Posts Tagged ‘foreclosures’

Steamboat Springs Real Estate Report

Monday, March 2nd, 2015

Steamboat Springs Real Estate Report

Steamboat Real Estate

Steamboat Real Estate

Real Estate in 2015 – Flat or Feverish?

Some experts believe that the 2015 real estate market will be more of the same slow and steady numbers like they were in 2014. But some experts, like Joshua Brown for Fortune.com, feel that “2015 may just be the year that the housing market goes ballistic”. I don’t necessarily think the market will go ballistic, but I do think we will see Steamboat’s market continue to its upward momentum.

Here are some of Brown’s reasons which I feel support our resort market’s growth as well:

1. Low interest rates are coming to an end.

2. Millennials do not want to stay home forever and rents are at an all time high.

3. Employment among college- educated people is secure.

4. Wages are increasing. Brown noted that, When people get one-time tax cuts or bonuses, they save them. When people get raises, however, they buy stuff and improve their standard of living.

Steamboat Springs Real Estate Report

Monday, January 5th, 2015

Steamboat Springs Real Estate Report

Happy New Year! I hope that your holidays were joyous and the new year prosperous.

As we head into 2015, let’s talk real estate and absorption rate. This is the rate at which available properties are sold in a specific real estate market during a given time period. As you see, for most of our market, we are seeing good improvements.  Keep in mind, a normal healthy real estate market has about 6 months of inventory. More than 6 months is a “buyers market” and less than 6 months is a “sellers market.”

Single Family Absorption Rate

Single Family Absorption Rate

Townhome Absorption Rate

Townhome Absorption Rate

Condo Absorption Rate

Condo Absorption Rate

 

 Local Steamboat Springs Market

November was a decent month for Routt County real estate transactions with $41.4M in gross sales and 106 transactions.  While this is down from what we’ve seen over the past few months, it is still good for this time of year and the best November we have seen since 2009.

Steamboat Real Estate Market Report

Tuesday, September 3rd, 2013

Steamboat Real Estate Market Report

Routt County / Steamboat Springs

July was a great month for Steamboat Springs real estate.  The Market Report shows transaction volume was up +35.84 % from July 2012.  The Year to Date gross volume is  up +11.14 % over last year’s gross.  On a transaction basis, July was up +16%, while the Year to Date is up +14.54%.

Looking at the numbers below, August has been a very busy month. Pending sales are up dramatically. A couple weeks ago they were up to 183. So Pending sales are up, sales are steady and inventory is down slightly.

Five month snapshot

Steamboat Colorado Real Estate

Steamboat Colorado Real Estate

Prices: Over the summer we saw inventories go up. With this increase in supply, prices we up slightly but not dramatically like we saw in the spring time.   Although the market report shows sales continue to be strong in Steamboat Springs, prices are leveling off and we’re seeing more stability in the Steamboat real estate market.

Steamboat Springs Foreclosures

Thursday, July 11th, 2013

Steamboat Springs Foreclosures

Foreclosures are down in Steamboat Springs, Colorado. Foreclosure filing are also down nationally. A year ago there were roughly 40-50 bank owned properties for sale in Steamboat Springs / Routt county.

Foreclosure

Foreclosure

Today there are 14 bank owned properties for sale in the Steamboat MLS. Short-sales in Steamboat Springs have dropped as well. Today there are 27 Short Sales in the Steamboat MLS.   Rising real estate values and declining unemployment is a major factor in the improvements. And with these low interests rates, people are able to refinance and lower their mortgage payment.

National Foreclosure Snapshot

National Foreclosure Snapshot

Unlike national numbers, foreclosures in Steamboat Springs show a wide range in values. Lower priced properties tend to see higher numbers in foreclosures but in Steamboat Springs, but we’re not immune from seeing high-end bank owned properties. As bank owned properties drop, this help stabilize local real estate values which is great news for home owners in Routt county.  If you want to search foreclosures in Routt county and Steamboat Springs, you can search Steamboat NED foreclosure filings here. 

Foreclosures Down in Colorado

Monday, May 20th, 2013

Foreclosures Down in Colorado

Time to Celebrate

Time to Celebrate

May 16th the Colorado Division of Housing reported a 41 percent decrease in foreclosure filings in Colorado. There were 4,571 foreclosure filings the first quarter of 2013 across the state compared to 7,785 during the same time period last year. Actual foreclosures were down 30.5 percent from first quarter last year.

Wow.

Foreclosure filings differ from foreclosures. Foreclosure filings are the paperwork; actual sales happen over 100 days later. During this time, borrowers and lenders try to work towards an agreement to bypass foreclosure. This may involve options like short sale or re-financing.

Steamboat Springs and National Real Estate Market Update – March 2013

Friday, March 22nd, 2013

Steamboat Springs and National Market Update – March 2013

National Home Prices:

National home prices are improving.  Fiserv Case-Shiller projected March 4, 2013 that home prices across the nation will grow by 3.3 percent every year for the next 5 years. As we reported to you last month, 2012 was the first positive year for both home prices and home sales volume increases since the market crash. According to Case-Shiller,  2012 was as close to normal as we’ve seen since 1997!

Fiserv Case-Shiller Home Price Index measures the health of the housing market across the country.  It tracks data from repeat-sales of residential homes from 20 metropolitan regions and nationally.

This chart from Standard & Poor/Case-Shiller shows the national home price trend. Overall, there was a 7.3% gain in the fourth quarter of 2012 compared to the same time 2011.

A Lender’s Perspective on Buying Foreclosures and Short-Sales

Tuesday, November 20th, 2012

As a realtor, I rely on lenders a lot. One that I use is Steamboat is Kathryn Pedersen. And here’s some sage advice about buying foreclosures and short-sale from Kathryn.

“I am amazed everyday with the deals that buyers are getting on real estate in the Steamboat Springs market. The rates are at or below historic lows again, so not only are the prices right, but the resulting payments are also budget friendly. Today’s hot commodities are bank owned or short sale properties. Buying one of these properties presents a different set of challenges; here are a few tips and observations from my experience with lending on Steamboat foreclosures and short-sales.

Steamboat Springs Foreclosure not as Bad as National

Thursday, April 12th, 2012

Steamboat Springs More Favorable than National Foreclosure Numbers

RealtyTrac Inc. reported today that the number of homes receiving first time foreclosure notices nationally rose 7% in March from February numbers. This marks the third consecutive month this year that foreclosure notices have increased  nationally. It was a known fact that shadow inventory exists, and now it’s becoming evident just how many unpaid mortgages were hung up in the banking system awaiting a court settlement that came through in February. With the $25B settlement reached, it’s clear that banks have resumed their quest to address unpaid mortgages.

We have a brighter picture in Steamboat Springs, although truth be told, it’s only brighter on paper, because for those Steamboat Springs home owners being foreclosed on, there’s nothing good about this news.

* In Steamboat Springs/Routt County, 65 foreclosures were filed in the first quarter of 2012

* This first quarter foreclosure number puts Steamboat Springs on pace for 46 fewer total foreclosures than last year

Good News: A Real Estate Trend That is Steamboat Springs Friendly

Tuesday, April 3rd, 2012

Good News: A Real Estate Trend That is Steamboat Springs Friendly

Second home owners are common in Steamboat Springs, and the real estate market in Steamboat Springs thrives on Vacation and Investment Home Buyers seeing the advantages of owning property in Ski Town USA®. The National Association of Realtors 2012 Investment and Vacation Home Buyers Survey, reported that sales of investment and vacation homes jumped in 2011 to a combined share that reached its highest level since 2005. Specifically:

* Investment Home sales increased 64.5% in 2011 vs. 2010

* Vacation Home sales increased 7.0% in 2011 vs. 2010

* Investment Home sales share of all 2011 transactions rose to 27% from 17% in 2010

* Vacation Home sales share of all 2011 transactions rose to 11% from 10% in 2010

* 41% of  Investment Buyers purchased more than 1 Investment Property

Case-Shiller Report Bleak

Wednesday, February 29th, 2012

Case-Shiller Report Bleak

From the Wall Street Journal to Bloomberg, David Blitzer, Chairman of the Index Committee at S&P Indices, didn’t have positive news to report upon publishing the December S&P Case-Shiller report.
* “In terms of prices, the housing market ended 2011 on a very disappointing note.”
* “With this month’s report we saw all three composites hit new record lows.”
* “If anything, it looks like we might have re-entered a period of decline as we begin 2012.”

Housing Market Ups & Downs

Housing Market Ups & Downs

So just how bad were the December Case-Shiller Home Price Indices numbers?
* The U.S. National Index and the 20-City Composite were down 4% December 2011 vs. December 2010
* The 10-City Composite was down 3.9% December 2011 vs. December 2010
* Atlanta, Las Vegas, Seattle and Tampa each saw average home prices hit new lows
* Atlanta, Cleveland, Detroit and Las Vegas have average home prices below their January 2000 levels
* The National Composite is down 33.8% from its 2nd quarter 2006 peak
* Seventeen cities of the 20-City Composite have seen monthly declines for at least 3 consecutive months