FHA in Trouble?

I'm reproducing below an article from Real Trends Update, a publication for Realtors. This article highlights some concerns recently circulated about the viability of FHA and whether we have another government "bailout" in the making, as we saw with Fannie Mae and Freddic Mac in 2008. This is certainly not good news in real estate as FHA has been a mainstay in the financing world during these difficult times.

November 29, 2011

The Week in Review

By Steve Murray

FHA Following in Fannie and Freddie Footsteps?

Recent back and forth between outsiders and insiders sounds suspiciously like the summer of 2008 all over again. FHA says it is sound and doing its job and is being far more careful than it used to and certainly more careful than Freddie and Fannie were. Outsiders say that with over $1 trillion dollars in insured mortgages, many with less than 5 percent down and less than 0.5 percent reserves, that without “implied” government backstop, this is another bailout in the making.

Lets face it – without FHA financing housing would really be hurting. They now insure around one third of all mortgages. And that share appears to still be growing. And FHA officials stress that all of their portfolio measurements point to a far healthy, more qualified buyer than in the past. Still who really trusts anyone with less than one half of one percent of reserves insuring $1 trillion dollars of mortgages with prices still slipping?

Housing is starting to heal in many markets and with unemployment heading slowly downwards prospects for the next year are better as well. Any softening in the economy now and FHA mortgages could take another hit….one it clearly cannot afford.

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Happy Thanksgiving

Design Highlight: Vertical Light

When light is installed nearly blush against a vertical surface, walls come to life much like a 3D movie; this design highlight is referred to as wallwahing. Consider the effect light has when used as an accessory rather than a simple necessity. The below images capture wallwashing in residential spaces.

//Smooth glass blocks take on new angles and shadows.

//Wood becomes exotic in color.

//Textured walls become visually tactile.

Perfect Season

Have you noticed the beautiful fall days, with a hint of chill in the air in the morning, and warming to a comfortable temperature during the day? How about the deep blue skies and the clear rivers and streams? Even as the fall colors are beginning to dwindle, I marvel at what a perfect season fall is in Durango, Colorado.

It is also the perfect season for real estate. What makes a perfect season for real estate? The market must have adequate choices; just a few years ago, there was a low inventory, and few choices for buyers. Today, the number of homes available is great, and buyers have significant choices. Second, this is a great time for negotiation, as there is competition in many neighborhoods, and we are still in the fall selling season prior to winter. Third, if you have solid credit, an adequate down payment, and most important, a good credit score, money is available, and interest rates are low. The low cost of money, many great choices, and a strong negotiation position makes this the perfect season to buy!!

Last, this is the perfect season in our life! We are fortunate to live in a great country, with all of our freedoms, and to wake up each day to a bright and wonderful future. We need to be thankful for those serving in the armed forces that protect our freedoms, and be thankful for those in leadership of our nation, state, country, and city for their commitment to give of themselves to better our opportunities. Most importantly for those of us that call Durango home, we live in the best place in the country, and there are people all over this nation that wish they could be here.

This is truly a blessed season. Enjoy and make the most of it, and don't forget to vote.

Don

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Fall in Durango

The Fall real estate market in Durango has been somewhat slow, although we continue to see signs of recovery in real estate and have optimism for the future. As always, we count our blessings that we live and work in Durango, Colorado, which continues to shine even in these difficult times. Here is a little description of our fair town from the DowntownDurango.org website:

"Marketing professionals have long sought a clever phrase incorporating terms shared by guests – charming, vibrant, “fun.” The resonating word, however, which perhaps most aptly describes Durango’s appeal is “real.” Durango is a “real” town. Simply stroll down Main Ave. or relax in a coffee house or local brewpub and you’ll feel the energy. Though Durango has all the beauty and activities of mountain resort towns across the West, this is a place where people truly do live – and love it."

Upcoming Downtown Durango Events:

This weekend: Seuss on the Loose Exhibit; Rocky Horror Show

Nov. 18 - Dec. 28: Polar Express

Nov. 18 - Dec. 29: Winter Solstice Artisan's exhibit

Nov. 25 - Jan. 1: HoliDazzle

Dec. 2 -3: Holiday Arts Show

Dec. 2 -4 and Dec. 9 -11; Festival of Trees

Dec. 2 -18 Hark the Neville Angel Sings

Dec. 3, 10, 17 The Eight Reindeer Monologues

Dec. 9 - 11 Nutcracker Ballet

Dec. 19 Big Bad Voodoo Daddy's Holiday Party

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.

Durango Colorado Real Estate Statistics - Thru Sept. 2011

Hello Friends,

Below is the preliminary information for real estate sales in the La Plata County, Durango Colorado real estate market.

As an overview, the La Plata County residential real estate market has continued to recover from the bottom of the market, which was September 2009. The residential real estate sales for the nine months thru 2011 totaled 527 transactions with a median price of $308,000 compared to the same period in 2009, which was 386 transactions and a median price of $292,500. As compared to the same period last year, the La Plata County residential transactions were up 10.2%, with the median price up .7%, the Durango In Town residential transactions were up 9.3%, with a .4% increase in the median price, and total Bayfield residential transactions were up 27.9%, but the median price fell 5.9%. The number of land sales improved 45.2% over last year, with a 21.7% increase in median price, and the commercial transactions increased 45.4%, with a median price increase of 20.4%.

Although this is encouraging news on the market, the number of transactions is still approximately 1/2 of the the number of sales in the top of the market, which was 2005, and still lower than the numbers for 2008 (same 9 months). Prices continue to be challenged in the market place due to the excessive inventory of properties for sale, and by distressed properties that are offered below market value.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado. He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist

CRB, Certified Residential Broker

CCIM, Certified Commercial Investment Member

CDPE, Certified Distressed Property Expert

ABR, Accredited Buyer RepresentationGRI, Graduate of Realtor Institute

RSPS, Resort and Second Home Property Specialist

CIPS, Certified International Property Specialist

SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include tennis, fly fishing, hiking, boating, and water skiing.

You can reach Don:

Don Ricedorff

don@frontier.net

970-375-7014

Living In Durango. Marketing To The World.

One of the more challenging aspects of marketing real estate is finding a balance in the different mediums. How much print advertising is enough? Are we reaching the correct audience with the internet marketing?

Our approach to each property we promote is to coordinate all of the marketing we will publish at the very beginning. Each property has its own unique qualities and the marketing we create for each property is as unique. The design created for each property runs through all print and digital media.

Our print advertising begins with the printing of full color, multi-page brochures. We also reserve a space in The Durango Herald for a print advertisement and a real estate exchange cover position. Properties also appear in The Wells Group’s Listing Guide – a full color magazine featuring all Wells Group properties.

In addition to our print advertising with the Herald, we dedicate space for a web ad for the properties that we represent. The properties are shown for 1 week on a rotating basis and appear on the local and regional news pages.

On average, our advertising on www.DurangoHerald.com receives 9974 impressions. Out of those impressions, our ad receives 38 click throughs. This means that 38 people were directed to our website, www.DurangoRealProperty.com, for the information specific to the property featured in that week’s ad.

Additionally, each property is featured on our personal website, the Wells Group’s website www.wellsgroupdurango.com, and sites such as Trulia.com, Zillow.com and more.

As comprehensive as we feel our marketing is, we know that it is only a means to an end. The real results are seen once we are in contact with the prospective buyers and can put our expertise and customer service to work.

If you have any questions, please do not hesitate to call me. You can reach me, Don Ricedorff, at The Wells Group 970-375-7014, don@frontier.net, or at my website at durangorealproperty.com.

Don Ricedorff is a licensed real estate broker in the State of Colorado, with 18+ years of experience, and he resides in Durango Colorado.He has numerous real estate designations, which have provided him with an unparalleled education to assist his clients. The designations include:

CRS, Certified Residential Specialist
CRB, Certified Residential Broker
CCIM, Certified Commercial Investment Member
CDPE, Certified Distressed Property Expert
ABR, Accredited Buyer Representation
GRI, Graduate of Realtor Institute
RSPS, Resort and Second Home Property Specialist
CIPS, Certified International Property Specialist
SRES, Senior Real Estate Specialist

He is also an active volunteer in the community and his church. His highest aspiration is spending time with his wife, Janet, and his three children Kelly, Katie, and Kyle. His other interests include playing tennis, fly fishing, hiking, boating, and water skiing.