following paragraph: “The real estate market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!” Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences. In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track. The real estate business is “cyclical.” An experienced real estate agent and a mortgage broker will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is “old news,” so stay in touch with your local, trusted real estate agent for updates on this ever changing market.
Real estate remains your single most valuable asset if handled correctly.

The Feds cut the interest rate by .5%

So the feds cut the interest rate by .5% and you are probably asking yourself what does that mean for the real estate market. Many people thought it would cut loan interest rates by .5% but if that is what you thought, then you thought wrong.

The Fed rates are short term rates that are charged to banks that are literally borrowing overnight to make sure they have adequate balances for reserves. Mortgages are tied to long term money rates. The Fed rate has an effect on mortgages in the long run, because they have an impact on banks liquidity or access to funds.
In the near term, this could actually have the effect of raising interest rates on mortgages, since this move underscores the Fed’s negative view of the economy. If the Fed is concerned about the economic situation, then banks are too. That concern equates to more risk, and therefore higher rates of default on loans. If loans are riskier, the banks will require higher returns which means higher rates. If this action begins to stimulate the economy, and the financial picture starts to look better, then rates will come back down.

Real Estate Investor's Tax Alert

Here's a tax alert for real estate investors who use popular tax-free exchanges: The recently signed federal housing legislation contains a hidden zinger that could cost you thousands of dollars if you don't plan around it.
As of next January 1st, investors who exchange into rental or second home properties that they later convert into their personal homes no longer will be eligible for the full $250,000 to $500,000 tax-free exclusions now available on sales of principal residences.
Instead, they'll need to allocate their time of ownership between taxable investment or second home usage and non-taxable principal residential usage.
To qualify for tax-free exclusions they'll still need to use a property as their primary home for two out of the five years preceding any sale or exchange. But if any part of their total usage time after January 1st is what the new law calls "nonqualified" -- that is, investment, rental or second home use - then that will lower their maximum exclusion.
This an especially big deal for investors using "Section 1031" exchanges because they frequently shield their real estate gains on rental houses and condos by moving into them for a couple of years and converting previously taxable gains into non-taxable principal residential profits.
An example of the dollars and cents impact of the change was provided by the Federation of Exchange Accommodators, a national trade group representing investors and intermediaries. Under the old law, an investor could exchange into a property that he or she then rents out for three years. Then the investor would move in and use the property as a principal residence for two years.
When the investor -- who is single -- sold the house for a $300,000 gain, $250,000 of that amount would be tax-free under the old law.
Under the new law, three fifths of that gain -- $180,000 out of the $300,000 -- would be taxable, while just $120,000 would be tax free.
That $130,000 difference is why exchange investors are so upset with Congress's latest tax increase.

Give the allowance at closing or do the work ahead of time?

Allowances............ Carpeting, painting, landscaping etc. Let's face it we all "live" in our homes and things over time start to get warn down. A lot of people have a hard time finding time to maintain their home. Over time, deffered maintenance kicks in. In our house we make a list of things at the beginning of the year that need attention. Whether it be re-painting base boards or banisters, carpet cleaning, exterior work, re-caulking bath tubs and showers, the list can go on and on and often is overwhelming. When we go into a listing presentation these are all things we look at, they are all things potential buyers will look at and that will affect the value of your home. Especially in today's market a well maintained home is important to buyers, they have so many choices available to them and often a well maintained home will stand out. Our recommendations to our customers is NO allowances for carpet or painting, get the work done prior to listing your home. One reason is the home will show much better with the new carpet then with the old and a couple samples laying out. Buyers have a hard time visualizing, they also don't want the hassle of getting a bunch of work done after closing. People like their home to be move in ready. The other reason is you will often get more for your home if these items are done prior to placing it on the market than you would get if they weren't done. Sometimes allowances can not be avoided, and we understand that as well. You may have a problem animal in the house or other situations that make it a much better option to offer the money up at the closing table and let the buyers take care of it after closing. Allowances can often present a problem with lenders at closing, so make sure to talk about all of these issues with your Realtor, before making your final decision. A little work before can often help your home sell faster and who wouldn't appreciate that in this market!

To have a free, no obligation market analysis done on your home emailed to you click here and fill out the form.

Covenant Controlled versus No Covenant Communities with messy neighbors

Yesterday a family member called me who does not live in a covenant controlled community, complaining about their neighbors yard that, well lets say was not in perfect condition. They asked me if there was anything they could do, I replied yes, but got to thinking if they lived in a covenant controlled community the process may be a little easier. I asked how well they knew their neighbors and if they felt comfortable going over and asking them if they could address the issues in their yard. You never know if someone is going through something that is affecting their ability to maintain the exterior of their home. If you know your neighbor well and you are the neighborly type, you may even be able to offer some assistance in helping them address their issues. If that fails I suggested that they call the local city/county’s code violation department. They would most likely send out an officer to write up any code violations that they had. Depending on what the city ordinances were they might get some of the problems that they listed addressed but not all. If they lived in a community with a Home Owners Association, they might have better luck at getting specific items addressed or not have had these issues at all. I myself live in a community with a Home Owner’s Association and appreciate the factor that we have to get out paint colors approved and keep our lawns watered and mowed. It really keeps our neighborhood looking nice and also aids in our property values. You always will have the one or two neighbors in your neighborhood that try to bend the rules, or that don’t take care of their front yard the way that you do. In a covenant controlled community they would face fines and or letters from the Home Owners Association to correct the problem, some home owners associations will even send in a landscaping company to fix issues and then charge it back to the seller. HOA’s have a lot of downsides too, but I do feel that the value is truly there for keeping a neighborhoods home values up in a volatile market.
For more information on the value of your home or to start your free no obligation home search with Home Buyers Scouting visit www.coloradosuccessteam.com or email us at www.cosmithteam@msn.com.

Tips on helping your children adjust to your move

We all know how difficult a move can be. The stress of packing up your whole life and moving it to a new location can take a toll on your family. Kids are so resiliant we often forget or overlook their signs of stress. It is important to remember to take good care of yourself as well during a move, so that you can give the support to your children that they will need. Below are a few tips that will help you to help your children adjust to your move!

Before you move:

• Get information about the new place. Gather information from the local Chamber of Commerce, Welcome Wagon and Board of Realtors.
  
• Tell older, school-age children about the move several months in advance, if possible.
  Share information about your new home, town and state with your child. Give him/her brochures and postcards. create a fun project that offers information about the new place (e.g., make a map or draw pictures of the new house).
  
• When possible, take your child to see his/her new town, house and neighborhood.
  
• Visit your child’s future school. Schedule time to meet the principal and some of the teachers and future classmates ahead of time.
  
• Plan a goodbye/moving party for your child. Involve her in the planning. Help her get addresses and phone numbers of friends and family they will be leaving.
  
• Request that your child’s school records be sent to his/her new school. Obtain medical and dental records for you and your children.
  
• Pack some of your child’s essentials for the trip: toiletry items, snacks, games, pillows and special comfort items.

After you move:

• Help your child decorate his/her room making it a special place in your new home.
  
• Make some exploratory trips into the community with your child such as visiting neighborhood parks, nearby restaurants or a skating rink.
  
• Take your child to enroll in his/her new school and meet teachers and classmates.
  
• Discuss extracurricular options with your child and sign up for some activities such as piano lessons, gymnastics, Girl/Boy Scouts, sports, clubs at schools, library programs.
  
• Encourage your child to call or write friends and family to let them know about the new place.
  
• Listen to your child’s feelings (sad, scared, excited) about the move and offer extra support.
  
• Help your child take pictures of your new home to send to friends and relatives.
  
• Get to know some of the other parents and find out about their activities and their children’s interests.

New program available to help borrower's in distress and new buyers with low FICO scores

After reading a Denver Post article this morning regarding a non-profit program that has recently come to Denver that can help some borrowers on the brink of losing their home to foreclosure, I felt the need to share the news! I knew nothing of this program before this morning, but am truly impressed with the opportunities that they are offering people in financial distress. As we all know “life happens” and some people just need a little bit of help to get their feet back on the ground. There is a program called the Neighborhood Assistance Corporation of America also known as NACA. This program helps troubled borrowers as well as new buyers qualify for new loans based on “character based” credit. The NACA helps out current borrowers by either restructuring loans with unfavorable terms if the loan to value balance is reasonable on the property, or by refinancing those loans where the loan balance exceeds the value. They offer some very favorable terms. Their interest rates are currently below market at 6.0% and borrowers can buy down their interest rate further with down payments. There are no closing costs, down payments or requirements for private mortgage insurance. All this help does not happen over night. The qualification process can take up to nine months, but if you are in the foreclosure process the proceedings may be stopped once the process with the NACA begins. The NACA cannot help every borrower, the ones it does help show a willingness to live within a budget and meet monthly obligations. Some conventional loan standards still apply to the program so a borrower’s monthly debt may not exceed 30 percent of their gross income.

They are holding another seminar here in Denver on August 23rd from 9am to 1pm, at Faith Temple at 12400 Hoffman Blvd in Aurora. For more information on the NACA you can visit naca.com. For more information on the value of your home or to sign up for our free no obligation home search visit http://www.coloradosuccessteam.com/ or email us cosmithteam@msn.com.

Denver Metro area numbers of sales up, while home prices dip.

Metrolist has released their July numbers. Home sales are up from that of July last year however the median price of condos and residential home sales has dropped. Number of homes sold from July of last year to July of this year increased by 2.95 percent. The median price for a condo dropped 5.7 percent while the median price for a single family home dropped 10.12 percent. This decline in price could be due to the number of foreclosed properties being purchased. Most of them are in poor condition and often do not have any appliances in them. This could cause the price drop that we are seeing in condos and residential real estate. For more specific numbers on your neighborhood feel free to contact the Colorado Success Team at cosmithteam@msn.com or visit our website at www.coloradosuccessteam.com.