Tag Archives: debt

Did You Know…

Posted by Michael Hughes—May 24, 2011

The U.S. has accumulated as much debt, $7.13 Trillion, in the past 7 years as it has in its entire history up to 7 years ago-Treasury Department

Through the first 4 months of 2011 the U.S. Stock Market’s value has increased by $1.4 trillion to $16.9 trillion-BTN Research

The top 1% of taxpayers paid an average tax rate of 34.5% in 1980. In 2008 they paid an average tax rate of 23.3%.-IRS

The bottom 50% of taxpayers paid an average tax rate of 6.1% in 1980. In 2008 they paid 2.6%-IRS

Over the last 20 years the value of assets owned by Americans  tripled in value to $71 trillion-Federal Reserve

At the same time over the past 20 years the debt owed by Americans quadrupled to $14 trillion-Federal Reserve

So…the total net worth of Americans is $57 trillion-Federal Reserve

On May 4th the government released a list of 12,217 properties owned by the federal government that are “excessive and unnecessary.” -Civilian Property Realignment Act

Nearly 1 out of 4 of those properties are located in California-CPRA

Boulder real estate home sales had diminished total number of homes sold year over year for 2011. Average price is up 1.1% YOY. Number of days on market is down to 79 days on market or down 2.9%. 71 homes between $720k and $4.15M sold since January 1st 2011 and 63 homes between those price ranges are under contract.

If you have questions regarding this article or have any questions about Boulder or would like information about Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO. 

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Short Sale Better Than Foreclosure

Foreclosure vs. Short Sale
By Michael Hughes
Do you avoid pain whenever possible? Better the “S” word (ShortSale) than the “F” word (Foreclosure). Many folks are going in to foreclosure not even considering the less painful and less impacting financial option of a short sale. In desperation, many people try selling their home themselves to save on realtor’s commissions, pricing it just above market and what they owe, only to end up in foreclosure. It is a difficult choice but when given the facts the choice becomes much less painful and simple.
Homeowners can avoid foreclosure if they act quickly. I have helped many home owners avoid foreclosure by negotiating a short sale for them. Some people just don’t understand the long term effects of foreclosures, or are afraid of considering a short sale because they think it will cost them more money. That is simply not true. Here are the facts that show the benefits of a short sale compared to a foreclosure:
Short sales generally do not influence credit scores, late payments or default in payments can put downward pressure on credit by 50 to 150 points. A short sale is not a critical mark on your credit report, most credit bureaus mark it as a paid note. If there have been no late payments, some buyers can buy again immediately. If there have been late payments, two years is required to apply for a Fannie-Mae backed mortgage, or 3 years for an FHA loan. Short sales help the economy because the banks have less debt, the homes are kept by individual owners who take care of them, and the bank will pay the realtor’s commission who helped sell the home.
Foreclosures generally drop the FICO and other credit scores from 200 to 400 points. Foreclosure will remain a derogatory mark on credit reports for 7 to 10 years. Most cases must wait at least 7 years before buying again, if the home was a primary residence it may be shortened to 5 years. Foreclosed homes can ruin a neighborhood, causing even further deterioration in the market values surrounding the home. Some people strip the home of valuables and leave the home abandoned.

Ican help you. If you have questions about this article or houses in Boulder or Boulder Real Estate give me a call anytime. Michael Hughes-Fuller Sotheby’s International Realty 303-359-6627 or you can visit my website at www.BolderRealEstate.com

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