This morning we awoke to snow and plenty of it. A winter wonderland. I haven’t been out of the house very far yet but it looks to measure about 15 inches so far, and still snowing. After another 60 degree day last Sunday, this is quite a shock for everyone but a welcome surprise. We had been very dry and the winter moisture is wonderful. I will spend the morning on the tractor plowing out. And wishing that I had my snowmobiles tuned up and ready to go. They are in the shop now getting their “annual” tuneup.
We enjoyed a great turn-out last evening for the La Veta/Cuchara Chamber of Commerce Christmas Party. Marilyn Hall hosted us at her charming 1889 Inn. Liz and Marta did the decorations and they were beautiful. This also served as Annual Elections for the Chamber and Liz again agreed to continue serving as Secretary of the Chamber with Steve Perkins serving as President. More on the new Officers and Directors in a later post.
Daily Real Estate News | December 5, 2008 |
Mortgage Rates Take a Big Dip This Week
For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January.
The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period.
Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago.
Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year.
Source: Realty Times (12/05/08)
If all politics is local, then real estate is location. True or False?
Niche rural markets like La Veta may not fit these forcast but you might find them interesting nonetheless.
Daily Real Estate News | December 3, 2008 |
Economists Ponder Future of Home Prices
When will home prices go back up again?
Economists surveyed by The Wall Street Journal say that home prices won’t hit bottom until the second half of 2009 at the earliest and some say the downward trend will continue until 2011 or 2012. After that they may rise again, but not nearly as fast as they have in the last decade. Instead they will rise just a little faster than inflation and stay in line with increases in household income.
William Wheaton, a professor of economics and real estate at the Massachusetts Institute of Technology, says he expects house prices to increase at a rate roughly 1-percentage point higher than inflation over the long term.
Celia Chen, director of housing economics at Moody’s Economy.com is more optimistic, expecting home values to rise an average of 4 percent per year over the next couple of decades.
Demographer William Frey predicts that growth will continue in coastal and Southern cities while populations in rustbelt areas like Michigan, Ohio, Western Pennsylvania and Upstate New York will continue to decline.
The great unknown is the impact aging baby boomers will have. While retirees in the past have often headed for warmer and suburban areas, boomers have tended to confound expectations. They could well show a propensity for staying put or moving to urban areas for the cultural life or to be near friends and family, shunning sun-dappled retirements communities.
Source: The Wall Street Journal, James R. Hagerty (12/02/08)
The Spanish Peaks Art Council -SPACe Gallery- is holding a progressive dinner this Saturday. Price is $20 person. The Town Christmas Tree lighting will be at 5:00 followed by food, wine and prizes as you move around the various Art Galleries in town. Money will go toward the extensive remodel at the Space Gallery.
The La Veta Cuchara Chamber of Commerce is hosting their Party this Friday night, at Marilyn’s 1889 Inn. Everyone is invited for fun, food and caroling.
La Veta received about 2 inches of snow this past weekend with Cuchara getting 5 inches. And weather forcast for Tomorrow is back up into the 60 ‘s again.
Our latest Newsletter goes out this evening. Check it out at http://realtytimes.com/121/JerryHenson