Mortgage Rates are Still Low

Low Mortgage Rates Helping to Stabilize Housing Market - The 30-year fixed-rate mortgage averaged 5.14% with an average 0.7 point for the week ending August 27, 2009, according to Freddie Mac's Primary Mortgage Market Survey. Last week, it averaged 5.12%, and a year ago it was 6.40%. "Long-term mortgage rates were barely changed this week, remaining historically low, which is helping to sustain a high level of affordability in the home-purchase market," said Frank Nothaft, Freddie Mac vice president and chief economist. "Low rates contributed to existing home sales rising for the fourth consecutive month to an annual pace of 5.24 million in July, the most since August 2007, according to the National Association of Realtors®."

http://realtytimes.com/rtpages/20090828_rates.htm

Not so great news for lots of Denver homeowners

Almost 38% of homes are "underwater" - Some 37.8% of mortgaged homes in the Denver-Aurora-Broomfield area had negative equity in the second quarter of this year, according to a study released yesterday by First American CoreLogic Inc. The national rate was 32.2%, down from 32.5% the first quarter reflecting a flattening of monthly home price changes. “Negative equity continues to be the dominant driver of the mortgage market … Given that negative equity did not increase this quarter, and home-price declines are moderating or flattening, it may indicate we are at the peak of the negative-equity cycle,” Mark Fleming, First American’s chief economist, said in a statement.
www.bizjournals.com

New listings

It's been a busy last couple of weeks. I have two new listings that have hit the market recently.

Listing # 1 is a 4 bed / 2 bath home located in Lynwood. The home is just a couple blocks from the Cherry Creek Trail. It backs to open space. The seller is updating the kitchen with new granite counter-tops. The wood floors have been refinished. It could use a coat of paint, but is priced $25,000 below recent sales in the area. Listed at $250,000.00. MLS # 796773. The address is 7012 E Arkansas Ave, Denver, CO 80224

Listing # 2 is a 3 bed / 1 bath home located in the highly desired Harvey Park neighborhood. This home has been completely renovated from top to bottom. New roof, new plumbing, new floors, new appliances, etc... This home features over 1,200 finished square feet and fantastic open floor-plans. The kitchen features all new appliances, tile floors, and granite counter-tops. Priced at $164,900.00, the sellers are definitely motivated to move this one. MLS # 798271