Current Local Real Estate News:
Except for luxury homes, Denver’s housing market is robust - Interest in homes that most people buy – those below $300,000 – is quite robust, according to local agents. And if it were not for the huge drop in values among the most expensive houses, the Denver-area market would be extremely strong. “First-time home buyers read it is a buyer’s market, and think the can throw a wet noodle at the wall and it will stick,” said Corey Wadley, a broker-owner of Denver-based Nostalgic Homes. “But it is not a buyer’s market in the areas around downtown Denver under the $250,000 price point. People in the trenches can tell you that we are looking at multiple offers at these price points below $300,000 or $250,000." In northwest Denver for example, home prices appreciated last year for those priced $300,000 or below. Wadley has been surprised by how many people are unaware of the tax credits, especially the one for existing homeowners.
http://insiderealestatenews.com/2010/01/except-for-luxury-homes-denvers-housing-market-is-robust/
Government lifts rule discouraging flipping; homes can be bought and resold within 90 days - In a move that could make foreclosed properties more attractive to investors and increase the number of homes available to first-time buyers, the federal government is temporarily lifting a prohibition against providing FHA mortgage insurance for homes that are resold within 90 days. The waiver on the purchase of flipped houses with FHA mortgages, which begins February 1 and is effective for one year, “will give FHA borrowers access to a broader array of recently foreclosed properties,” HUD said Friday in announcing the change. Conditions attached to the waiver are expected to prevent what HUD called “predatory practices” by investors. For instance when a house is resold within 90 days of purchase at a price that is 20 percent higher, the seller would have to justify the increase, such as by showing how much was spent on repairs and renovation.
http://www.pe.com/business/local/stories/PE_Web_FHA.8f462821.html
Sponsored by NAT News January 22, 2010 by Shelly Hiller
