Friday, November 14, 2008
New State Wide Relocation Service
I found this great website: www.MoveMeToColorado.com. This website allows for anyone wanting to move anywhere in the United States to be connected with the right agent. Dont like your agent? No problem! They will reassign you to a different agent, no hassle whatsoever! They also offer great military bonus programs, check them out now!
Colorado Ski Areas Still Growing
Despite slow economy, ski areas building quickly, a story from 9news.com, reports that as some small businesses see themselves in a more cautious bear market, the bigger ski areas are feeling a little more bullish. Marketing director for Vail Resorts Development, Christine Berwyn, said ski areas like Breckenridge are busy with construction projects, thanks to positive fourth quarter earnings. That includes two new lodges at Peak 7, where 45 condos ranging from $600,000 to $2.5 million have sold out. Down the road at Peak 8, the ski area is also working on base area renovations that include a new Rock Resort Lodge that’s 50% sold out and won’t be finished for a year. Breckenridge is not the only ski area that is building going into the 2008-2009 ski season, other resorts like Arapahoe Basin, Winter Park, Steamboat Springs, Snowmass and Vail are all conducting base area village renovations. Berwyn said, “We’re continuing to invest in all of Peak 7 and 8. We feel confident about the winter season ahead of us and we know we’re going to get a great snow season.”http://www.9news.com/money/article.aspx?storyid=100901&catid=344
Colorado Springs 5th best city to live and play
No surprise here. In July, Kiplinger named Colorado Springs one of the Top 10 (#5) best cities to live work and play for 2008 according to Kiplinger Magazine.
http://www.kiplinger.com/magazine/archives/2008/07/2008-best-cities-to-live-work-play.html
http://www.kiplinger.com/features/archives/2008/05/2008-best-cities-Colorado-Springs.html
http://www.kiplinger.com/magazine/archives/2008/07/2008-best-cities-to-live-work-play.html
http://www.kiplinger.com/features/archives/2008/05/2008-best-cities-Colorado-Springs.html
Colorado Springs Set for Economic Rebound!
Finally - positive news worth getting excited about. We have all heard that we are not as bad off as the rest of the country – hard to consider when we see people struggling everyday to make ends meet. However there seems to be some light at the end of the tunnel which we all may begin to realize in short order.
Click on the link below for the video. If the link doesn’t work try clicking on the second link and then look to the right under top story videos (Springs Set for Economic Rebound)
http://static.koaa.zope.net/includes/video/480x400_zope.swf?id=x1949200974
http://www.koaa.com/news/
Click on the link below for the video. If the link doesn’t work try clicking on the second link and then look to the right under top story videos (Springs Set for Economic Rebound)
http://static.koaa.zope.net/includes/video/480x400_zope.swf?id=x1949200974
http://www.koaa.com/news/
Colorado Springs Area is #4!
Analyzing more than 400 metro areas in the U.S. and Canada using dozens of variables, the newly published, second edition of Cities Ranked and Rated written by Bert Sperling and Peter Sander and published by Frommer's, is the ultimate sourcebook for anyone looking to find the best place to live - or who's hungry to know how their hometown compares.
Where magazine surveys only show the big picture, Cities Ranked and Rated, 2nd Edition, lets you drill way down to find the percentage of white- versus blue-collar jobs, the number of annual days below zero degrees Fahrenheit, the cost for an average doctor visit and even the number of Starbucks in a given metro area. Extensive tables show you America's most literate cities, the best states for long summer evenings, and the places with the cheapest car insurance.
Cities Ranked and Rated, 2nd Edition, finally boils down all the variables into an overall city rating.
Gainesville, FL
Bellingham, WA
Portland-Vancouver-Beaverton, OR-WA
Colorado Springs, CO
Ann Arbor, MI
Ogden-Clearfield, UT
Asheville, NC
Fort Collins-Loveland, CO
San Luis Obispo-Paso Robles, CA
Boise City-Nampa, ID
Gainesville, home to the University of Florida, has "gained popularity among northern migrants seeking a Florida climate and intellectual stimulation without the high prices, tourist bustle, and stigma most commonly associated with the state," according to the authors. The book also highlights Gainesville's recreational opportunities, arts venues, opportunities for small businesses and small-town Southern feel.
The nation's least desirable place to live, meanwhile, is Modesto, CA, which scored a 0 on the book's 100-point scale. Modesto's lack of things to do, high cost of living and high unemployment rate contributed to this ranking, according to the book. In addition, "crime continues to be a real as well as an image problem," and "it was recently noted as having the highest auto theft rate in the nation," the authors note.
Where magazine surveys only show the big picture, Cities Ranked and Rated, 2nd Edition, lets you drill way down to find the percentage of white- versus blue-collar jobs, the number of annual days below zero degrees Fahrenheit, the cost for an average doctor visit and even the number of Starbucks in a given metro area. Extensive tables show you America's most literate cities, the best states for long summer evenings, and the places with the cheapest car insurance.
Cities Ranked and Rated, 2nd Edition, finally boils down all the variables into an overall city rating.
Gainesville, FL
Bellingham, WA
Portland-Vancouver-Beaverton, OR-WA
Colorado Springs, CO
Ann Arbor, MI
Ogden-Clearfield, UT
Asheville, NC
Fort Collins-Loveland, CO
San Luis Obispo-Paso Robles, CA
Boise City-Nampa, ID
Gainesville, home to the University of Florida, has "gained popularity among northern migrants seeking a Florida climate and intellectual stimulation without the high prices, tourist bustle, and stigma most commonly associated with the state," according to the authors. The book also highlights Gainesville's recreational opportunities, arts venues, opportunities for small businesses and small-town Southern feel.
The nation's least desirable place to live, meanwhile, is Modesto, CA, which scored a 0 on the book's 100-point scale. Modesto's lack of things to do, high cost of living and high unemployment rate contributed to this ranking, according to the book. In addition, "crime continues to be a real as well as an image problem," and "it was recently noted as having the highest auto theft rate in the nation," the authors note.
Mortgage Volume Rises
Mortgage volume rises after hitting eight-year low
The refinance index surged 16 percent, while the purchase index increased 9 percent for the week ending Nov. 7.
(11/14/2008)
After sinking to its lowest level since 2000, mortgage application activity increased 11.9 percent on a seasonally adjusted basis for the week ending Nov. 7, the Mortgage Bankers Association Reported.
According to the weekly mortgage applications survey, the Market Composite Index increased to 425 from 379.9 one week earlier.
On an unadjusted basis, the Index increased 10.5 percent compared with the previous week and was down 40.0 percent compared with the same week one year earlier. Data was delayed a day due to the Veteran’s Day holiday.
The Refinance Index increased 16.1 percent to 1248.4 from the previous week and the seasonally adjusted Purchase Index increased 9.0 percent to 284.4 from one week earlier. The Conventional Purchase Index increased 6.5 percent while the Government Purchase Index (largely FHA) increased 15.3 percent.
The four week moving average for the seasonally adjusted Market Index is down 3.7 percent. The four week moving average for the seasonally adjusted Purchase Index is down 2.5 percent, while this average is down 5.1 percent for the Refinance Index.
The refinance share of mortgage activity increased to 45.1 percent of total applications from 42.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 2.3 percent from 2.5 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.24 percent from 6.47 percent, with points decreasing to 1.17 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.90 percent from 6.14 percent, with points decreasing to 1.12 from 1.22 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.77 percent from 6.86 percent, with points increasing to 0.43 from 0.42 (including the origination fee) for 80 percent LTV loans.
The refinance index surged 16 percent, while the purchase index increased 9 percent for the week ending Nov. 7.
(11/14/2008)
After sinking to its lowest level since 2000, mortgage application activity increased 11.9 percent on a seasonally adjusted basis for the week ending Nov. 7, the Mortgage Bankers Association Reported.
According to the weekly mortgage applications survey, the Market Composite Index increased to 425 from 379.9 one week earlier.
On an unadjusted basis, the Index increased 10.5 percent compared with the previous week and was down 40.0 percent compared with the same week one year earlier. Data was delayed a day due to the Veteran’s Day holiday.
The Refinance Index increased 16.1 percent to 1248.4 from the previous week and the seasonally adjusted Purchase Index increased 9.0 percent to 284.4 from one week earlier. The Conventional Purchase Index increased 6.5 percent while the Government Purchase Index (largely FHA) increased 15.3 percent.
The four week moving average for the seasonally adjusted Market Index is down 3.7 percent. The four week moving average for the seasonally adjusted Purchase Index is down 2.5 percent, while this average is down 5.1 percent for the Refinance Index.
The refinance share of mortgage activity increased to 45.1 percent of total applications from 42.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 2.3 percent from 2.5 percent of total applications from the previous week.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.24 percent from 6.47 percent, with points decreasing to 1.17 from 1.19 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.90 percent from 6.14 percent, with points decreasing to 1.12 from 1.22 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 6.77 percent from 6.86 percent, with points increasing to 0.43 from 0.42 (including the origination fee) for 80 percent LTV loans.
New FHA Loan Limits!
FHA sets new loan limits
Beginning Jan. 1, FHA will insure single-family home mortgages up to $271,050 in low-cost areas and up to a maximum of $625,500 in high-cost areas.
(11/12/2008)
The Federal Housing Administration approved new mortgage loan limits for single-family homes as prescribed by the Housing and Economic Recovery Act of 2008.
Beginning Jan. 1, FHA will insure single-family home mortgages up to $271,050 in low-cost areas and up to a maximum of $625,500 in high-cost areas, according to U.S. Department of Housing and Urban Development Secretary Steve Preston. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008. The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the Stimulus Package.
"In today's environment where access to credit is being restricted, we need to make mortgage loans readily available to households throughout the country, and especially in high-cost areas," Preston said. "These new loan limits will ensure FHA can to continue help struggling homeowners refinance into safe, affordable government-insured loans, and allow many first-time buyers take advantage of today's buyers market"
For several years, FHA's loan levels were below the cost of the average home in communities across the nation. As a result, families who needed FHA mortgage insurance to qualify to buy a home were effectively locked out of the process. In some cases, borrowers turned to exotic subprime loans.
FHA mortgage insurance makes home financing more available to low-income and first time homebuyers. This is because the mortgage is backed by the full faith and credit of the government, freeing lenders from assuming the risk of default.
Higher FHA loan limits do not cost the government any money because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA-insured mortgage loans.
The Housing and Economic Recovery Act pegs the national conforming mortgage loan limit to a house price index chosen by the new Federal Housing Finance Agency (FHFA). For 2009, the national conforming limit will remain at the current level of $417,000.
The Act says that the new FHA loan limits will be set at 115 percent of the median house price in a given area, as determined by HUD, but can not be lower than 65 percent of the conforming loan limit (the national floor). Also, the FHA mortgage limit cannot exceed 150 percent of the national conforming loan limit (the national ceiling).
Home Equity Conversion Mortgages
The Act also pegs the national mortgage limit for FHA-insured reverse mortgages to the national conforming loan limit. The FHA product known as the Home Equity Conversion Mortgage (HECM) will therefore have a national mortgage limit of $417,000. Unlike the new forward mortgage loan limits, the new HECM loans limits are effective on loans insured or after Nov. 6. This is the first time that a single limit applies to these mortgages nationwide. As in previous years, the special exception areas of Alaska, Hawaii, Guam, and the Virgin Islands may have higher loan limits. Starting in January 2009, counties in those areas may have loan limits of 115 percent of area median prices, where that amount is above $417,000, up to a ceiling of $625,500.
Reverse mortgages allow homeowners age 62 and older to borrow against the value of their homes without selling them. Homeowners can select a lump-sum payment, monthly payments or tap into a line of credit. No repayment is required as long as a homeowner lives in a home with a reverse mortgage. The reverse mortgage is repaid, with interest, when a homeowner sells the home or dies
Beginning Jan. 1, FHA will insure single-family home mortgages up to $271,050 in low-cost areas and up to a maximum of $625,500 in high-cost areas.
(11/12/2008)
The Federal Housing Administration approved new mortgage loan limits for single-family homes as prescribed by the Housing and Economic Recovery Act of 2008.
Beginning Jan. 1, FHA will insure single-family home mortgages up to $271,050 in low-cost areas and up to a maximum of $625,500 in high-cost areas, according to U.S. Department of Housing and Urban Development Secretary Steve Preston. The February 2008 Stimulus Package temporarily raised the FHA maximum to $729,750 through December 31, 2008. The new $625,500 maximum, however, represents a significant increase over the $362,790 limit that was in effect prior to the Stimulus Package.
"In today's environment where access to credit is being restricted, we need to make mortgage loans readily available to households throughout the country, and especially in high-cost areas," Preston said. "These new loan limits will ensure FHA can to continue help struggling homeowners refinance into safe, affordable government-insured loans, and allow many first-time buyers take advantage of today's buyers market"
For several years, FHA's loan levels were below the cost of the average home in communities across the nation. As a result, families who needed FHA mortgage insurance to qualify to buy a home were effectively locked out of the process. In some cases, borrowers turned to exotic subprime loans.
FHA mortgage insurance makes home financing more available to low-income and first time homebuyers. This is because the mortgage is backed by the full faith and credit of the government, freeing lenders from assuming the risk of default.
Higher FHA loan limits do not cost the government any money because the FHA Insurance Fund is fully supported by premiums paid by borrowers who receive FHA-insured mortgage loans.
The Housing and Economic Recovery Act pegs the national conforming mortgage loan limit to a house price index chosen by the new Federal Housing Finance Agency (FHFA). For 2009, the national conforming limit will remain at the current level of $417,000.
The Act says that the new FHA loan limits will be set at 115 percent of the median house price in a given area, as determined by HUD, but can not be lower than 65 percent of the conforming loan limit (the national floor). Also, the FHA mortgage limit cannot exceed 150 percent of the national conforming loan limit (the national ceiling).
Home Equity Conversion Mortgages
The Act also pegs the national mortgage limit for FHA-insured reverse mortgages to the national conforming loan limit. The FHA product known as the Home Equity Conversion Mortgage (HECM) will therefore have a national mortgage limit of $417,000. Unlike the new forward mortgage loan limits, the new HECM loans limits are effective on loans insured or after Nov. 6. This is the first time that a single limit applies to these mortgages nationwide. As in previous years, the special exception areas of Alaska, Hawaii, Guam, and the Virgin Islands may have higher loan limits. Starting in January 2009, counties in those areas may have loan limits of 115 percent of area median prices, where that amount is above $417,000, up to a ceiling of $625,500.
Reverse mortgages allow homeowners age 62 and older to borrow against the value of their homes without selling them. Homeowners can select a lump-sum payment, monthly payments or tap into a line of credit. No repayment is required as long as a homeowner lives in a home with a reverse mortgage. The reverse mortgage is repaid, with interest, when a homeowner sells the home or dies
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