Record-low mortgage rates boon for housing

Mortgage rates fell this week to the lowest level on record, motivating consumers to lock in low payments for home purchases and refinanced loans. It's the best news the market has seen since the tax credits expired. The average rate for 30-year fixed- rate loans dropped to 4.69%, Freddie Mac said Thursday. The high-end market is seeing a surge in sales as a result of the lower interest rates. A year ago, the rate for a jumbo loan ranged from 6.25% to 6.75%. Today, it's about 5.75% for a 30-year fixed-rate. Read full article:
http://www.denverpost.com/business/ci_15371813

Credit Myths

Credit is a complex subject, and like most complex subjects it's often misunderstood. As a result, many people learn information about credit that simply isn't true. Our credit specialists are trained to help you navigate the myths and understand the truth about your credit.

The following list is a sample of the popular credit myths we can help you understand.

• Paying off your collections will help your credit score.
• Once you pay a collection, charge-off, judgment, or tax lien it no longer impacts your credit score.
• Using your credit cards a lot will increase your payment history and raise your score.
• Multiple credit inquiries pulled at one time in the same industry will not negatively impact your credit score.
• Consumers have just three credit scores.
• It is better if an account goes late occasionally than if it goes bad altogether.
• Paying off your auto loan, student loan, or mortgage loan will help improve your situation.
• Paying off your major credit cards and leaving the small store cards maxed is the better choice.
• You should pay off one revolving account at a time.
• Paying a large up-front credit repair fee will get you better service.
• After 7 years, a negative item on your report will disappear and will no longer lower your score.
• Having a third party, such as a consumer credit counseling firm, manage your finances will help improve your credit score more quickly.
• For corrections, the burden of proof lies with the consumer.
• My divorce decree states that my spouse is responsible for that debt, so any future negative items will not impact my credit score.
• Your collection was sold, so the original one will be erased.
• You need to contact your creditors rather than the bureaus every time you think there is a mistake on your credit report.
• The credit bureaus, creditors and lenders are your friends!
• You have only one credit score.
• A higher salary will improve your credit score.

Provided by Continental Credit Online

Fannie Mae gets tough on homeowners who walk away...

Fannie Mae is trying to encourage distressed homeowners to find alternatives to foreclosure by banning those who walk away from getting new loans for 7 years. Troubled borrowers who do not try in good faith to work out a deal, but have the capacity to pay, are targeted by the policy. "Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting," said Terence Edwards, executive vice president for credit portfolio management.

Read full article:
http://www.usatoday.com/money/economy/housing/2010-06-23-fannie-mae-walk-aways_N.htm

27 Reasons to Love Colorado in the Summer! - 5280

5280- "Colorado's white-washed winters are the stuff great travel brochures are made of: rosy-cheeked skiers schussing down powdery runs, frosted pine trees swaying in the wind, frozen lakes glistening in the afternoon sun. But Denverites know that our state's glorious summer is every bit the equal of those famous winters—and, dare we say it, maybe even a little bit sweeter. For 12 weeks (and sometimes well into late September), the thermometer hovers somewhere around perfectly comfortable; the air smells of forsythia, lilac, and freshly cut grass; and we revel in an all-too-short season full of hiking, camping, fishing, cycling, patio dining, festival-going, and flat-out sun worshipping. So sit back, kick your feet up with one of Breckenridge Brewery's 471 IPAs (#6)—or lace up your hiking boots (#13)—and enjoy."

27 Reasons to Love Colorado in the Summer!

May 2010 MLS Stats vs. 2009

Here is a quick high-level recap of the May 2010 combined MLS Residential Statistics compared to May of 2009. Even after the expiration of the tax credit, the Denver area market is showing excellent signs:

• Increase in the Number of Closed Sales to 3,416 (up 19.6% for the month)
• Average Days on Market reduced 27.9% to 75 days
• Number of Active Listings increased 4.2% to 16,333
• Absorption Rate dropped to 4.6 months (down 15.3%)
• Average Sold Price remains strong (up 4.3% from $262,066 to $273,285) compared to May, 2009.

These are all very good signs for the market in the Metro Denver area and surrounding cities.

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