Top 10 Cities for Buyers.

Forbes published this report recently about the top 10 cities for buyers to purchase homes in right now. I think you will agree this is good news for the greater Denver area!

Some cities are better than others for borrowers. The best cities have the lowest percentage of foreclosures and delinquencies, including a low percentage of bank-owned homes. In most of the cities on this best list, home prices are actually rising.

This kind of solid housing market motivates banks to offer lower rates and better terms.

Here are the 10 cities that Forbes ranks as the best for borrowers:
1. Kansas City, Mo.
2. Houston
3. Dallas
4. Virginia Beach, Va.
5. San Antonio, Texas
6. Boston
7. Pittsburgh
8. Denver
9. Seattle
10. Portland, Ore.

Foreclosures Down in Larimer County

The Fort Collins Coloradoan reported that Larimer County experienced the largest decline in foreclosure filings in the state in February compared to February 2009, according to a monthly metro foreclosure report released today by the Colorado Department of Local Affairs Division of Housing. In February, Larimer's foreclosure filings declined by 30.3% from a year ago. Year-to-date Larimer County has recorded 289 foreclosure filings. That's compared to 353 at the same time in 2009, an 18.1% drop, and 326 in 2008, an 11.3% decline.

Soon, FHA will be a harder loan to get for some.

According to Realtytimes.com, it's about to get tougher to qualify for a FHA mortgage. The FHA is adding more-stringent lending requirements and higher fees borrowers must pay to get the federally-insured loans. Beginning this spring, the FHA will raise mortgage insurance fees that borrowers must pay, cap the amount of cash that sellers can contribute for closing costs and require higher down payments for the borrowers with poor credit scores. The new upfront mortgage premium will cost borrowers 2.25% of the loan amount. New borrowers must have a minimum FICO credit score of 580 to qualify for FHA's 3.5% down payment loan, otherwise the borrower must put 10% down. As I learn more details on the new requirements, I will be sure to post them here.

Warren Buffet Weighs in on Housing.

This is some interesting insight from Mr. Buffet. And let's face it, anytime someone that wealthy speaks, we should all listen!

Billionaire Warren Buffett said the U.S. residential real estate slump would end by about 2011, predicting that's how long it will take demand for homes to catch up with the supply. "Within a year or so, residential housing problems should largely be behind us," Buffett wrote Feb. 27 in his annual letter to shareholders of his Berkshire Hathaway Inc. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits."

The worst housing decline since the Great Depression has left one in five U.S. mortgage holders owing more than their houses are worth. Record foreclosures last year flooded a real estate market already glutted with unsold property, causing new construction to fall to the lowest in at least 50 years. The fall in homebuilding is the only fix unless the U.S. decides to "blow up a lot of houses," Buffett joked. "People thought it was good news a few years back when housing starts -- the supply side of the picture -- were running about two million annually," said Buffett, the chairman and chief executive officer of Omaha, Nebraska-based Berkshire. "But household formations -- the demand side -- only amounted to about 1.2 million."

Source: Bloomberg.com, Andrew Frye, (03/01/10)

Colorado 3rd in Appreciation!

Great News!! Colorado Ranks 3rd in the country for overall year-over-year appreciation at 2.76%!!

· Fort Collins Ranked 80th in the survey with an annual rate of number of -1.38% which beat Boulder, #82 at -1.45.

· Denver edged out ahead of both Boulder and Fort Collins with an overall ranking of #79 and a rate of -1.37

· Worst rate in the U.S.: Bend, OR with a -20.55 annual rate

· Best in the U.S.: Terre Haute, IN with a +3.11 annual rate.