Hardwood floors flow through the gracious and functional kitchen with double ovens, convenient center island, tiled countertops, ample cabinetry, and an eating nook which walks out to the rear deck and sparkling city light and mountain views. An arched doorway with pillars connects the nearby formal dining and living rooms, perfect for entertaining. The spacious main-level family room centers on a see-through tiled fireplace, and glass doors open to an office which could also be used as a library or playroom.

The private master suite offers window seats, a huge walk-in closet, and an attached 5-piece master bath with a luxurious soaking tub. Three additional upper level bedrooms share a full hall bath, and the walk-out lower level could be finished to provide additional bedrooms and living space.

Additional home features include low-maintenance stucco exterior, full sprinkler and drip system, oversized 3-car garage, art nooks, and an excellent location in Deer Creek and award winning District 20 schools. Home is listed below assessment.

See this gem today! Call Scott Huger at 719.659.2630 for more information, or email scott@HugerGroup.com

The upper level master offers an attached spacious bathroom with a luxurious corner soaking tub, glassed in shower, and plenty of storage space. A second upper level bedroom provides quiet privacy for family or guests, or could be converted back to a master suite sitting area.

The huge fenced back yard features a large rear deck, storage shed, and stunning Pikes Peak views. A 3-car carport is accessible from a back alley.

This charming home also features an unfinished basement with plenty of storage space, new carpet, new paint, new windows, new appliances, upgraded electrical, and the beautiful craftsmanship you can expect from a vintage 1901 Victorian. Near downtown shopping, parks, and schools, this home is a gem to see! Call Scott Huger at (719) 659-2630 for more information or a private showing, or email scott@HugerGroup.com

Mortgage rates rise 0.7 points

Last week, mortgage rates rose an average 0.7 points, according to Freddie Mac. Realtor Magazine reports a “series of recent positive reports showing the housing market on the mend” may have affected mortgage rates, halting the downward trend.

Increase in home sales highest in over a year and a half

Existing home sales for December of last year increased 5 percent from the month prior — the biggest month-to-month increase since May, 2010. It is also a 3.6 percent increase year over year from December 2010, when 4.45 million units were sold.

Recovery on the way?

NAR’s chief economist, Lawrence Yun, thinks these may be early signs of a sustained recovery — “Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market.” (via RealtorMag)

NAR President Moe Veissi believes that with steady improvement in the job market, the housing market will also improve, as more home buyers try to make the most of market conditions — low prices and low rates — in 2012.

The site One Block Off the Grid (1bog.org), a free group discount site focused on solar energy solutions for home owners, recently published the following infographic showing some statistics about why some houses sell faster than others.

In another move geared to moving the housing market recovery along, the two major mortgage players, Freddie Mac and Fannie Mae, last week announced expanded relief programs for homeowners struggling with their loans due to joblessness. The thought that relieving some of the stress from the combination of joblessness and mortgage obligations will make it easier for distressed and out-of-work homeowners to focus on finding a new job and getting back on track with their home loan.

Freddie Mac and Fannie Mae Forbearance for Jobless now 12 Months

Freddie Mac and Fannie Mae now allow mortgage companies to grant unemployed borrowers payment suspension or reduction for up to 12 months. Previously, the maximum length for mortgage forbearance on Freddie Mac guaranteed loans was six months, with written approval from Freddie Mac.

FHA Forbearance was extended to 12 months last July

The Federal Housing Authority (FHA) made a similar move six months ago, in July 2011, when it mandated that mortgage companies offer 12 months of forbearance to qualified unemployed borrowers — up from a prior maximum of four months.

Nearly 60% of Outstanding Mortgages Backed by Fannie, Freddie and the FHA

The announcement from Freddie and Fannie impacts far more homeowners than did the FHA’s announcement last July — Freddie and Fannie together guarantee nearly half of all U.S. home loans, while the FHA backs less than 10 percent.

For more, read these articles:

• Unemployed Mortgage Holders Get Extension on Payments (The New York Times)
• Mortgage Aid for Unemployed Expanded (Wall Street Journal Developments)
• Fannie Mae unveils new forbearance program for unemployed and Freddie extends mortgage forbearance for unemployed (Housing Wire)

A wraparound front porch welcomes you inside to the open living area with a beautifully tiled wood-burning stove, custom mantelpiece, and arched art nook. Original hardwood floors flow to the graceful dining area and stunning kitchen with slab granite, maple cabinets with mocha glaze, new stainless steel appliances, and exquisite custom tile work. The spacious sunroom off the kitchen offers space for casual dining and overlooks the large rear yard and gazebo with easy access to the refurbished 2-car garage.

Arched doorways open to the main level master suite and luxurious 4-piece attached bath with furniture quality double vanity pieces, vessel sinks, tiled bath/shower with custom inlays, and walk-in closet.

An iron and oak staircase leads to the upper level and three spacious bedrooms, which share a beautifully renovated bath with exquisite double vanity pieces, shower with arched doorway, and vessel sinks. An original stained glass piece and wainscoting grace the upper level hallway, and an unfinished basement allows for plenty of storage space.
This incredible Victorian renovation combines the best of old and new with beautiful craftsmanship, new plumbing and electrical throughout, new furnace and air ducts, insulation in walls and floors for high energy efficiency, new roof, new concrete driveways and walkways, and new interior and exterior paint.

Call Scott Huger at (719) 659-2630 for more information, or email scott@HugerGroup.com

Consumer Confidence + Tight Credit + Too Much Empty Property = Slow Recovery

Last week the Fed sent a housing “white paper” to Congress discussing the importance of housing to the economic recovery. On Friday, Federal Reserve Governer Elizabeth Duke observed that “housing demand and homebuilding continue to be restrained by weak income and sentiment, tight lending standards, and a large overhang of vacant properties.”

Unemployment Improvement in Fits and Starts

Duke said she sees unemployment trending down and for inflation to settle to levels that are consistent with the Fed’s mandate. Unemployment does seem to be dropping: December’s jobless rate of 8.5 percent was the lowest it’s been in almost two years.

Housing Recovery is Critical to Economic Recovery

Duke also noted that, typically, the housing sector plays an important role in propelling economic recoveries — and that so far, the housing sector has not only contributed to the recovery, but the combination of substantially decreased home values and the hit on consumer confidence has not only slowed consumer spending, it has pushed a substantial number of homeowners underwater on their mortgages.

More Aggressive Government Support May Be the Answer

Both the white paper sent to Congress and Duke’s comments on Friday included suggestions that more aggressive policies and action from the government may be required to boost the housing market and spur economic recovery. According to Duke,

“policymakers should at least consider policies that take into account the role the GSEs [government-sponsored enterprises] could play in hastening the healing of the housing market rather than focusing entirely on minimizing losses to the GSEs. In the end, breaking the current logjam created by large numbers of loans severely past due or in foreclosure and high levels of distressed sales should help reduce losses to the GSEs by breaking the downward cycle in prices. And, I think it is plausible that a faster recovery in the housing markets could speed, rather than slow, the end of GSE conservatorship,”

For more of Duke’s comments at the Virginia Bankers Association/Virginia Chamber of Commerce 2012 Financial Forecast, and perspective on the Fed’s position on the housing market and recovery:

• Economic Developments, Risks to the Outlook, and Housing Market Policies (Elizabeth Duke’s speech)
• Fed governor suggests tight underwriting is stalling recovery (Housing Wire)
• Fed’s Duke Sees ‘Choppy” U.S. Job Market Amid Gradual Recovery (Bloomberg Businessweek)
• Fed Up With the State of Housing (Wall Street Journal|Heard On The Street)

The housing market in 2011 was a year that saw changing trends and breaking records.

Mortgage Rates

15- and 30-year fixed mortgages hit record lows during 2011. via money.CNN.com

Freddie Mac’s Primary Mortgage Market Survey showed the interest rate for a 30-year fixed-rate loan averaging 3.91% last week, the lowest in the 40 years of the survey’s history. The average interest rate for a 15-year fixed-rate mortgage was 3.21% — also a record low.

Mortgage rates are expected to remain low well into 2012.

Greg McBride, a senior financial analyst at Bankrate.com, commented that “for well-qualified buyers interest rates should be no impediment to home buying in 2012.”

Foreclosures & Loans

There were 14% fewer foreclosure notices served in November year-over-year. via Business Week

The  rate of foreclosure filings slowed considerably in 2011, as banks and servicers responded to the documentation and processing challenges from 2010.

The foreclosure liquidation rate is anticipated to rise next year. via Zillow.com

With the settlement between the states’ attorneys general coalition and the major lenders and servicers coming to a head, Zillow sees an increase “either in conjunction with a settlement… or, alternatively, in the aftermath of the settlement effort falling apart.”

Home Values

The slide in home values since 2008 slowed in 2011. via International Business Times

Zillow projects that home values will fall 35% less this year than in 2010; and the Case-Shiller Home Prices indices show that the rate of decline slowed from the second quarter of this year to the third quarter (from 5.8% to 3.9%).

Home values will likely fall a bit more to finally bottom out in 2012.

Jonathon Miller, president and CEP of Miller Samuel, predicts that the decline will be considerably less than this year.

Home Sales & Starts

In 2011, new single-family home sales are on pace to hit a record low of 301,000. via Business Week

On the flip side, however, existing home sales rose to 4.42 million this fall, the highest in 10 months.

Total home starts (houses and apartments) jumped 9.3% month-over-month. via Internation Business Times

This rise from October to November represents the fastest pace in more than 18 months. Although single-family home construction remains stalled, Fitch Ratings projects a 6.7% gain in residential housing starts next year.

Confidence

The Housing Market Index rose to 21 from last month’s 19. via Mortgage News Daily

The National Association of Home Builders (NAHB) surveys its members monthly to compile the index. Although not huge, 20 is the highest the index has been since May 2010.

Hardwood floors flow from the living area with 2-story ceilings and a dramatic 2nd level overlook into the family and dining rooms, which overlook beautiful mountain views and offer art and TV nooks, a tiled gas fireplace, and walk out to the huge fenced rear yard. The open tiled kitchen is both elegant and functional with generous cabinetry, pantry, black appliances, and sunny windows overlooking the yard, play areas, and mountain views.

An open stairway leads to the sunny upper level master suite with an oversized walk-in closet, new carpet, and an attached bath with double vanities. Two additional spacious upper level bedrooms share a full bath, and an upper level loft is perfect for an office or playroom.

The unfinished lower level offers a huge family/recreation area and a work-out area, as well as room for additional private bedrooms or guest suites.

The fenced, park-like yard offers stunning mountain and Pikes Peak views, with plenty of room for play and garden areas. All this in a quiet neighborhood near schools, shopping, parks, and military bases. See this gem today! Call Scott Huger at (719) 659-2630 for more information, or email scott@HugerGroup.com

On a year-over-year basis, the Zillow® Home Value index declined 5.1 percent. Zillow reports that “the rate of monthly depreciation has stabilized around -0.2 to -0.3 percent over the last few months.”

Of the 156 metropolitan statistical areas covered by Zillow, while 95 showed monthly depreciation in home values, 39 areas actually saw an increase in monthly home value this past October. Twenty-two (22) areas remained flat.

The nine markets that saw the largest year-over-year home value increases from October 2010 to October 2011?

• Tulsa, OK— one-year price gain of 6.2%
• Oklahoma City, OK — one year price gain of 3.1%
• Lincoln, NE — one year price gain of 2.7%
• Madison, WI — one year price gain of 1.3%
• Honolulu, HI — one year price gain of 1.3%
• Fort Collins, CO — one year price gain of 1.3%
• Fort Myers, FL — one year price gain of 0.4%
• Pittsburgh, PA — one year price gain of 0.4%
• Boulder, CO — one year price gain of 0.2%

Another sign of stabilization is the decline in the foreclosure liquidation rate — at 8.1 out of every 10,000 homes being liquidated as of October, 2011 — down from the all-time high of 10.7 out of every 10,000 homes in October, 2010. That’s a drop of nearly 25 percent.

For more details on the Zillow Home Value Index and the latest Zillow Real Estate Market Report, check out these articles:

• U.S. Home Values Continued Fall in October; Rate of Decline Stabilizes (MarketWatch)
• Real Estate Markets: Top 9 Gainers in 2011 (Huffington Post)
• A Bit of Good Real Estate News? (Realty Times)