Homes And People

The three largest credit-reporting agencies will begin cleaning up credit reports in July, which could help lift the credit scores of about 12 million consumers. In a survey by the Federal Trade Commission, one in four people say they spot errors in their credit reports, most commonly concerning tax liens and civil judgments. Up to half of tax lien data on a credit report is inaccurate or incomplete. Civil judgments—which means a court has ruled a person owes money—also tend to be ripe with errors or omissions on a credit report, experts say. Consumers can dispute the errors, but the process can be cumbersome. Beginning July 1, Equifax, Experian, and TransUnion will automatically exclude tax lien and civil judgment records from credit reports if they are missing a person’s name, address, Social Security number, or date of birth. Claims that do contain this key information, however, will remain on credit reports. Six percent of Americans with a credit score—or 12 million— likely

Mike Shanahan's Mansion More Denver area multi-million-dollar homes sold in May compared with both a month and a year earlier. In the Denver metro area, there were 232 sales of residential properties priced $1 million and higher in May, which is a 38 percent increase from the same month in 2016 and a 27 percent increase from April. Although there are more sales, buyers of the luxury homes might be getting a deal these days, as the median sales price for luxury properties in May dipped slightly to $1,293,150 compared with $1,296,000 in May 2016. Of the luxury home sales in the Denver metro area, 21 were of properties priced $2 million or more last month, the same as in May of 2016. Seven $3 million-plus homes were sold in May, compared to five in May 2016 and eight $3 million-plus sales last month, The most expensive Denver sale last month was an 11,716-square-foot estate with five bedrooms and six bathrooms, trading for $5,850,000. In Colorado right now, the most expensive

As home prices and rental rates continue to soar with little restraint across the metro area, a decidedly unsexy topic — accessory dwelling units — is generating more heat as communities look to the small living spaces on small lots for needed relief in an overheated real estate market. On Tuesday night, Englewood will hold an open house on accessory dwelling units to get feedback from the public on what the rental units should look like and where in this city of 33,000 they should and should not be allowed. According to the Denver Metro Association of Realtors, the average price in April of a single-family home in metro Denver reached a dizzying $487,974 — a new high. Meanwhile, rents in the metro area resumed their upward climb this year after pulling back somewhat last fall. The average apartment rents rose to $1,446 in May, up $19 over April’s average. By virtue of their smaller size, accessory dwelling units tend to be cheaper to rent than conventional apartments. Englewo

Colorado’s unemployment rate in May stayed at 2.3 percent, maintaining its lowest-ever level — and the lowest nationally — as jobs in the private sector grew and government employment in the state fell slightly. The largest private sector job gains were in trade, transportation, and utilities, education and health services, and leisure and hospitality. The largest declines were in professional and business services, and manufacturing, according to the labor department. The state’s record-low unemployment rate is a mark visited only four other times by any state in recent U.S. history. The rate is so low, it is acting like an anchor on the state’s economy, leaving thousands of jobs unfilled and hurting the ability of businesses to meet customer demands, economists warned. Colorado’s unemployment rate has been steadily dropping since February, when it was at 2.9 percent. In May 2016, the level was 3.4 percent. The state says nonfarm payroll jobs have increased by 62,000 over

A major tax advantage for the real estate industry may be one of the casualties in a sweeping federal tax reform expected this year. Some lawmakers are eyeing the 1031 exchange provision to get the tax-rate cut they seek. The provision allows sellers of real estate and other assets to defer capital gains taxes by reinvesting any profit in “like-kind” properties. The 1031 exchange applies to a range of assets, but real estate accounts for the largest portion of exchanges at 36 percent. The Joint Committee on Taxation estimated in 2014 that repealing like-kind exchanges could raise $40.6 billion in extra tax revenue over one decade. Several lawmakers consider the provision to be loophole that has limited economic benefit and, therefore, some are looking to put it on the chopping block in order to pay for lower tax rates. Any threat to 1031 exchanges would cause a lot of transactions not to occur, and investors who purchase real estate through 1031 exchanges are more likely to invest

On Wednesday, the Federal Reserve took a largely expected move to raise its key interest rate one-quarter percentage point. This marks the second of three hikes that is expected to occur this year. While mortgage rates aren’t directly tied to the Fed’s key interest rate, rates are still influenced by the movement. Mortgage rates are predicted to start rising, and many homeowners and prospective homeowners are already bracing for an uptick. In a recent survey of home buyers and owners by Berkshire Hathaway, 55 percent of millennials reported discouragement about buying a home due to rising rates. Some 68 percent feel pressured to buy a home before rates increase further. The latest rate hike is partly justified from ongoing economic expansion and also a steadily falling unemployment rate, however, the Federal Reserve should be mindful of the lower than expected rate of inflation and the consequent low interest rates on long-dated bonds, like 10-year Treasury and 30-year mortgage

Whether a home survives a wildfire is not random, nor is it a function of luck, most homes that exhibited attributes promoted by the FireSmart program -- including keeping combustible vegetation away from the house, uncluttered yards and low-flammability roofs and surfaces -- survive fires. It seems clear that the survival of homes was a function of resistance to ignition and not a random event or a matter of luck, Beyond doubt, risk mitigation (FireSmart) guidelines demonstrated their effectiveness in mitigating risk under the harshest of wildfire conditions. Most homes caught on fire as the result of embers from the forest fire landing on their property. "Based on site visits, no instances were observed where home ignition could confidently be attributed to direct contact by flames of the burning forest, and there were very few observations where home ignition was likely due only to radiant heat from the forest. Other studies have shown that embers generated by burning vege

You've done the work to clean up your credit score, scrape together a down payment and pry a preapproval letter from your mortgage lender. Cheers! Getting preapproved is a smart move, especially in a seller's market characterized by tight inventories and, in some regions, bidding wars. Having a lender's letter in hand signals to sellers that you're a legit buyer whose offer merits serious consideration. Even so, a preapproval letter is just a conditional commitment. It can be withdrawn if your financial situation changes in a way that makes your lender nervous. The best advice? "Maintain the status quo," says Scott Schang, branch manager at BuyWise Mortgage in Anaheim, California. There are a few surefire ways to get rejected after you've been preapproved. Among them: Quitting your job There's nothing wrong with leaving a job to take a similar or better-paying position at another company, so long as you remain a full-time employee who get

Although more home buyers eagerly seeking the dwellings of their dreams, fewer new homes are in bloom this summer. In not-so-promising signs for the housing market, permits to build new abodes, housing starts, and the number of new homes completed dipped in April from the previous month, according to the seasonally adjusted numbers in the latest residential sales report. The numbers of new permits, housing starts and finished homes hitting the market were all up year-over-year in April, according to the report. Housing starts are construction projects that have been started for new residences. It's too early to tell whether the slowdown is temporary or will continue, worsening the housing shortage. There's not enough homes on the market, and the shortage of homes is most pronounced at the low end of the price range, As prices continue to rise, millennials and households with low and moderate incomes will find it more difficult to take the homeownership plunge. The num

In yet another sign of a "weakening" spring housing market, mortgage applications took a step back last week. The drop may be due in part to higher home prices and, in turn, fewer entry-level buyers able to afford a home. Total application volume fell 4.1 percent on a seasonally adjusted basis from the previous week. The Mortgage Bankers Association's weekly tally was nearly 16 percent lower than the same week one year ago. Purchase applications fell 3 percent for the week but remain 9 percent higher than one year ago. The survey saw relative weakness in the growth of government application volume, suggesting that many potential first-time buyers remain on the sidelines due to the lack of entry-level homes on the market. The year-over-year increase was driven by conventional loans, which tend to be larger, leading to a record high for the average purchase loan size. Higher interest rates over the past few weeks weighed on refinance volume, which fell 6 percent f

Address: 8723 E Kettle Pl. Centennial, CO 80112 Price: $635,000 Call 303-249-2060 if you have any questions Incredible home with 4 bedrooms and 3 baths in Willow Creek. Remodeled and redesigned Newport Model in a Cul-de-sac near the pool, Blue Ribbon elementary school, and Greenbelt. Removed the popcorn and dropped the main floor to one level. New everything: Roof, Stainless appliances, Granite counters, Bathrooms, Railings, Trim, Light fixtures, Hardware, Hardwood floor, Carpet, Paint inside and outside, Fireplaces and Driveway. The master bedroom features an under the floor heating system in the bathroom, Restoration hardware vanity and mirrors, and professional custom walk-in closet. The loft upstairs is closed in for an additional room. The house also features plantation shutters on most of the windows. This is a one of a kind home in a one of a kind neighborhood. 

Address: 8073 S Syracuse St. Centennial, CO 80112 Virtual Tour:   https://goo.gl/JfTjfD Price: $469,900 Wonderful 3 bedroom, 3 bathrooms Willow Creek Home! Contemporary, lots of light, double-sided fireplace, vaulted ceiling, beautiful cherry kitchen cabinets, stainless steel appliances, Oval tub in the master bath, new roof, new A/C, new paint, new carpet, new front door, newer windows, nice hardwood floors, tiled bathrooms, lush landscaping, semi-covered deck, fun touches abound. 3 houses from W.C. Park w/creek, playground, and pool.  Call 303-249-2060 if you have any questions