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North Metro Denver Real Estate News

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Worst Day For Mortgage Rates in Over 3 Years
Mortgage Rates skyrocketed today, relative to their average range of movement. It was the single biggest move higher since the days of the taper tantrum in mid-2013. Virtually all lenders are quoting conventional 30yr fixed rates that are at least an eighth of a point higher versus yesterday. Over the past decade, you can count single-day eighth-point moves without using any toes. Some lenders were a quarter point higher, which has only happened a few times, ever. The source of the drama is the market’s paradoxical reaction to Trump’s victory.

Read Article – Mortgage News Daily

 

This is why Trump’s election is causing the recent uptick in interest rates
One possible explanation is the promise from Trump to grow the country’s economy via higher deficit spending to fund infrastructure projects. This expectation was recently solidifed in comments today from Steven Mnuchin, a member of the team’s executive committee.

Read Article – Housing Wire

 

Thornton to select developer of 88-acre health care district in partnership with North Suburban Medical Center
Thornton planners are working on a large-scale development project that will convert a concentration of crowded medical practices in the city’s oldest region into a revitalized health care district that they say will be a massive economic player.

Read Article – The Denver Post

 

To Sellers: It’s Time to Face That Dated Kitchen
For home owners who are putting their house on the market, they may want to take a closer look at their kitchen. It can become a deal-breaker for buyers. “Dated kitchens—just like bathrooms—are a major barrier for resale,” says Michael Shaw, leader of operations at Centennial360, a custom home builder and renovation contractor in Saskatoon, Canada. “Buyers want modern amenities and styling, and most aren’t interested in renovating post-purchase.

Read Article – Realtor.org

 

Price Check: Housing Affordability Still Positive
Homeownership continues to remain affordable, even as lofty prices weigh on the market, according to the National Association of Home Builders (NAHB)/Wells Fargo recent Housing Opportunity Index (HOI) report. Affordability, which the Index read as lower in the third quarter, is positive overall—in fact, more than 60 percent of new- and existing-homes sold in the third quarter were affordable to families earning the national median income ($65,700).

Read Article – RIS Media

 

These Freddie Mac mortgages won’t need an appraiser
Freddie Mac is planning a controversial new mortgage process that would not include appraisals, according to an article by Kenneth Harney for the Chicago Tribune.  The mortgage giant is getting rid of traditional appraisals and replacing them with a free alternative valuation system, according to the article. This new process could begin as early as next spring.

Read Article – Housing Wire

 

$17.5 million Chateau V in Evergreen is a mansion modeled after the historic Biltmore Estate
Completed in 2015 after nine years of construction, this limestone Châteauesque mansion was modeled after the 19th century Biltmore House in Asheville, N.C. Chateau V has all the accoutrements of a real castle

Read Article – The Denver Post

 

Millennials flocking to Denver? Not so fast, says new report
The Millennial generation’s choice for where to live following college correlates strongly with median income growth in their chosen city, says a new report from San Francisco-based Apartment List.  And with only a 5.5 percent increase in inflation adjusted median household income in the last 10 years, Denver’s far from their first choice.

Read Article – Denver Business Journal

 

Metro Denver rents fall for third month in a row
If three months in a row qualifies as a trend, then metro Denver rent increases are softening again.  Metro Denver apartment rents averaged $1,381 in October, down from $1,394 in September, $1,408 in August and $1,412 in July, according to Axiometrics.  Effective rents, which adjust for landlord discounts, are rising 1.8 percent on an annual basis in metro Denver, below the 2.6 percent pace seen nationally, according to Axiometrics.

Read Article – The Denver Post

 

Housing starts surge 25% to postrecession high
Housing starts jumped  25% in October to a postrecession high as volatile apartment construction more than reversed a sharp decline and single-family starts surged as well.  Construction of homes and apartments rose 25.5% to a seasonally adjusted annual rate of 1.3 million, the Commerce Department said Wednesday. That soundly beat economists’ estimate of 1.16 million.

Read Article – USA Today

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