Colorado Springs Real Estate Journal

Vol.3 No.3 www.csrej.com November 22, 2010

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National News ................. Page 2Local News ..................... Page 8On the Move ................... Page 13Local Expert ................... Page 14Around the Corner ............ Page 15

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Big deficit of new single-family homes will need to be addressed as economy improves

Third quarter metro area home prices hold during post-credit sales decline

Forbes:

The Forbes article took information gathered by Cary, N.C.-based Local Market Monitor (LMM). They analyzed markets with populations over 400,000 on a variety of factors, including historic population growth, job growth, housing price changes and the mix of jobs in an area, using data through Sept. 1.

Colorado Springs came in so high mainly due to it's long term jobs predictions and population growth.

1. Raleigh-Cary, North Carolina2. McAllen-Edinburg-Mission, Texas3. Austin-Round Rock, Texas4. Nashville-Davidson-Murfreesbor, Tennessee5. San Antonio, Texas6. Colorado Springs, Colorado7. Albuquerque, New Mexico8. Denver-Aurora-Broomfield, Colorado9. Springfield, Missouri10. Indianapolis, Indiana

See the article in its entirety at forbes.com

Annual single-family housing production in 2008 and 2009 fell about one million units short of the housing that would be need-ed in a normally functioning economy, suggesting that build-ers will have a lot of catching up to do as the economy improves and household formations re-turn to trend levels, according to a special study by NAHB’s Housing Economics.

With builders remaining cut off from the financing they need from banks to renew production and the marketplace not performing as well as originally expected, 2010 is likely to add another one million units to the growing deficit of sin-gle-family housing, according to the report, “Extent of Underbuild-ing in the Single-Family Housing

Market,” which was prepared by NAHB economists Robert Denk and Paul Emrath.

The report finds that there was an excessive amount of single-family building from 2003 through 2005, but overbuilding largely ended by 2006 and the subsequent downturn was severe enough to more than offset those annual sur-pluses.

“As a result, the single-family housing market in the U.S. currently finds itself in a significantly underbuilt state — in the sense that excess or pent-up demand for new con-struction exists, compared to the long-term trend we would see if housing, labor and credit markets were functioning nor-mally and generating a normal rate of household formations,”

the report says.The analysis used building per-

mits for single-family homes rather than housing starts because they are based on a much larger sample and provide more geographic de-tail, which enabled the analysis to be extended to the state level. Both

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Fully half of metropolitan areas tracked in the third quarter contin-ued to show modest home price increases from a year ago, despite a sharp decline in home sales after the deadline for the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.

In the third quarter, 77 out of 155 metropolitan statistical areas1 (MSAs) had higher median exist-ing single-family home prices in comparison with the third quar-

ter of 2009, including 11 with double-digit increases; two were unchanged and 76 metros showed price declines. In the third quar-ter of 2009 only 30 MSAs experi-enced annual price gains.

The national median exist-ing single-family price was little changed at $177,900 in the third quarter, down 0.2 percent from $178,200 in the third quarter of 2009. The median is where half sold for more and half sold for less. Distressed homes, typically sold at

discount, accounted for 34 percent of third quarter sales, up from 30 percent a year ago.

Lawrence Yun, NAR chief econ-omist, said relatively flat home prices have been the hallmark of the 2010 housing market. “Even with swings in home sales, prices this year have been changing very little from year-ago readings. Areas with some larger swings in home price reflect the degree of dis-

See Deficit page 6

See Third Quarter page 4

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2 Colorado Springs Real Estate Journal www.csrej.com November 22, 2010

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

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In today’s economy, consumers are looking for cost savings, and toward this end, REALTORS® are helping home buyers recognize the value of green prop-erties for both themselves and their com-munities. Author and home-building coach Sara Lamia explained why going green is worth the green at the “Green Labels Sell Homes” forum today at the 2010 REALTORS® Conference & Expo.

Lamia gave REALTORS® insights into explaining the green value proposition to their clients. “Green real estate is about saving money and well-built homes that are energy efficient,” said Lamia. “People tend to get caught up in the term ‘green.’ Show your clients how operating and maintenance costs will be reduced. Pro-vide feedback and references from past clients who expressed how much more comfortable and healthy they feel in their green home. Essentially, show them the bottom line.”

Increasingly, green building practices

are associated with cutting energy costs and saving money, and a growing num-ber of home buyers are looking for these features. According to the 2010 National Association of REALTORS® Home Buy-er and Seller Profile, 88 percent of recent home buyers considered a home’s heat-ing and cooling costs important in their home search.

“Many of today’s consumers want homes and communities that are sensi-tive to the larger environment, but in today's economy, they’re also cost-con-scious, and energy-efficient home fea-tures appeal to these buyers,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson,

Ariz. “As green building issues become more important to buyers, sellers and businesses, more and more REAL-TORS® are bringing value to the real estate transaction by developing green business practices.

To help its members meet growing consumer demand for green building practices and energy efficient homes, NAR offers a Green Designation for REALTORS®. REALTORS® who have earned NAR’s Green Designation are prepared to help consumers and cli-ents seek out, understand and properly market energy and resource efficient properties and work to incorporate green principles into their own prac-tice. To locate a REALTOR® who has earned the Green Designation, visit www.greenresourcecouncil.org

© Copyright National Association of Realtors. Reprinted with permission.

Realtors help consumers understand the value of green

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November 22, 2010 www.csrej.com Colorado Springs Real Estate Journal 3

Vanguard Homes Broker Open House at Jackson Creek

October 13, 2010

Above: Mark Long of Vanguard Homes with Bruce Betts of RE/MAX Advantage.

Left: Lori Heupel of Vanguard Homes, Ricardo Gomez of Colorado State Bank and Trust and Kelly Price of RE/MAX Advantage.

Below: Bruce Betts and Alan Lovitt of RE/MAX Advantage.

Below: Kevin Bristow of RE/MAX Advantage and Kelly of RE/MAX Advantage.

Below: Jean and John Wheaton of RE/MAX Properties.

Below: Norbert Necker of RE/MAX Advantage and his wife Gini Springermeyer.

Above: Ricardo Gomez of Colorado State Bank and Trust and Dan Donivan of RE/MAX Advantage.

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tressed sales in those markets,” he said.“Home sales through the first three quarters of this

year are virtually the same as year-to-date sales at this time last year, and therefore broadly support home val-ues. However, there are large local market differences with prices rising in job-creating regions like the Wash-ington, D.C. area, the Dakotas and Texas; and also in markets recovering from over-correction such as Cali-fornia coastal cities,” Yun said.

As expected, total state ex-isting-home sales, including single-family and condo, fell 25.3 percent to a seasonally adjusted annual rate2 of 4.16 million in the third quarter from a surge of 5.57 million in the second quarter driven by the home buyer tax credit; they were 21.2 percent below the 5.28 million-unit pace in the third quarter of 2009. Year-to-date, there were 3.79 million existing-home sales, essentially unchanged from 3.77 million at this point in 2009.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the outstanding fac-tor in the current market is housing affordability. “The great news for home buyers in today’s market is histori-cally low mortgage interest rates and affordable home prices in much of the country, along with a great selec-tion of properties,” he said.

According to Freddie Mac, the national average com-mitment rate on a 30-year conventional fixed-rate mort-gage was a record low 4.45 percent in the third quarter, down from 4.91 percent in the second quarter; it was 5.16 percent in the third quarter of 2009.

“Given the relationship between mortgage interest rates, home prices and median family income, the buy-

ing power in today’s market is matching the highest lev-els we’ve seen dating all the way back to 1970. Although credit is still tight, a REALTOR® can guide you toward responsible, sustainable home owner-ship in today’s market by helping you find both the right home and a mortgage that meets your needs,” Phipps said.

Yun added that there are additional in-dicators for home price stabilization. “A recent surge in commodity prices, along with the fact that the cost of constructing a new home

exceeds the value of existing homes in many markets, bode well for continuing home price stabilization,” he said.

In the condo sector, metro area condominium and cooper-ative prices – covering changes in 56 metro areas – showed the national median existing-condo

price was $171,400 in the third quarter, down 3.9 per-cent from the third quarter of 2009. Twenty-nine metros showed increases in the median condo price from a year ago and 27 areas had declines; only four metros saw an-nual price gains in third quarter of 2009.

Regionally, the median existing single-family home price in the Northeast rose 2.5 percent to $253,400 in the third quarter from a year earlier. Existing-home sales in the Northeast fell 27.3 percent in the third quarter to a pace of 693,000 and are 24.4 percent below the third quarter of 2009. Year-to-date sales in the Northeast to-taled 638,000, essentially unchanged from 637,000 at this time last year.

In the Midwest, the median existing single-family home price declined 3.0 percent to $145,600 in the third quarter from the third quarter of 2009. Existing-home sales in the Midwest dropped 33.7 percent in the third quarter to a level of 860,000 and are 28.9 percent below

a year ago. Year-to-date there were 849,000 sales in the Midwest, compared with 860,000 in 2009.

In the South, the median existing single-family home price slipped 1.9 percent to $157,000 in the third quar-ter from the same period in 2009. Existing-home sales in the region fell 21.8 percent in the third quarter to an an-nual rate of 1.64 million and are 16.4 percent below the third quarter of last year. There were 1.43 million sales year-to-date in the South, in contrast with 1.39 million last year.

The median existing single-family home price in the West dipped 0.4 percent to $224,800 in the third quar-ter from a year ago. Existing-home sales in the West fell 20.7 percent in the third quarter to a pace of 973,000 and are 18.2 percent below the third quarter of 2009. Year-to-date sales in the West totaled 876,000, vs. 889,000 in 2009.

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and

commercial real estate industries.

© Copyright National Association of Realtors. Reprinted with permission.

Yun

“Relatively flat home prices have been the hallmark of the 2010 housing market”

- Lawrence Yun, NAR Chief Economist

Third Quarter from page 1


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single-family permits and starts have tracked each other closely in current years.

The study found that underbuilding is occurring in most of the states, including those that saw the most overheated housing markets at the height of the boom.

A Record Trough in 2009

Single-family permits plunged to a trough of 441,000 in 2009, even lower than in the previously worst housing recession since World War II, which occurred in 1981, when 550,000 single-family permits were recorded.

“Even this understates the magnitude of the recent downturn in the housing industry to some extent,” the report says, because multifamily starts and permits last year declined to an historic lows of fewer than 150,000 units, compared to about 400,000 units annually during the early 1980s.

“Moreover, the population and stock of housing in the U.S. has continued to expand,” the report says. “In 1980, there were roughly 226 million people and 88 million housing units in the country. By 2009, these numbers had increased to 307 million people and 130 million housing units, so in that year the U.S. added a record low number of new housing units to a population and hous-ing base that was larger than it had ever been before.”

From 1988 through 2003, the U.S. population was growing at a fairly steady rate that averaged 1.15% an-nually and varied only between 0.90% and 1.35%. Over this period — which goes right up to the housing boom years of 2004 and 2005 and can be considered a fairly normal one for housing — the number of single-fami-

ly permits issued was increasing at an average of about 36,000 per year, consistent with a growing population that needs housing and an expanding inventory of older homes that need to be replaced.

A 3.28 Million Unit Deficit

Projecting that trend past 2003, single-family permits should have hit 1.4 million by 2005, 1.5 million by 2008 and been around 1.56 million in 2009, the report finds. Instead, permits were well over 1.4 million in 2003 and pushed past 1.6 million in both 2004 and 2005, “a period of serious overbuilding.”

Subsequently, however, permits dropped to under 1.4 million by 2006 — already slightly below trend — and continued to fall, reaching the historic low point of roughly 440,000 units in 2009.

Single-family surpluses occurred in the period from 2002 to 2006 and they were well over 200,000 annually in 2004 and 2005, the study calculates.

However, after 2005 “annual permit deficits began to materialize. These deficits were about a half million units in 2007, and in the neighborhood of a million units since then, as the rate of single-family permit issuance dropped to under 500,000 — more than a million units per year below trend.”

The NAHB economists conclude that accumulating annual surpluses peaked at 493,000 single-family units in 2005, and that was worked off entirely by the end of 2007, as annual production dropped below one million units.

The continuing depressed levels of single-family housing production since then resulted in cumulative underbuilding of 2.17 million units by 2009, and will

likely grow to 3.28 million by the end of this year. “This represents cumulative underbuilding after earlier over-building surpluses have been entirely worked off,” ac-cording to the report.

State Deficits

Cumulative underbuilding, to various extents, exists in 45 of the 50 states and the District of Columbia, ac-cording to calculations by the NAHB economists.

The exceptions are Alabama, Washington, D.C., Ha-waii, Montana, North Dakota and Wyoming. Washing-ton, D.C. constitutes a relatively small part of a larger local housing market and its single-family housing ac-counts for less than 40% of its total housing stock. The other states continued to accumulate housing surpluses until 2008, when their cumulative overbuilding began to be worked off.

States that saw the hottest markets during the boom all now have single-family housing deficits, according to the report: Arizona, a deficit of 144,500; California, 49,500; Florida, 112,600; and Nevada, 75,600.

“It is probably not surprising that household for-mations have stalled and remain depressed while the national unemployment rate is above 9%,” the study concludes. “But it would be difficult to explain why households would choose to remain bundled together after house prices stabilize and labor markets improve.”

The cumulative housing deficit, the report says, rep-resents “a significant pent-up demand that will at some point need to be worked off and begin to impact single-family housing production in a positive direction.”

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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Aspen View Homes Open House at Forest MeadowsNovember 4, 2010

Right: Jeff Boals of RE/MAX Real Estate Group with Aspen View Homes homeowner Heather Trujillo and Kelly Rodriguez of Aspen View Homes.

Left: Michael and Elizabeth Palmer of Coldwell Banker Residential Brokerage with Jim Martin of ERA Shields.

Deficit from page 1

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CMLA After Hours Hosted by Legacy Title at Il Postino

October 26, 2010

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Above: Doug Karges of Keller Williams Hope Realty with Lisa Ramsey and Michelle Bowles of Peoples Mortgage.

Left: Keryn DeRubis from Heritage Title, Diane Beaumont, Rebekah Radice and Dean Radice from Benchmark Mortgage.

Left: Roger Linn from Genworth Mortgage, Lonnie Burkholder from Air Academy Federal Credit Union and Bob Montoya from Colorado Mortgage Lender's Association.

Right: Cheryle Burgess from RE/MAX Advantage, Dana Hines from Adams Mortgage and Diane Ingram from RE/MAX Advantage.

Left: Matt Hall and Tucker Wannamaker from Legacy Title Group.

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RMCLT Auction and FundraiserOctober 28, 2010

Above: Lisa Wessel of Fidelity National Title with Paul Johnson and Jordan Bridwell of Pike's Peak Habitat for Humanity.

Since 1996, the Rocky Mountain Community Land Trust (RMCLT) has been serving limited income families in El Paso County and the City of Colorado Springs by providing quality, affordable housing opportunities. Not only do we provide affordable home ownership opportunities for limited income, first-time homebuyers, but we work with other non-profit organizations to provide transitional housing and affordable rentals.

Above: Pete Vujcich of Wells Fargo, Lonnie Burkholder of Air Academy Federal Credit Union, Vicky Albert of RMCLT and Steve Martinelli of Air Academy Federal Credit Union.

“Leaders in Luxury” event draws top luxury real estate professionals to Austin (TX)

From California to New York, and Canada to Flor-ida, 100 of the top real es-tate professionals working in the upscale residential market converged last week in Austin (TX) at The Institute for Luxury Home Marketing’s annual Leaders in Luxury (LIL) conference where they discussed strategies for better serving buyers and

sellers in today’s luxury home market.According to Kevin Patterson, the

broker / owner of The Patterson Group, the exclusive event was an invitation-only educational and networking oppor-tunity for real estate agents who handle million and multimillion dollar homes and estates. “This prestigious conference provides cutting-edge information on what’s happening in the luxury market segment, offers insights on best practices in the business, and creates valuable net-working opportunities,” said Patterson.

“Leaders in Luxury registration is spe-

cific to agents in the luxury home niche,” said Laurie Moore-Moore, Founder of The Institute for Luxury Home Market-ing. “This gives LIL attendees the op-portunity to build anexclusive network of contacts focused on the upscale resi-dential industry while sharing with the best in the business. Since competency is the key to working successfully with the luxury buyer and seller,” added Moore-Moore, “LIL is designed to provide at-tendees with important knowledge and insights, giving them a competitive edge in meeting the needs of the affluent.

Patterson considers attendance at Leaders in Luxury to be essential for success in today’s marketplace. “Attend-ing the Leaders in Luxury event is an in-vestment for my clients,” said Patterson. “With the current real estate market, I have to be proactive to stay on top of the market conditions. By networking with the best in the business, sharing ideas, and learning about the latest trends and outlooks, I can help my affluent clients find success where others are finding challenges.”

Kevin Patterson joins 100 top professionals at invitation-only luxury real estate conclave


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Empire Title Halloween PartyOctober 20, 2010

Left: Freddie is Bill McAfee, President of Empire Title.Medusa is Melissa Archuletta.

Below: Bill White of Cherry Creek Mortgageand Doreen Hussmann of Empire Title.

Right: Shanon Chapa, Kristi DeLange and Leslie Carr with Empire Title's Shortsale Department.

Left: Charles D'Alessio and Dodi Bateman with Keller Williams Partners.

Right: Stephanie Hawthorne and Doreen Hussman at a lethal standoff.

Above: Charles D'Allessio from Keller Williams Partners, Lisa Grubesic and Arleyne Glasser from Bank of America, Gloria Ballton of Farmers Insuranceand Lisa Ramsey of Peoples Mortgage.

A mishap with candles and fake cobwebs created some smoke and set off fire sprinklers. Shortly after the firetrucks arrived on the scene.

Brent McPherson719.464.4032

[email protected]

Sara Martin719.231.1900

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Stick Newland719.338.6657

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10 Questions you should be asking!

1) What is Title Insurance?

2) Do I need Title Insurance?

3) Who and what is an Underwriter?

4) What are Endorsements and Extended Coverage?

5) What is meant by Clear Title?

6) Stability matters, how long has the title company been in business?

7) Does the title company invest in the local market and participate in the development and improvement of the community?

8) Customer Service a catch phrase or reality?

9) Is the management and ownership easily accessible to resolve issues?

10) Have you consulted with your professional REALTOR®?

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Investors and primary residence buyers need to pay attention to interest rates. I have seen 30 year fixed mortgages at 3.875% and 15 year mortgages are below 3.5%. It is possible that the sale of REO properties will put downward pres-sure on prices. A 5% decrease in price on a $250,000 home would result in a house valued at $237,500. The savings would be $12,500. This is what borrowers seem to be concentrating on. If you are paying cash there is some logic to this thinking. However, if you are borrowing money there is another factor to consider. Sup-pose rates increase by 1% to 4.875% on a 30 year fixed mortgage. If you buy to-day the payment on a 30 year $250,000 mortgage at 3.875% is $1,175.59. If the price drops to $237,500 but the rate goes up to 4.875% the payment is $1,256.87. The total payments on the first scenario would be $423,212.44 and the total pay-ments on the second scenario would be $452,473.20. The total savings would be $29,260.80 when comparing sce-nario 1 verses scenario 2. Another sce-nario would be if interest rates go up 2% to 5.875% the payment would be $1,404.90. The total payments on this

scenario would be $505,764.79. The total savings would be $82,552.35 when comparing scenario 1 verses scenario 3. In conclusion, rates are at historic lows because of government intervention and unusual world events. How long can these historic low rates last?

Market Recap

* Bill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.

Why buy?

Campbell Homes gives away $10,000

Colorado Dept. of Regulatory Agency to reduce renewal fees

Local News

By Bill McAfeeEmpire Title—

twitter.com/csrej

Campbell Homes is giving away $10,000 every time 10 homes are sold. Every time you close (as an agent), your name goes in the hat. Sell more than one, you have a great-er chance to win.

Above: Randy Deming, CEO of Campbell Homes; Chris Casey, Sales Associate for Campbell Homes and Tina Brown, Sales Associate for Campbell Homes.

Right: The last winner was Stan Dalton with Fortress Real Estate Group shown receiving the check from Randy Deming.

Hold off renewing your real estate license until No-vember 22, 2010 and save some money. According to Marcia Waters, acting director of the Division of Real Estate, this is when their

renewal system will include the new fee structure approved by the Division.

View the whole story and the new fee structure at coloradorealtors.com

http://www.etcos.com


On the Move

Robin KruegerRE/MAX Properties

Robin Krueger has joined RE/MAX Properties, Inc.! Robin is a successful Broker Associate from the Pueblo area that is making a transition to Colorado Springs. We are thrilled to have her as another highly-skilled agent ready to serve our community!

Todd ZulaufRE/MAX Properties

Todd Zulauf, an experienced and talented Colora-do Springs and Pikes Peak Area Broker Associate, has joined RE/MAX Properties, Inc. Todd will be working out of our North location at 1730 Chapel Hills Drive with The Distinctive Group. We are pleased to have Todd on board!

Jane DallagerReal Living Select Properties

Jane Dallager, a Colorado Springs Realtor® with Real Living- Select Properties, has been awarded the presti-gious Certified Residential Specialist (CRS) Designa-tion by the Council of Residential Specialist.

Realtors who receive the CRS Designation have com-pleted advanced courses and have demonstrated profes-sional expertise in the field of residential real estate.

got

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Consider using a top-rated, locally-owned mortgage bank committed to El Paso Country — CB&T Mortgage. In business since 1995, CB&T Mortgage offers competitive rates, in-house underwriting and quick reliable closings.Call one of our licensed professional loan advisors and put them to work on your next deal.

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One South Nevada Avenue, Suite 230Colorado Springs, CO 80903

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Theresa Anderson 785.7101

John Draper 534.7473

Shauna Bowers 785.7121

Richard Phillips785.7118

Jean Tindill785.7114

Meet Our Experienced Advisors

Realtornewoffice?in the

Make sure they’re getting the

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Empire Title Client AppreciationNovember 6, 2010

Above: Ronda and Bill McAfee of Empire Title.

Above: Empire Title's clients and their families checking in to see Megamind.

Left: Doreen Hussmann of Empire Title with her daughter.


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Local Expert

With an increase in loan denials, more and more consumers with credit challenges are becoming aware of the newly tight-ened loan regulations lenders must follow. What consumers may not realize are the strict guidelines that Fannie Mae, Fred-die Mac, FHA and VA have established for borrowers who have specifically had a foreclosure, a bankruptcy or a short sale.

Some homeowners may think it’ll be easy to buy another home after they have walked away from a home in the past, or filed for bankruptcy. Several years ago, this was somewhat true – borrowers with bankruptcies or foreclosures on their credit could get into another home within a relatively short amount of time. Now, that is not the case. This chart is a good illustration of the Fannie, Freddie, VA and FHA waiting period requirements for a borrower to purchase a new home after various derogatory credit items have occurred:

Some programs do offer shorter waiting periods when there is an extenuating cir-cumstance, but there are still several rules that apply.

The most important reason to be familiar with these waiting periods is to make sure your clients are educated. Some homeowners may not realize the long-term conse-quences of walking away from their home or going through with a short sale or a bank-ruptcy. Everyone’s situation is different, but it’s important they know all the facts before they consider doing something that can hurt their credit chances in the future.

The first thing I always advocate to borrowers when they begin to even think about foreclosure or a short sale is to talk to their lender first – at the first sign of trouble. Lenders are in the loan business, not the real estate business, so having to foreclose on a home and try to resell it is the last thing we want to do. Most lenders are more than happy to work with a borrower to come up with a solution to keep them in their home. Sometimes modifying the loan to reduce monthly payments, or adjusting the rate or term, are all the borrower needs to get back on track. We want to see them succeed and maintain a solid credit rating, so working together is the best solution.

By educating your clients on the real ramifications of credit decisions, and showing them there are other options available, you can help your client protect their credit and give them the power to be a repeat customer for years to come.

Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]

Derogatory Event

Fannie Mae

Waiting Periods

Freddie Mac VA FHA

Bankruptcy –Chapter 7 or 11

4 years 4 years 2 years 2 years

Bankruptcy –Chapter 13

• 2 years from discharge date

• 4 years from dismissal date

• 2 years from discharge date

• 4 years from dismissal date

1 year with 12 months satisfactory payments to trustee and trustee permission to incur new debt

1 year with 12 months satisfactory payment s to trustee. Must have court permission to incur new debt

Foreclosure 7 years 5 years 2 years 3 years

Short Sale • 2 years – 80% maximum LTV ratios

• 4 years – 90% maximum LTV

• 7 years – normal program LTVs

4 years 2 years Varies depending on borrowers payment history at time of short sale

The real repercussions of derogatory creditWhat your clients may not know

By Jon PaukovichEnt—

[email protected]

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NOVEMBERWednesday, November 24Wet Wednesday Class (Check cshba.com)11:30am – 1:00pm @ [email protected]

Thursday, November 25Farm and Land8:00am – 9:30amMaggie Mae's RestaurantJim Crossey, 719-579-0404

DECEMBERWednesday, December 1REALTAC8:00am – 9:30am @ PPARHolly Skelton at 719-593-1000

HBA Holiday Party5:00pm – 8:00pm @ Southside Johnny'[email protected] 719-592-1800

Thursday, December 2B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10:00amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

Friday, December 3Pikes Peak Exchangers8:00am – 9:30amValley Hi Golf Course RestaurantJohnny Revious, 719-527-8838

2010 CREC Update Course with Chadra Hall9:00am – 1:00pm @ Legacy Titlehttp://springsrealestatenetwork.com/

Thursday, December 9Farm and Land8:00am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404

Women's Council of Realtors11:30am – 1:30pmEmbassy Suites HotelRenate Carrier, 888-313-5928


Technology Support Group10:30am – 11:30am @ PPARhttp://springsrealestatenetwork.com/By Legacy Title

Monday, December 13Seller Mastery10:00am – 2:00pm @ Legacy Titlehttp://springsrealestatenetwork.com/By Legacy Title

Wednesday, December 15Learn the Foreclosure Process2:00pm – 4:00pm @ Legacy Titlehttp://springsrealestatenetwork.com/By Legacy Title

Thursday, December 16Colorado Springs Networking Group8:00am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998


2011Thursday, February 3Annual Economic Forecast Breakfast7:00am – 10:00am @ Doubletree HotelRegister at members.ppar.com

Friday, February 18Breakfast w/the Builders8:00am – 11:00am @ Mr. [email protected] 719-592-1800

Around the Corner

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legacy l title l group group group Empowering Our Associates To Make A Difference

(719) 442-1900LegacyTitle-LLC.com2 North Cascade, Suite 215

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Building a Whole New Perspective

Documents

Colorado Springs Real Estate Journal