Real Estate Information

Foreclosures in Colorado Springs are at an all time high.  No area is immune.  Chances are someone you know in Colorado Springs and surrounding areas is facing the possibility of foreclosure.  It is important to know that they are not alone.  Today, 1 out of every 10 homeowners in America is behind on mortgage payments. These are tough and frustrating times. Now more than ever, it's important to identify the available options. Foreclosure can be avoided, credit can be saved, and financial futures can be salvaged.

An even more staggering statistic is that more than 7 out of every 10 foreclosures (bank seizures) occur without the homeowner ever seeking professional intervention.

There are a number of options available to Colorado Springs families facing foreclosure.  See some of the options below:

1. Reinstatement
2. Forbearance or Repayment Plan
3. Mortgage Modification
4. Rent the Property
5. Deed in Lieu of Foreclosure
6. Bankruptcy
7. Refinance
8. Servicemembers Civil Relief Act (military personnel only)
9. Sell the Property
10. Short Sale

There are ways to avoid foreclosure in Colorado Springs and surrounding areas.  Contact a Certified Distressed Property Expert to find out.

The lack of traffic in Colorado Springs is yet another benifit of what the city has to offer.  As one of America's top 100 congested metro areas, Colorado Springs ranks 91st for the second year in a row.  Los Angelos, CA takes first place for worst traffic according to this report compiled by INRIX, a provider of traffic and navigation services.  New York City and Chicago followed in the number 2 and 3 position. These congestion rankings are based only on travel during weekday peak driving times (6AM-10AM and 3PM-7PM).  It is great we can enjoy the benefits of living in one of America's 100 largest cities without the major traffic issues that follow.

Below are some great Colorado Springs real estate stats for El Paso County.  You will find that homes priced under $250,000 are moving very well with an average supply of 3-6 months.  The supply rises drastically as listing prices goes up.  The first time home buyer tax credit and flux of new home buyers is adding to this trend in the lower price ranges.

Colorado Springs Real Estate Stats - Listing Supply By Price - August 2009

 Colorado Springs Real Estate Stats - Listings Sold By Price - August 2009

The Countdown Continues! 

The $8,000 first time home buyers tax credit ends November 30.  There is still time to close if you are eligible for the tax credit.  Contact your Realtor to discuss your plans of closing before the expiration date.

 

 

Outside Magazine has just ranked Colorado Springs as the #1 city to live in for 2009.  The main factors considered were cultural vibrancy, economic well-being, and overall quality of life from the 100 most populated cities in America.  When taking into account cost of living, unemployment, nightlife, commute time, access to green spaces, population with college degrees, income level in relation to home prices, and weather Colorado Springs leads the pack.  Quality and proximity to biking, running, paddling, hiking, and skiing were also considered in the final rankings.  Checkout the article to find out more.   

 

The Runners Up:

10. Charlotte, North Carolina

9. Cincinnati, Ohio

8. Minneapolis, Minnesota

7. Portland, Oregon

6. Albuquerque, New Mexico

5. Boston, Massachusetts

4. Austin, Texas

3. Atlanta, Georgia

2. Seattle, Washington

Stetson Hills Charmer!
Type: Co-op
Location: 6280 Scottsbluff Dr., Colorado Springs, CO 80923
Bedrooms: 2, Bathrooms: 1 full, 1 half, 1 three-quarter bath
Price: $174,900
Description: * VERY NICE HOME WITH VAULTED CEILINGS, CEILING FANS, VERY OPEN, LIGHT AND BRIGHT FLOOR PLAN * THIS MODEL HAS IT'S OWN SEPERATE MASTER BATHROOM AND LARGE WALK-IN CLOSET * TANDEM 2 CAR GARAGE * 2 BEDROOMS PLUS A LARGE LOFT THAT COULD BE USED AS A FAMILY ROOM, BEDROOM, HOBBY ROOM, ECT. * MANICURED FENCED BACKYARD WITH PATIO AND SPRINKLER SYSTEM * THIS HOME IS A DELIGHT TO SEE AND VERY CLOSE TO SNOWY RIVER PARK!!

Click Here for More Information and Photos.

The nation has had a large number of delinquent mortgages coming into the fourth quarter.  The news seems to be great at generalizing the stats for all but you should really listen more to the what is happening in each market.  Colorado has definitely had an increase in delinquent mortgages accounting for a total of 5.61percent of all Colorado Mortgages in the fourth quarter.  According to the Mortgage Bankers Association Colorado’s delinquency rate ranked 42nd nationwide in the fourth quarter, with first being the highest rate and 50th the lowest.  Things are bad, but they could be much worse.

It is definitely a great time to buy a home!  Home prices and interest rates are at historic lows which leaves open even more opportunities as a home buyer.  Now the government has added an $8,000 tax credit to all qualified home buyers who have not owned a principle residence in the last 3 years.  Home affordability is now drawing renters into a home of their own.  Here is a chart that outlines the tax credit. 

If you do not qualify for the credit you can still take advantage of low home prices and interest rates along with a larger inventory of homes to chose from.  Start your search now to see for yourself. 

Home Buyer Tax Credit

FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT- EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 & BEFORE DECEMBER 1, 2009
Amount of Credit	Lessor of 10% of cost of home or $7500.	Lessor of 10% of cost of home or $8000.
Eligible Property	Any Single Family Residence (including condos, co-ops, townhouses) that will be used as a principle residence.	No Change.  All principle residences eligible.
Refundable	Yes.  Reduces (or can eliminate) income tax liability for the year of the purchase.  Any unused amount of tax credit refunded to purchaser.	No Change.  Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes.  Full amount of tax credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return).  Phases out above those caps ($95,000 and $170,000).	No Change.  Same income limits continue to apply.
First Time Home Buyer Only	Yes.  Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.	No Change.  Still available to first time purchasers only.  Three year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit
Repayment	Yes.  Portion (6.67% of credit or $500) to be repaid each year for 15 years starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture	If home sold before 15 year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale.  Applies only to homes purchased in 2009.
Termination	July 1, 2009  (But note program changes in 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009.  Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009

**This information is a brief overview about the home buyer tax credit and should be confirmed with the latest tax code and your accountant.

Verizon Wireless paid 6.4 million dollars for a property in Colorado Springs that was owned by Vitesse Semiconductor Corp at 4323 Arrowswest Drive.  The purchase included a 107,381-square-foot industrial building and 9 acres of neighboring land.  This is yet another good sign for the local Colorado Springs economy and will be a boost for real estate in Colorado Springs. 

Peterson Air Force Base is among 5 other military bases around the nation to house the 24th Air Force Unit which will fall under Air Force Space Command to oversee cyberspace warfare.  The Unit is in charge of global cyberwars.

The other finalists  for the 24th Air Force Unit are Barksdale Air Force Base, La., Lackland Air Force Base, Texas, Langley Air Force Base, Va., Offutt Air Force Base, Neb., and Scott AFB, Ill.  It will be interesting to see where they end up.

This would be great for the local economy in addition to the already expanding Fort Carson, which is in the process of doubling in size.