HARRY’S COLUMN

TOWN HALL MEETING PREDICTS GROWTH FOR PIKES PEAK AREA

On January 7, 2010, we had the opportunity to attend the “Town Hall Meeting” conducted by Fred Crowley, PhD, of the Southern Colorado Economic Forum. In this meeting, Dr. Crowley analyzed our local economy in 2009 and made projections for 2010. Some of the significant charts which he used to illustrate his various points are linked here, for your information.

The Business Condition Index for El Paso County illustrates that our local economy has bottomed out and is starting to rebound, as we have been predicting for the past several months. The PPAR monthly statistics which give the details of how our local real estate fits into this overview of business conditions show the same kind of encouraging growth.

The Annual Growth Rate of our gross domestic product shows the positive direction of the nation, including Colorado, but Colorado Springs leads both the nation and the state in its recovery.

One of the best growth industries has been “Professional and Technical Services”, with companies in this field employing large numbers of skilled workers. Again, Colorado Springs is a leader in this area.

Per capita sales tax revenues has shown a consistent annual decline, with another decline predicted for 2010, primarily because of slow sales in ‘big ticket’ items and housing, plus the continuing growth of consumer purchasing on the internet.

The specific economic projections for El Paso County show encouraging signs of recovery in 2010, with increases in population, wages, personal income, retail activity and housing permits.

If you would like a copy of this very informative 100+ page report, just give us a call or send us an email and request a copy and we will be happy to forward one to you.  

PIKES PEAK ASSOCIATION OF REALTORS ISSUES YEAR-END STATISTICS

The recently-issued PPAR year-end statistics contain some encouraging information for prospective home buyers and sellers.

The total number of single-family home sales in Colorado Springs in 2009 was 25.9% higher than it was in 2008, with December showing the seventh consecutive monthly increase.

The average home sale price in December 2009 was $223,143, compared to $214,062 in November 2009 and $227,376 in December 2008.

The median home sale price in December 2009 was $192,500, compared to $187,950 in November 2009 and $180,000 in December 2008.

A very significant statistic was “Total Active Listings”. At year end, that number was 3951, compared to 4951 at the end of 2008. That translates into a reduction in inventory of 20.2%.

The number of homes sold in 2009 in Colorado Springs was 8745, compared to 8339 in 2008, for an increase of 4.9%

All of these numbers demonstrate that, during 2009, there was a definite decrease in the “supply” of available homes, together with an increase in both median and average prices.

real estate SETTLEMENT PROCEDURES ACT CHANGES AS OF January 1, 2010

Some new RESPA changes were established to provide borrowers with essential information about and adequate time to understand the terms of their home mortgage loans.

Under the new regulations, lenders, mortgage brokers an closing agents will be required to provide borrowers with an easy-to-read Good Faith Estimate (GFE) that will clearly answer the key questions they may have when applying for a mortgage, including:

            What is the term of the loan?

            Is the interest rate fixed, or, can it change?

            Is there a prepayment penalty should I choose to refinance at a later date?

            Is there a balloon payment?

            What are the closing costs?

The new GFE will consolidate closing costs into major categories and display total estimated settlement charges prominently on the first page so the borrower can easily compare loan offers. Loan originators are required to provide borrowers with the GFE within three days of receipt of a completed mortgage application. To allow borrowers the opportunity to compare loan offers, the loan originator cannot require verification of application information (tax returns, etc.) until after the applicant receives the Good Faith Estimate and makes the decision to proceed with the loan.

Under the new regulation, closing agents will now be required to provide borrowers with a new three-page RESPA Reform Settlement (HUD-!) that clearly compares final settlement costs with the GFE costs. Lenders will be working more closely than ever with closing agents to ensure compliance with the new HUD-1 Settlement Statement.

We understand the impact of this new rule and its implications in the purchase process and this is another reason why We should be your Realtor.

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs. I want to help you, my reader, make the most prudent and accurate Real Estate business decision.

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 37 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move. Please allow me to implement my negotiating skills on your behalf.

Just click on the icon at the top of this email to listen to my latest podcast. ….And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

JOKE OF THE WEEK

In honor of the upcoming Super Bowl, we are listing some of the cleaner jokes about the various teams that play in the NFL. (Don’t blame us …We didn’t make these up).

The Seven Dwarfs were marching through the forest one day they fell in a deep, dark ravine. Snow White, who was following along, peered over the edge of the steep chasm and called out to the fallen dwarfs. From the depths of the dark hole a voice returned, "The Seattle Seahawks  are Super Bowl contenders."

Snow White thought to herself, "Thank God... at least Dopey's survived!"

Why do San Diego Chargers players keep their Wonderlic results on their dash boards?

So they can park in the handicap spaces.

What do you get when you put the girlfriends of a dozen Tennessee Titans fans in one room?

A full set of teeth!

Why did the NY Jets players miss their flight for the big game?

They were stuck on a broken escalator!

If you see an Oakland Raiders fan on a bike, why should you not swerve to hit him?

It could be your bike.

You're trapped in a room with an angry grizzly bear, a hungry Lion, and a fan of the Oakland Raiders. You have a gun with two bullets. What should you do?

Shoot the Raiders fan… twice.

What do you call a Buffalo Bill’s fan with half a brain?

Gifted!

Why the Arizona Cardinals are like a possum?

Because they play dead at home and get killed on the road.

What did the average San Francisco 49er player get on his Wonderlic test?

Drool!

Why did The Dolphins choose Orange for the team color?

So the fans could wear it on Saturday to the game, on Sunday to go hunting, and the rest of the week picking up garbage on the highways.

What's the difference between a winning Raiders team and a UFO?

Someone has seen a UFO.

What do you call a Cleveland Brown with a Super Bowl ring?

A thief

Why doesn't Columbus, Ohio have a professional football team?

Because then Cleveland would want one.

What do you call the Broncos on their opponents 10-yard line?

Lost

What's the difference between a Raiders fan and a Chimp?

Ones hairy, stupid and smells, and the other is a Chimpanzee.

What do Raiders fans and laxatives have in common?

Both irritate the absolute crap out of you.

What do you say to a Raiders fan with a job?

"I'll have a Big Mac, fries and a coke, please."

What's the difference between the Buffalo Bills and a dollar bill?

You can still get four quarters out of a dollar bill