Tag Archives: 2010

Vision 2010

Posted by Michael Hughes    May 5, 2010

1. Prices At Bottom: After more than three years of falling, (all things being relative, Boulder prices never fell as much as the rest of the nation) real estate values have shown signs of stabilization in recent months. This improvement will give way to a bottom in home prices—finally!

2. Mortgage delinquencies up: Additional job losses mean more borrowers won’t be able to pay their mortgage bills.

3. Foreclosures move upstream: The foreclosure rate is not expected to peak until January 2012. The number of foreclosure sales will increase to about 1.9 million in 2010 alone, according to Moody’s Economy.com. And while we’ve already seen a growing number of more expensive homes heading into foreclosure, Heather Fernandez, vice president of marketing at the real estate search engine Trulia, expects the trend to pick up steam next year.

4. Mortgage rates to rise: Low interest rates a thing of the past. A key factor behind the plunge was a Federal Reserve program, first announced in November of 2008, that purchased debt and mortgage-backed securities from Fannie Mae and Freddie Mac to the tune of $1.25 Trillion. That program ended March 30th 2010.

5. Buyer’s market remains: With prices still falling, mortgage rates remaining historically attractive, and additional homes hitting the market in the form of foreclosures, the dynamics of the real estate market will continue to favor buyers over sellers in 2010

6. Modification plan could be modified: While the Obama administration has put nearly 700,000 borrowers into temporarily restructured mortgages, it had found permanent fixes for just 31,382 struggling homeowners through November.

7. FHA lending standards may increase: While banks have jacked up lending standards in the face of mounting delinquencies, mortgages backed by the Federal Housing Administration—which come with a minimum down payment of just 3.5 percent—have remained accessible to a wide swath of borrowers..

8. Tax credit available if you put it under contract before April 30th and close by June 30: Oops too late!

9. Markets will vary a great deal by region: The performance of the national housing market is much less important than the dynamics in our local market, and sales and pricing trends will vary a great deal from one area to the next in 2010.

10. Mobile maps can help: Advances in technology have enabled would-be home buyers to increase the efficiency of their searches. For example, Zillow’s iPhone app allows home buyers to see the estimated values and listed prices of the properties they pass on the street.

If you have questions regarding this article or are thinking you will Buy A Home In Boulder please call or text me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO. Featured Listings


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Real Estate 2010-A Balancing Act

By Michael Hughes  January 28, 2010

What Do I Think 2010 Will Bring?

  • The fallout from the jobs market will continue with an increase in Foreclosures and Short Sales mostly on the coasts and Las Vegas, NV.
  • Look for more foreclosures and short sales in the upper price ranges.
  • Because of the feds’ decision to no longer buy mortgages, starting the end of March, Interest Rates Will Rise. A great way not to stimulate the economy; higher interest rates. We’ll see.
  • The homebuyer tax credit may not be extended beyond April 30th, 2010 and/or may be reduced.
  • 2010 will be a year of recovery. Nothing dramatic but it will be in the right direction. Given the over-reaction of the financial and corporate world in 2008 we are now seeing jobs slowly return.  In Boulder County we are in pretty good shape and 8th in the nation as far as the lowest unemployment.
  • Because we didn’t have the run-ups like some areas we will recover faster than most areas.
  • A balanced market is about 5.5 months of inventory in a given price bandwidth and area. It will continue to be a buyers’ market in most areas of Boulder County with as much as 24+ months of inventory in some areas. But there are some areas of Boulder and in certain price ranges where there is only a 4 month inventory (more a sellers’ market).  The absorption rate calculated for these areas is nothing more than a very handy way to explain supply and demand.

If you have any questions please give me a call anytime Michael or visit me at my website.  Please leave a comment below.

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FHA, The Good, The Bad and The Ugly

FHA Changes Rules February 1, 2010

By Michael Hughes January 24, 2010

HUD will allow homebuyers to use FHA-insured financing to purchase foreclosed properties starting February 1, 2010. The one year waiver program will only apply to forward mortgages and includes conditions to protect borrowers from predatory “flipping” practices.

Shaun Donovan, secretary of the US Department of Housing and Urban Development (HUD), will temporarily permit buyers to use FHA-insured financing to purchase real-estate owned (REO) property to stave off vacancies. To read the complete article go to: REO’s with FHA

As you may be aware, FHA has decreed that it will also implement changes effective for all FHA case numbers pulled on or after 5 April 2010 that will primarily affect Mortgage Insurance Premium (MIP).  MIP will increase from 1.75% to 2.25% on purchases, refinances and streamlines.  Other changes, including a rumored increase in the down payment from 3.5% to 5% for FHA borrowers (10% down payment required for FICOs below 580), a reduction in seller paid closing costs from 6% to 3%, and a few other changes, are under discussion as well.

The end of March the Feds will stop their $1.25 Trillion (with a “T”) buydown program on mortgages.  This means unequivocally higher rates. See story in the Wall Street Journal Feds.

If you are eligible for an FHA purchase, I highly encourage you to get a loan application going Talk to JenniferAmanda or your mortgage professional.  Also First-time Homebuyers Incentive, and the Existing Homebuyers Incentive, both will expire April 30th for FAQ’s.  Time to get off the fence!

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Call me with any questions or You can reach me a number of ways Michael Hughes or 303-359-6627 or you can email me at Michael

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Year of the Golden Tiger-Chinese New Year

The Chinese New Year 2010-Year of the Golden Tiger

By Michael Hughes        January 18, 2010

According to the Chinese Zodiac, the Year of 2010 is the Year of the Golden Tiger, which begins on Valentines’ Day,  February 14, 2010 and ends on February 2, 2011.  It is a sign of courage. This fearless and fiery fighter is revered by the ancient Chinese as the sign that wards off the three main disasters of a household: fire, thieves and ghosts.  On New Year’s day itself, it is beneficial to celebrate, to be happy, to have smiling faces, and to refrain from scowling, quarreling, or criticizing anyone.

Tiger people are sensitive, given to deep thinking, capable of great sympathy. They can be extremely short-tempered, however. Other people have great respect for them, but sometimes tiger people come into conflict with older people or those in authority. Sometimes  poor, hasty decisions are made. They are suspicious of others, but they are courageous and powerful. Tigers are most compatible with Horses, Dragons, and Dogs.  Tigers are born in the years of 1914, 1926, 1938, 1950, 1962, 1974, 1986, 1998 and run in 12 year cycles.

If you need help or just have a question please call me at 303-359-6627 or you can reach me at my website www.bolderrealestate.com or e-mail michael.hughes@sothebysrealty.com

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New Years Resolutions

By Michael Hughes

“If it weren’t for the the fact that the TV set and the refrigerator are so far apart, some of us wouldn’t get any exercise at all.” ~ Joey Adams

Do you ever wonder what happened to your passion, your drive your hunger when you wrote down those resolutions?  I have pared it down to 2-3 resolutions that now that I think about it I have been working on for quite some time. I am passionate about this being in my life and these things are important to me.

  • Workout 6 days a week (okay I have done 5 for the past 2 years) time to kick it up a notch.
  • TNT=Today Not Tomorrow!
  • Eat less meat, reduce caffeine, reduce wine. With one cheat day a week.

That pretty much sums it up.  The hardest thing for me was the excruciating headache I got when I stopped drinking coffee.  Wow!  Was that only 72 hours ago?  I don’t really feel a craving but there is a time of day conditioned response for different beverages.  I am eating high alkaline clean for the month of January.  Lots of water (in my reusable container), lots of greens and a very noticeable clarity and higher energy level than any coffee ever gave me.  Let’s go 2010!  Oh and if you’re going to procrastinate your second chance is The Year of The Tiger-Chinese New Year February 14, 2010.

Take Care and Be Well in 2010.  michael.hughes@sothebysrealty.com  303-359-6627


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Boulder Colorado–One more thing to be thankful and grateful for

Gratitude unlocks the fullness of life. It turns what we have, into enough, & more. It turns denial into acceptance, chaos to order, confusion to clarity. It can turn a meal into a feast, a house into a home, a stranger into a friend. Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow.” – Melody Beattie

On the street people are talking about the local real estate market improving.  Scott Smith said “When the full recovery begins, it will probably begin here.”  Citing Boulders’ continued strength in attracting new businesses, strength in the energy industries, will continue to stabilize Boulders’ economy.   Even the most talked and debated business in town has boosted the commercial space real estate sector-yes Medical Marijuana.  Housing affordability is at an all time high and as always interest rates will fluctuate throughout 2010.  The last real hurdle to economic recovery is the reinstatement of consumer confidence from the lows that they sit at today.  As the economy improves people will relax and consumer confidence will rebound.  Happy Thanksgiving!  May 2010 be blessed with great momentum.  Cheers!

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