by Cheryl Craig
RE/MAX of Boulder, Inc.
It is true Colorado has seen a 31% rise since 2001 in the number of foreclosures filed against delinquent homeowners. However, consider the following:
* According to a Colorado Division of Housing report, "RealtyTrac (a California provider of foreclosure listings)... counts foreclosure filings as they move through one of three stages in the process, which can result in one case being counted three times. Critics say that overstates the foreclosure rate."
* 12% of these homeowners were able to "catch up" on their delinquent payments and "cured" the foreclosure and kept their homes
* 33% of these foreclosures were "withdrawn" - usually this means that the homeowner was able to sell or refinance the property during the redemption period
Source: The Denver Post, March 7, 2007
Why the unprecedented rise in foreclosures? Most Colorado foreclosures fit the following patterns:
•The home is a low or mid-range priced home
•The owner of the home purchased it with little or no money down (very high risk)
•The owner refinanced the home repeatedly - depleting and spending the equity
•The home may have been refinanced at a loan amount equal to or greater than it's value
•The owner purchased or refinanced the home with an "ARM" adjustable rate mortgage-some
with a very low initial "teaser" interest rate which has steadily gone up
•The home was purchased as a new home directly from a builder who offered 100% financing
and the home has not appreciated in value
•The owner is a first-time homebuyer
The majority of foreclosures are clustered geographically. Adams, Weld and Larimer counties are experiencing explosive growth with hundreds of new homes being built every month. This has created an over-supply of homes in some areas and these are not appreciating or growing in value. Many of the foreclosures are concentrated in new home neighborhoods. Builders are deeply discounting homes to unload their inventories and lower their overhead. This tends to depress values in those areas. On the flip side, counties and towns with prudent zoning and growth permit restrictions are experiencing minimal foreclosures and little to no impact on existing home values.
A Word of Advice About the Foreclosure Process!
You buy a property, take out a mortgage, and promise to pay it back on a schedule of payments. When you don't pay as agreed, you are considered "delinquent" and "in default" on the mortgage. The mortgage lender starts a process called “foreclosure” to force you---the borrower---to either catch up with all money owed OR force the sale of the property (which is the collateral for the mortgage).
If you---or someone you know---find yourself in this place DO NOT STICK YOUR HEAD IN THE SAND AND DO NOTHING!! Many mortgage holders are willing to work with the borrower and will negotiate a "Forbearance" or "Short Pay" agreement. This postpones the foreclosure process and allows the struggling homeowner some breathing room. This is a great time to call me - your trusted real estate advisor!! I can help you explore your options.
There are FREE local foreclosure hotlines which give valuable guidance and assistance. Note: Over 50% of homeowners who call a hotline are able to avoid foreclosure!
877-601-HOPE Colorado Foreclosure Prevention Hotline
888-995-HOPE Homeownership Preservation Foundation Hotline
Friday, July 6, 2007
Wednesday, July 4, 2007
South Boulder Creek Floodplain
Changes in the Flood Plain in East and South Boulder.
Points you should know:
The City of Boulder will begin enforcing land use and building code requirements on the affected properties based on the revised mapping within a month or less from now. Most newly affected properties will experience very shallow flooding within the 100 year floodplain and will see little change, if any, on their abiliity to alter the structure other than meeting code requirements designed to mitigate the flood hazard.
The Federal Emergency Management Agency (FEMA) will formally adopt the proposed South Boulder Creek floodplain mapping in about a year from submittal by the City of Boulder.
Once FEMA adopts the revised mapping, owners of the affected properties will be required to obtain flood hazard insurance. In the interim, you may want to advise your clients that they should consider obtaining flood hazard insurance now, or before the revised mapping is adopted by FEMA since property owners can get substantially lower insurance premiums prior to adoption of the revised mapping.
I have posted the link to the proposed flood map. SOUTH BOULDER FLOOD MAP.
Looking up a property is a bit tedious but EXTREMELY important. Owners need to know they will be paying flood insurance within a year if the maps are approved by FEMA.
Points you should know:
The City of Boulder will begin enforcing land use and building code requirements on the affected properties based on the revised mapping within a month or less from now. Most newly affected properties will experience very shallow flooding within the 100 year floodplain and will see little change, if any, on their abiliity to alter the structure other than meeting code requirements designed to mitigate the flood hazard.
The Federal Emergency Management Agency (FEMA) will formally adopt the proposed South Boulder Creek floodplain mapping in about a year from submittal by the City of Boulder.
Once FEMA adopts the revised mapping, owners of the affected properties will be required to obtain flood hazard insurance. In the interim, you may want to advise your clients that they should consider obtaining flood hazard insurance now, or before the revised mapping is adopted by FEMA since property owners can get substantially lower insurance premiums prior to adoption of the revised mapping.
I have posted the link to the proposed flood map. SOUTH BOULDER FLOOD MAP.
Looking up a property is a bit tedious but EXTREMELY important. Owners need to know they will be paying flood insurance within a year if the maps are approved by FEMA.
Saturday, June 23, 2007
Summer Time in The Rockies
Summer is here in the Rocky Mountains and that means lots of long days to play and of course lots of sun light to tour homes. Summer home sales are still looking strong and in favor of YOU the buyers. We still have a good inventory of homes and homes are selling at a good pace.
If we have not yet talked personally please feel free to give me a call as I would be more than happy to answer any of your relocation questions about the towns, services, recreation and of course home sales. I hope you have all received your relocation packets, if not let me know and I will customize one just for your needs.
Have a great summer and I hope to hear from you at any time with any questions or needs in Colorado.
If we have not yet talked personally please feel free to give me a call as I would be more than happy to answer any of your relocation questions about the towns, services, recreation and of course home sales. I hope you have all received your relocation packets, if not let me know and I will customize one just for your needs.
Have a great summer and I hope to hear from you at any time with any questions or needs in Colorado.
Sunday, March 25, 2007
Is Boulder in the Wine Business?
Boulder Wines Make a Splash.
by Andres Ochoa
Boulder has never been synonymous with wine production, and probably never will be. But in East Boulder, one woman is shaping Colorado’s emerging wine industry. Jackie Thompson, of Boulder Creek Winery is pioneering an industry still in its infancy in Colorado.
In the past 15 years, Colorado has gone from a handful of winers to 65 fully operational wineries today. Over $40 million a year is pumped each year into Colorado’s economy with wine sales and tourism activity. Along the Front Range, wine production has shot up 5 fold in just as many years, according to the Colorado Wine Board.
According to Bill Musgnung, Colorado has seen a 14 years of increased wine production. What Colorado lacked was quality. “Young punks come in and think they know everything. They think they can buy their business, and it’s not like that. Money talks, but it doesn’t talk quality.”
That began to change when Thompson stepped into the game in 2003. The next year, her 2003 Chardonnay won a double gold medal at the Eastern International Competition, coveted as one of the premier wine competitions. Being the first wine that Thompson had ever made, the double gold sent shockwaves through the Wine industry, being that this honor is rare for a seasoned wine maker.
Thompson now produces 1,800 cases of wine each year, up from 200 in her inaugural season. And although she is still in the learning process, one myth she has done away with is that he needs to be in California to produce quality vino. (Boulder Cultural Directory)
by Andres Ochoa
Boulder has never been synonymous with wine production, and probably never will be. But in East Boulder, one woman is shaping Colorado’s emerging wine industry. Jackie Thompson, of Boulder Creek Winery is pioneering an industry still in its infancy in Colorado.
In the past 15 years, Colorado has gone from a handful of winers to 65 fully operational wineries today. Over $40 million a year is pumped each year into Colorado’s economy with wine sales and tourism activity. Along the Front Range, wine production has shot up 5 fold in just as many years, according to the Colorado Wine Board.
According to Bill Musgnung, Colorado has seen a 14 years of increased wine production. What Colorado lacked was quality. “Young punks come in and think they know everything. They think they can buy their business, and it’s not like that. Money talks, but it doesn’t talk quality.”
That began to change when Thompson stepped into the game in 2003. The next year, her 2003 Chardonnay won a double gold medal at the Eastern International Competition, coveted as one of the premier wine competitions. Being the first wine that Thompson had ever made, the double gold sent shockwaves through the Wine industry, being that this honor is rare for a seasoned wine maker.
Thompson now produces 1,800 cases of wine each year, up from 200 in her inaugural season. And although she is still in the learning process, one myth she has done away with is that he needs to be in California to produce quality vino. (Boulder Cultural Directory)
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