Keeping you informed on market statistics, real estate news, and events around town

Friday, December 21, 2012

January Calendar of Events

  • 1st   Celebrate 2013
  • 2nd  Whos Bad, a Tribute to Michael Jackson- Vilar Center
  • 3rd   1964, a Tribute to the Beatles- Vilar Center
  • 6th   Beaver Creek Snowshoe series 
  • 9th   Dar Williams- Vilar Center
  • 10th, 17th, 24th   50th Anniversary Film showing in Vail
  • 13th  Jonas Kaufmann-  Vilar Center
  • 16th  Marc Cohn- Vilar Center
  • 17th  Robin Williams & David Steinberg- Vilar Center
  • 20th  Lewis Black- Vilar Center
  • 24th-27th  Beaver Creek Food & Wine Festival
  • 24th   Shook Twins- Vilar Center
  • 31st  Delta Ray & ZZ Ward- Vilar Center

Monday, December 17, 2012

Housing prediction for 2013: Prices will rise

From CNBC reporter Diana Olick

Home prices will continue to rise, anywhere from 5 to 7 percent in 2013 from 2012.
These prices will be driven by continued competition among investors in the distressed market, as well as a return to the market of organic move-up buyers. A lack of supply in some local markets could push prices there even higher, but the concern is that prices would rise faster than incomes, which could leave some potential buyers on the sidelines.
Mortgage availability will be further curtailed by new regulations coming out ofDodd-Frank.
Rules governing risk retention and a borrower's ability to repay a loan have yet to be released, but mortgage bankers are already warning they could make loans more expensive. Mortgage rates will likely rise off their historic lows, but not significantly.
Apartment rents will stay elevated and vacancies low despite the improvement in the housing market.
First-time home buyers are still having trouble returning to the home buying market, despite rising household formation. With lenders requiring higher down payments and complete documentation, these buyers who usually make up over 40 percent of the market are at barely one third of home sales. We will only see the tide turner with far more robust job creation.
Mortgage delinquencies and foreclosures will remain elevated, but continued principal reduction modifications as well as a high level of short sales will alleviate much of the distress.
Foreclosure sales will continue, but the banks are unlikely to flood the market with bank-owned properties, as they have no desire to put downward pressure on prices.
As home prices continue to rise, more borrowers will come up from underwater.
This gain in home equity will help to fuel the renovation market and benefit remodeling retailers like Home Depot, Lowes and Masco.