September Improving, RATES ARE CRASHING!

Posted on Thursday, October 7th, 2010 at 11:16 pm.

Have you ever been in a situation where you say to yourself…things just can’t get any better? Well, if you’ve been in the mortgage business the last few month you’ve been saying it almost every day! The number of refinance applicatins is thru the roof and the average turn times for mortage underwriting has been increases to levels we haven’t seen in about 2 years. While most of this boom in mortgage business has been focused on refinance transaction, lenders have also seens an increase in purchase transaction in the Denver area and the real estate market numbers for September are showing those increases.

The total number of homes for sale in the Denver metro area actually decreased a total of 1.1% to 22,880 which doesn seem like a lot but if you compare to the numbers in July, we’re down a total of 570 units or 2.5% so any steady decrease in the number of available homes this summer can definetly be seen as progress towards some stabilization of recent declines. As we continue into fall, we’ll have to start comparing numbers from 2009 & 2010 to see how we’re hold up so to get started, here’s the comparisons for Sept 10 & Sept 09.

Mortgage rates continue to crash as the President can’t seem to get any positive employment or economic numbers ahead of the November elections. I’d expect the Fed to come under continued pressure to do somthing to stimulate the economy and that might include a futher commitment to support the bond market by printing phony money and buying US treasuries. If that happens, you can expect rates to hit 100 year lows. That’s right…and if you want to refinance, we’re going to be running some incredible deals so go to our mortgage page and give us a call today!

If you’re thinking of selling your home this summer, you really need a knowledgeable and aggressive agent more than ever before as it’s likely that we could see a real estate slow down in the near future. If you want to keep track of what’s selling in your neighborhood, you can signup for our free Market Snapshot Report that will allow you to keep track of your local market and see the detail of all the homes currently for sale or that have sold in the last 3 months. Check it out…it’s an extremely valuable resource.

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