colorado springs real estate journal

Vol.3 No.7 www.csrej.com March 28, 2011

Land Title Breakfast

High CountryHomes Luncheon

MUCHMORE

INSIDE!

Todays Homes Luncheon

PAGE 3 PAGE 15PAGE 4

PRSRT STDUS POSTAGEPAIDPERMIT 745 COLO SPGS CO

National News ................. Page 2Local News ..................... 2On the Move ................... Page 17Local Expert ................... Page 18Around the Corner ............ Page 19

Yun

Wally RoyBranch Manager(719) [email protected]#305901

Aric UlmerLoan O� cer(719) [email protected]#257977

Sharon HigashiLoan O� cer(719) [email protected]# 100019804

Bev CreswellLoan O� cer(719) [email protected]#301804

Honest & Ethical Service from People You Know.

5 3 3 3 N o r t h U n i o n B l v d . S u i t e 1 0 0 , C o l o r a d o S p r i n g s , C O 8 0 9 1 8

HELPFUL TIP:Check the license status of your mortgage broker at the Colorado Division of Real Estate’s website:

www.dora.state.co.us/real-estate/index.htm

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Denver welcomes NAR Home Ownership Bus Tour

Builders call on Congress to improve small builders’ access to credit

February existing-home sales decline following sustained gains A month-long Home Ownership Matters Bus

Tour hosted by the National Association of Real-tors® made stop last week outside the Denver Home Show on Saturday, March 19. NAR leaders and in-vited local officials were on hand to hear from con-sumers and speak with them about how shifting priorities and public policies in Washington could affect home ownership here in Denver.

“We need to keep housing first on the nation’s public policy agenda, because housing and home ownership issues affect all Americans,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “Public policies that sup-port home ownership help families right here in Denver, and this bus tour allows us as Realtors® to communicate directly with people in communities

Existing-home sales fell in Febru-ary following three straight monthly increases, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condo-miniums and co-ops, dropped 9.6 percent to a seasonally adjusted an-nual rate of 4.88 million in February from an upwardly revised 5.40 mil-lion in January, and are 2.8 percent below the 5.02 million pace in Feb-ruary 2010.

Lawrence Yun NAR chief econo-

mist, expects an uneven recovery. “Housing affordability conditions have been at record levels and the economy has been improving, but

home sales are be-ing constrained by the twin problems of unnecessarily tight credit, and a measur-able level of contract cancellations from

some appraisals not supporting prices negotiated between buyers and sellers,” he said. “This tug and pull is causing a gradual but uneven

recovery. Existing-home sales re-main 26.4 percent above the cyclical low last July.”

A parallel NAR practitioner sur-vey shows first-time buyers pur-chased 34 percent of homes in February, up from 29 percent in Jan-uary; they were 42 percent in Febru-ary 2010.

All-cash sales were a record 33 percent in February, up from 32 percent in January; they were 27 percent in February 2010. Investors

With the housing production credit crisis taking a severe toll on the nation's small home building firms and threat-ening future job growth and the fragile economic recovery, NAHB on March 2 called on Congress to take tangible steps to improve access to credit for small builders.

"With the spigot for housing produc-tion loans cut off, and the threat that the uncertainty from new rule-making under

the Dodd-Frank financial services law will further impact the ability of small community lenders to service the credit needs of our industry, it is clear that con-gressional action is needed to help open the flow of credit to home builders," NAHB Chairman Bob Nielsen told the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.

"Without such action," Nielsen added,

"there can be no housing recovery, which has major implications for our nation's ability to recover from the current eco-nomic downturn."

Builders are coming under increased pressure from lenders — including calls for additional equity, denials of loan ex-tensions and demands for immediate repayment on acquisition, development and construction (AD&C) loans — even when their loans are current, he said.

And lenders are often citing regulatory requirements or pressure from bank ex-aminers to reduce AD&C loan exposure as the rationale for their actions.

"While federal bank regulators main-tain that they are not encouraging insti-tutions to stop making loans or to indis-criminately liquidate outstanding loans, reports from my fellow members and

See Builder Credit page 7

See February Sales page 2 See Home Ownership Bus page 10

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2 Colorado Springs Real Estate Journal www.csrej.com March 28, 2011

Director of AdvertisingRachelle Nardo

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Director of PublishingJosh Olson

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colo-rado Springs, Colorado. CSREJ is published once a month and dis-tributed through US Mail to nearly all members of The Pikes Peak Association of Realtors® and The Colorado Springs Housing & Build-ing Association and many other industry-related professionals.

CSREJ is not responsible for any opinions or facts expressed by non-staff writers. CSREJ shall not be held responsible for any errors in advertising or editorial content.

Realtor® is a registered trade-mark. Sometimes the word Re-altor® or Realtors® will appear without the “®” symbol for the purpose of saving space. The reg-istered trademark should be as-sumed if it is not present.

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National News

accounted for 19 percent of sales activ-ity in February, down from 23 percent in January; they were 19 percent in Febru-ary 2010. The balance of sales were to repeat buyers.

The national median existing-home price for all housing types was $156,100 in February, which is 5.2 percent below February 2010. Distressed homes – sold at discount – accounted for a 39 percent market share in February, up from 37

percent in January and 35 percent in Feb-ruary 2010. “The decline in price cor-responds to the record level of all-cash purchases where buyers – largely inves-tors – are snapping up homes at bargain prices,” Yun explained. “We’d be seeing greater numbers of traditional home buyers if mortgage credit conditions re-turn to normal.”

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers should look into loan availability as soon as they decide they

want to buy. “Despite very affordable mortgage interest rates, credit remains a challenge – buyers should check their personal credit, and mortgage availabil-ity in their area,” he said.

“REALTORS® are an excellent re-source to learn about all of the market-place factors, but in this tight credit envi-ronment it’s important to learn up front what a lender might be willing to offer as well as specific programs that might be

February Sales from page 1

See February Sales page 4

March 28, 2011 www.csrej.com Colorado Springs Real Estate Journal 3

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National News

Alice and Grant Schneider

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Todays Homes Irish-Themed Realtor Luncheon March 17, 2011

Right: Rodney Abeyta with Todays Homes, Lillian Lucian with Peoples Mortgage, Scott Vaughan and Michelle Wilkerson.

Left: Mil Younkers with Todays Homes, Sue Bone with Merit Co, Yvette Benakis and Matt Ervin with Todays Homes.

Left: LaVonda Ballager with Keller Williams Clients Choice, Alphie Hutmacherwith Coldwell Banker, Jill Thomas and Jeff Thomas with 30DPS.

Right: Susan Koutantos, Jim Owens and Glenda Miller with Keller Williams New Home Connections.

available in your location,” Phipps said.Total housing inventory at the end of February rose

3.5 percent to 3.49 million existing homes available for sale, which represents an 8.6-month supply at the cur-rent sales pace, up from a 7.5-month supply in January.

According to Freddie Mac, the national average com-mitment rate for a 30-year, conventional, fixed-rate mort-gage rose to 4.95 percent in February from 4.76 percent in January; the rate was 4.99 percent in February 2010.

Single-family home sales fell 9.6 percent to a season-ally adjusted annual rate of 4.25 million in February from 4.70 million in January, and are 2.7 percent below the 4.37 million pace in February 2010. The median ex-isting single-family home price was $157,000 in Febru-ary, which is 4.2 percent below a year ago.

Existing condominium and co-op sales dropped 10.0 percent to a seasonally adjusted annual rate of 630,000 in February from 700,000 in January, and are 3.1 per-cent lower than the 650,000-unit level one year ago. The median existing condo price was $150,400 in February, down 11.1 percent from February 2010.

Regionally, existing-home sales in the Northeast fell 7.2 percent to an annual pace of 770,000 in February and are 8.3 percent below February 2010. The median price in the Northeast was $230,200, down 9.5 percent from a year ago.

Existing-home sales in the Midwest dropped 12.2 per-cent in February to a level of 1.01 million and are 9.0 percent lower than a year ago. The median price in the Midwest was $122,000, which is 5.4 percent below February 2010.

In the South, existing-home sales fell 10.2 percent to an annual pace of 1.84 million in February but are un-changed from February 2010. The median price in the South was $134,600, down 3.9 percent from a year ago.

Existing-home sales in the West declined 8.0 percent to an annual level of 1.26 million in February and are 2.4 percent below a year ago. The median price in the West was $190,000, which is 5.2 percent below January 2010.

© Copyright National Association of Realtors. Reprinted with permission.

February Sales from page 2


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National News

their lenders across the nation suggest that bank exam-iners in the field are adopting a much more aggressive posture," said Nielsen.

To address this situation, NAHB has presented bank-ing regulators with specific instances of credit restric-tions, provided data showing no difference in credit access across housing markets — many of which are re-turning to normal conditions — and requested specific changes to current regulatory guidance.

To date, these efforts have yielded no concrete results, which is why NAHB will soon be offering a formal legis-lative blueprint to Congress that focuses on fixing specif-ic instances of regulatory excess while helping to ensure adequate credit availability to home builders.

Members of NAHB’s Housing Finance Commit-tee and staff are also in the midst of pursuing a range of other initiatives, including new funding programs and regulatory relief. Although some of these efforts are still in their beginning stages, the association is vigorously pursuing such initiatives as:

• A national debt/equity fund• A state housing finance agency (HFA) taxable

bond construction lending program• AD&C loan insurance• A production financing/rent-to-own program• Reforms to the appraisals process, including:

1. improvements in the quality of appraisals in distressed markets

2. establishment of appraiser qualification requirements for valuations of new construction

3. improvements in state oversight of appraisers and appraisal requirements

Nielsen stressed that problems in the housing sector resulting from the economic impact of the credit crunch have placed an enormous toll on the nation's economy.

The sharp decline in home building from the 2005 peak — a drop of one million units — has translated into the loss of 1.4 million construction jobs and $70 billion in wages.

Factoring in industries that provide materials and ser-vices to home builders, the total impact of the housing slump has been the loss of more than three million jobs and $145 billion in wages in all housing-related indus-tries.

"NAHB estimates that over the next decade there will be a need for at least 1.7 million additional homes per year," said Nielsen.

"This translates into five million jobs and significant economic activity,” he said. “Without increased AD&C lending, this future demand will not be met, job loss will occur and job creation will suffer."

Nielsen delivered a similar message on the urgent need to open up the lines of credit for new housing pro-duction in a March 7 address to the board of directors of

the National Association of Counties during its annual legislative conference in Washington, D.C.

Qualified Residential Mortgage

On a related topic, NAHB urged the federal regu-lators to take an expansive approach in defining a Qualified Residential Mortgage (QRM) in the forth-coming credit risk retention rules required by the Dodd-Frank Act.

The law requires lenders to have "skin in the game" by holding a small percentage of each loan that they sell

into the secondary market.What is still to be determined is how the risk reten-

tion rules will be established and how regulators will define the terms of certain high-quality, lower-risk mort-gages that will be exempted from the risk retention re-quirements.

Nielsen warned that if agencies establish a QRM standard that is significantly tighter than current credit standards — which are already tougher than they have been in decades — millions of creditworthy borrowers would be deemed, by regulatory action, to be higher-risk borrowers.

"As a result, they would be eligible only for mortgages with higher interest rates and fees, which would prohibit many potential first-time home buyers from purchasing a home, especially if the definition includes an exces-sively high minimum downpayment requirement," said Nielsen.

Further, an overly restrictive QRM definition would also drive numerous current lenders from the residential mortgage market — including thousands of community banks — and enable only a few of the largest lenders to originate and securitize loans.

"This sharp dilution of mortgage market competition would have a further adverse impact on mortgage credit cost and availability," said Nielsen.

"We therefore urge the agencies to define the QRM's parameters in a way that facilitates a housing recovery and ensures access to conventional mortgage credit for all buyers and refinancers, while preserving high quality, empirically sound underwriting and product standards," he said.

The above article has been provided to you compliments of NAHB and Nation’s Builder News.

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Builder Credit from page 1

NAHB Chairman Bob Nielsen testifies before a House subcommittee. Photo: Morris Semiatin


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National News

across the country about what housing issues are most important to them.”

The NAR Home Ownership Matters Bus will be parked outside the National Western Complex’s Expo Hall at the north entrance on Humboldt Street from 10 a.m. until 1 p.m. on Saturday. Attendees can register to win prizes worth up to $2,500 and can enjoy food, beverage and entertainment. NAR 2011 President Ron Phipps will be available for media interviews at the event, and Rep. Ed Perlmutter will attend.

According to NAR’s Housing Opportunity Pulse

Survey, more than three-fourths of Americans in the northwest region of the U.S. – which includes Denver – believe that buying a home is a solid financial decision. Seventy-three percent of those surveyed in the region also agreed that now is a good time to buy a home.

“NAR believes that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream,” said Phipps. “Working together, we can all help ensure that anyone in this country who aspires to own their own home and can afford to do so is not denied the opportunity to build their future through home ownership.”

NAR’s Home Ownership Matters Bus Tour began in

Chicago on March 5 at the Chicago Flower & Garden Show. The next major stop on the tour will be Portland, Ore., on March 26, with additional stops in cities along the way. Ongoing news and information for the tour will be posted on HouseLogic at www.houselogic.com/bus. HouseLogic is a free source of information from NAR that helps home owners maintain and enhance the value of their homes and engage in issues that affect their local communities.

© Copyright National Association of Realtors. Reprinted with permission.

Ent Ski Bus To Copper Mnt.February 18, 2011

Above: Tony Sloan of Ent, Tad Wermers with Allstate, Brad Shaw of Ent, Brett Johnston of Colorado Home Resource and Pat Rose.

Above: Tad Wermers and Pat Rose.

Left: Brad Shaw of Ent and Eileen Wolff of Heritage Title.

Home Ownership Bus from page 1


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February 8, 2011

Above: Lonnie Brukholder and Mike Burgess of Air Academy Federal Credit Union and Sara Martin Land Title.

Below: Brent McPherson of Land Title and Chris Richards with RE/MAX Real Estate Group.Right: Nan

Hawkins of Rusinak Real Estate and Mirian Pixley of Rusinak Real Estate.

Below: Willi Ellis of RE/MAX Real Estate Group and Terri Strecker of RE/MAX Real Estate Group.

Above: Cheryl Pixley of RE/MAX Advantage and Sally Shelton of Land Title.

Left: Speaker Oliver Frascona and Brian Boals RE/MAX Real Estate Group.

http://www.readynewhomes.com


Local News

Campbell Homes, LLC. 4850 Austin Bluffs Pkwy., Colorado Springs, CO Toll Free: 888-966-9790 • Local: (719) 266-9780 • Fax: (719) 266-9775

A s plumbing contractors, we know new homes inside and out. Which is why we’re sold on Campbell

Homes. The pros at Campbell Homes go beyond industry standards—even those found in expensive custom homes--bringing uncompromising quality to every detail of the fl oorplan! No wonder Campbell Homes is a standard fi xture in the best neighborhoods. Their craftsmanship is legendary.” John and Connie Claren

Springs Custom Plumbing Jessica Heights at Feathergrass

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For more Testimonials, Locations and Information visit us at CampbellHomes.com

PSFBeer and Wine Tasting

April 7, 20115:30-8:30pm

Cottonwood Center for the Arts427 E. Colorado Ave.

Colorado SpringsEnjoy adult beverages, food and fine art while networking with other real estate professionals and protecting your industry!

Tour over 70 working artists’ studios and find the finest artwork in painting, jewelry making, sculpture, pottery, printmaking, fiber arts and so much more!

Tickets are $39 per person and include food and beverage tastings.

RSVP with Michele at 633-7718 ext 114 or [email protected] by Monday, April 4, 2011

Revenues generated benefit the Political Survival Fund, which is used to support or defeat legislation that impacts the local real estate industry and ultimately your business.

Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, an-nounced that Kris Korinek, sales as-sociate in the company’s Colorado Springs office, has earned member-ship in the company’s International Diamond Society.

“What a pleasure it is for me to welcome Kris as a member of the International Diamond Society,” said Chris Mygatt, president of Coldwell Banker Residential

Brokerage. “Kris’s achievement is a shining example of professionalism, dedication and commitment. In a year when so many in our industry struggled on the path to success, Kris’s consistency, ambition and determination helped her overcome any obstacles standing in her way.”

Korinek, a former middle school teacher, earned her real estate license in 2006. She has invested in real estate for several years and works with real estate investors in the Colorado Springs area. Korinek now specializes in helping military home buyers and sellers who are relo-cating to and from Colorado Springs.

Korinek has been with Coldwell Banker Residential Brokerage since 2007 and holds special designations recognizing the successful completion of stringent con-tinuing education courses in real estate. She earned membership in Coldwell Banker Residential Brokerage’s Sterling Society in 2009 and holds a master’s degree in education and counseling.

The Coldwell Banker Residential Brokerage office in Colorado Springs is located at 2075 Research Parkway, Suite B, and can be reached at 719.550.2500. Korinek may be reached directly at 719.550.2321 or via e-mail at [email protected].

Zane Whitfield also named

Coldwell Banker Residential Brokerage also an-nounced that Zane Whitfield, sales associate in the com-pany’s Colorado Springs office, has earned membership in the company’s International Diamond Society.

“What a pleasure it is for me to welcome Zane as a member of the International Diamond Society,” said Chris Mygatt, president of Coldwell Banker Residential Bro-kerage. “Zane’s achievement is a shining example of professional-ism, dedication and commitment. In a year when so many in our industry struggled on the path to success, Zane’s consistency, ambition and determination helped him overcome any obstacles standing in his way.”

Whitfield is the team leader of New Homes Colo-rado Springs at Coldwell Banker Residential Brokerage. He started serving the real estate needs of clients in the Colorado Springs area in 2001 after six years in the U.S. Army and four years of outside sales for Georgia Pacific.

Since Joining Coldwell Banker Residential Broker-age in 2009, Whitfield has ranked tenth in sales volume for partnerships with the company and among the top two percent of the Pikes Peak Association of Realtors membership. He is a member of Peak Producers and a representative of Gendron Homes, Colorado Springs’ oldest builder.

The New Homes Colorado Springs team is dedicated to providing buyers and sellers with valuable informa-tion needed to make informed home buying and selling decisions. The top-performing team has produced more than $41 million in resale and $40 million in new con-struction sales.

Whitfield may be reached directly at 719.332.3930 or via e-mail at [email protected].

Realtors named to Coldwell Banker Residential Brokerage International Diamond Society

See Page 2 for details

S o m e b o d y

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Surprises? Fine Print? Red tape? There won’t be any.

But because only seven of these luxury properties remain, what you will be up against is a lot of stiff competition.

Got a client who’s dreamed of living in fabulous, fully-appointed house? One with builder upgrades and a coveted Social Fitness Membership to the Club at Flying Horse? Then you’d better get moving. Because these beauties going fast, and when they’re gone, they’re gone—forever.

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Vantage Homes in The Villages of Solera and Syrah at Flying Horse from $335,500.*Home photography represents model home. Pricing and availability subject to change. Packages available through Vantage Homes Preferred Lender.

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Sara Martin719.231.1900

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Stick Newland719.338.6657

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Owned and operated by Colorado families since 1967 Serving the Pikes Peak Region for almost 40 years!

Contact your local Land Title Service Representative Today!

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legacy l title l group group group Empowering Our Associates To Make A Difference

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BIGGER DOESN’T MEANSTRONGER.

Team Schneider of Cherry Creek Mortgage Company is proud to an-nounce that they have become certified Path2Buy coaches.

Grant Schneider of Cherry Creek Mortgage said, “We want to help people get ready for their home purchase through a new innovative program called Path2Buy. Using this program we will analyze your client’s ability to purchase a home. If they don’t qualify now we will develop a Plan to put them on the Path2Buy. This program is FREE to everyone courtesy of Team Schneider.”

“There are many renters who want to become a homeowner and others who lost their home in the past and they’re not sure they can ever qualify to own a home again,” said Alice Schneider of Cherry Creek Mortgage. “Our Path2Buy coaching system will guide potential buyers through the process of identifying and resolving the issues that are holding them back from making that home purchase. This is not always a quick fix. It’s a process that can take months and sometimes years to get them in a home. Our free face to face consultation will help these potential home buyers identify their financial strengths and weaknesses.

The Path2Buy program has identified 7 ½ Reasons why the real estate market is stagnant.

1. Job Security/Insecurity - We’ll identify the factors that are causing them con-cern. In some cases, the problem can be resolved quickly. In other cases, they just may need to weather the current economic conditions.

2. Down Payment - We will help determine the amount that is needed for a down payment on a home. We will give them a plan towards saving for the down pay-ment.

3. Credit - The world of credit is very complex today. We will guide them through the steps necessary to maximize their credit profile and credit score. Many times they just need to know the rules of the credit game in order to make improve-ments.

4. Debt to Income Ratio Guidelines - If their current debt is too high, we’ll help develop a plan to bring their debt under control.

5. Debt to Income Comfort Zone - In this direct deposit and debit card world, we know how hard it is to save. We have created a program similar to the old Christ-mas club and Layaway programs from years past. We consider their personal comfort level so that they feel secure long after their closing.

6. Misinformation - We also know that other obstacles keep people from mov-ing forward with a home purchase. Today’s newspapers, television and internet are full of misinformation. There is certainly no shortage of “experts” spewing wrong information. We’ll teach them how to recognize fact vs. fiction.

7. Mobility/Liquidity - We realize that people are concerned about job relocation and being able to sell their home quickly and for a profit. We will work through these concerns with them.

7.5 Waiting for the Bottom – We will never know when the housing market hits bottom until it already starts moving back up. With the risk of rates potentially increasing, we will show them why now may be the best time to buy.

Whether it’s in 5 months or 5 years they owe it to themselves and their family to get the plan that will put them on the Path2Buy. They will leave with a custom-ized plan that shows them how to save more, cleanup their credit issues, and reduce their monthly debt. Along with the plan, they will also receive OUR com-mitment to ongoing assistance to help them stay on their Path2Buy.

For more info on the Path2Buy program, please contact Cherry Creek Mortgage – Team Schneider today at (719) 433-7651.

Local News

Team Schneider of Cherry Creek Mortgage Company now certified Path2Buy coaches

Skora Team receives Platinum Service Recognition

Wayne Skora and the Skora Team of Real Living - Select Prop-erties in Colorado Springs, CO has repeated the previous year’s achievement of being granted the highest level of service achieve-ment in the real estate industry, Quality Service Certified® Plati-num. The award is in recognition of earning 100% client service sat-isfaction in 2010 as measured by Leading Research Corporation (LRC).

See Skora Team page 16

http://www.ltgc.com

http://www.legacytitle-llc.com


NUMBER ONE IN EL PASO COUNTY!

Thank you for working with us.

At Heritage Title Company, we’re committed to providing the very best in Title and Escrow services in Southern Colorado.

We offer a wide array of technologically advanced products that will assist you during every phase of the Real Estate process.

Add to that our knowledgeable and professional staff and you’ve got a successful formula for a smooth transaction.

We look forward to working with you.

www.heritagetco.com

TERRYWILLIAMS

KERYNDERUBIS

EILEENWOLFF

SHELLYFARMER

JIMBRAVERMAN

104 South Cascade, #102


phone 719.475.8800

Downtown

6805 Corporate Drive, #120


phone 719.592.9933

3673 Parker Boulevard, #130

Pueblo, CO 81008

phone 719.546.1801

PuebloTiffany Square

High Country Homes Round Table LuncheonMarch 4, 2011

Right: Debbie Elliott-Shultz with The Masters Real Estate Group, Pat Bigley with ERA Shields, Keith Godshall with High Country Homes and Jan Cass with RE/MAX Properties.

Right: Frank Shoptaugh and Gerry Lee with Weichert Realtors and Rick Flaks and Eddie Hurt with ERA Shields.

Above: Keith Hays with Prudential, Ed Veranth, Joan Morris, Mark Potter and Barbara Rogers with The Real Estate Network and Guy Nanney with ERA Shields.

Above: Ike Padgett and Phil Yannias with The Real Estate Network and Rebecca Ball with Keller Williams Partners Realty.

Above: Jen Karber with RE/MAX Properties and Colleen Kauber with ERA Herman Group.


Local News

**As a settlement provider, you are under no obligation to send any future business to any sponsors from this event.

• D I R E C T C O N N E C T •

LEE HONISH

Major Sponsors:

Date: Wednesday, April 6, 2011

Time: 8:30a.m.—4:00p.m.

Venue: Mr. Biggs—Event Center

Admission fee: $20.00

Refreshments & Full Hot Lunch are included

Lee Honish, “Pro Talker”, is passionate: for boxing and mixed martial arts (he fought Danny

Bonaduce in June 2007); about radio and his comedy sports radio show; and, in making the world a better

place by teaching his unique short sale strategies. Lee spent more than 20 years as a foreclosure asset manager and loss mitigator for large mortgage lenders, including time as the

head of loss mitigation for the Home Equity Division (HELOC) for IndyMac Bank. This may explain his love for fighting. Lee’s

real claim to fame comes from negotiating a successful resolution on 95% of the files that went across his desk, which means only 1 in 20 files ever reached a foreclosure sale. Over the past three years he has conducted more than 500 seminars, training over 40,000 agents on how to rescue families from the

nightmare of foreclosure. Lee has developed a program that has a 99% close ratio - which is both astonishing and truly a

difference-maker. “Real estate professionals just need to put the right strategy to work for them, so they can be a part of the

solution,” says Lee.

Covered Topics: Effectively packaging short sales / Successfully negotiating short sales / Open Forum for

questions

Bring your business card for a

chance to WIN….

a trip to or $100 VISA cards!

Please RSVP to Cherrylyn at (719) 884-5300 or [email protected]

www.etcos.com

Empire Title of Colorado Springs5755 Mark Dabling Blvd. Ste 110 | Colorado Springs, CO 80919

Phone: (719) 884-5300 Fax: (719) 884-5304

Empire Title of Woodland Park509 Scott Avenue | Woodland Park, CO 80863Phone: (719) 686-9888 Fax: (719) 686-8208

We Don’t Succeed Unless You Do!

By Bill McAfeeEmpire Title—

• Average price is up• Median price is up• Number of residential units sold

is down

• Inventory levels up• Number of listings up• Number of foreclosures down• Interest rates up

Good newsForeclosure filings are down year-to-date 5.7%. Comparing

2009 to 2010, they are down 12% and appear to have hit the bot-tom. Although interest rates are up, they are still incredibly low according to historic standards.

ConcernsThe properties which have been foreclosed must reenter the market. There are many

indications that the number of Bank-Owned properties will significantly increase this year. If current demand holds steady and the selling of Bank-Owned Properties in-creases, we will likely see a decrease in average and median sales prices.

Interest rates have been trending up. In addition, Japan is still one of the largest purchasers of US debt. Currency used to buy our debt will likely be used to rebuild their country. This will lower the demand for our 10-year debt instruments causing the price to go down. There is an inverse relationship between bond prices and yields: If the price goes down, yields will go up. Long term interest rates are tied to the 10-year bond. This could result in higher interest rates.

What does all this mean for our real estate market?

Sellers must price their houses right and have them in great condition. This is not the year to test the market. Sellers do not want to chase the market; price it right to sell quickly. Remember, you are competing against banks that have no emotional ties to the home and need to liquidate inventory. Ad-ditionally, if interest rates continue to rise, the lower income home buyers will be elimi-nated from the market. Those buyers that are left will have less purchasing power be-cause of the increase in payments.

Buyers must pay attention to interest rates. There are great deals because of the supply of homes, both Bank-Owned and individual. With the current pricing and current interest rates, both investors and primary home buyers can find great deals. An increase in interest rates will take profits from investors, and it will also raise the price of the home for a primary residence buyer dramatically. If buyers need help calculating how much a home will cost as a result of increasing interest rates, go to www.realeasynumbers.com.

Bill McAfee is President of Empire Title of Colorado Springs. This information is deemed reliable but not guaranteed.

Market Recap

A Quality Service Certified (QSC) award status is the only recognition in the real estate industry based on independently validated customer satisfaction survey re-sults. After the conclusion of real estate transactions, clients of QSC agents receive a survey, asking them to rate the agent on various aspects of the service process. The surveys are administered and the results are received and compiled by LRC.

Client feedback from the surveys becomes part of the agent’s credentials. An over-all satisfaction rating is displayed on a consumer website (www.QualityService.org) where sellers and buyers have the ability to select a real estate professional based upon each agent’s validated record of service satisfaction.

“Nothing is more important to a prospective client in selecting a professional than the service results achieved with past clients,” says Larry D. Romito, President and CEO of QSC. He adds, “Consumers have greater confidence in service reliability, results and satisfaction with a Quality Service Certified real estate professional be-cause they know that the agent’s service record has been validated by an independent third party. 100% service satisfaction record like Wayne Skora and the Skora Team has achieved is just awesome.”

Skora Team from page 14

http://www.etcos.com


On the Move

Kimberly HazardJaxSun Properties

Kimberly has been a Colorado li-censed realtor since 1994. She is a sec-ond generation realtor and has been a top-producer in a challenging market for a large national builder. Her energetic, highly motivated personality is a great addition to the JaxSun Properties family.

Gilda BaxterJaxSun Properties

Gilda Baxter has been a Realtor since 2003. She has a real passion for investors of residential properties. In addition to being in the real estate business, she also owns investment properties, which really gives her an understanding of each inves-tor she works with. In her free time Gilda enjoys camping, drawing, her family and lots of laughter. JaxSun Properties is ex-

cited to welcome Gilda as a new addi-tion to the JaxSun Properties Family and looks forward to introducing her into our property management department as well as having her on board as a Realtor!

Leslie MasseyReal Living Select Properties

Leslie Massey, an experienced Broker Associate, has joined the professionals at Real Living-Select Properties. Both a second generation Colorado native and third generation Realtor, Leslie chose Real Living-Select Properties because of their reputation for quality service, their strong technology and lead generation platforms and the opportunity to associ-ate with a select group of productive real estate professionals.

Upon joining Real Living-Select Prop-erties, Leslie aligned herself with The Donna Campanelli Team and brings to the team and her clients a dedication to customer satisfaction and expert knowl-edge of the Colorado Springs area.

[email protected]

don’tbreak the

bankadvertising

Monthly Rates Start at $150!

on

Peak Producers

Above: Stephanie Hawthorne with Empire Title, Mike MacGuire with The Platinum Group and Sara Bremenkampf with Empire Title.

Above: Jeff Boals with RE/MAX Real Estate Group and Benjamin Day with The Selley Group.


© Ent Federal Credit Union, 2010 • Ent is a registered trademark of Ent Federal Credit Union.

Ent is a community-chartered credit union Equal Opportunity Lender Federally insured by NCUA

*Standard credit qualifications apply. Loans are subject to final credit approval. Financing available on homes throughout Colorado.

Ent – A Realtor’s Lending PartnerAs a realtor, it’s important to help your buyers find the home they’re most comfortable in. At Ent, we’re here to make it easy for them to find the financing they’re comfortable with!

Ent offers a wide variety of mortgage loan options* to fit any homebuyer. Plus, all of Ent’s loan decisions are made locally and we service most loans in-house. Ask about our $300 Mortgage Guarantee, too!

Contact one of our Mortgage Loan Officers, today.

Freedom is

having a par tner you can trust.

Learn more in person, online, or by phone.

Ent.com/Mortgage (719) 574-1100 ext. 5602 or

800-525-9623 ext. 5602

Tom Bechtel(719) 550-6486

Marcus Brown(719) 550-6408

Josh Callens (Denver)

(720) 833-3324

Diane Danner(719) 550-6441

Alex Deboer(719) 550-6482

Stephanie Dombrowski

(719) 550-6485

Carol Flynn(719) 550-6470

Cathy Gonzalez(719) 550-6431

Suzi Gradisar (Pueblo)

(719) 296-2107

Brad Shaw(719) 550-6995

Lisa Shoblo(719) 550-6480

Tony Sloan(719) 550-6439

Local Expert

There have been many changes in the mortgage industry over the past several months – new laws have passed that will have significant impacts and we will see the affects of these laws throughout 2011. The new mortgage loan officer compensation rules and the Secure and Fair Enforcement for Mortgage Licens-ing (SAFE) Act in particular will come to the forefront in the coming weeks.

Starting April 1, 2011, the new mortgage loan officer compen-sation rules will go into effect. This complicated regulation was intended to reduce predatory mortgage lending practices. A few of the stand-out points of this regulation are:

• Loan officers cannot be compensated based on the terms and conditions of the loan. This is targeted towards yield spread premiums where mortgage loan originators may have received greater compensation on a loan with a higher interest rate or more risky terms for the borrower. Compensation based on loan amount or volume is still allowed.

• A loan originator can only receive compensation from either the borrower or the lender, but not both.

• A loan originator is prohibited from “steering” a borrower to a loan that provides them with greater compensation as compared to other loan products the loan originator could have offered, unless the product is demonstrated to be in the borrower’s best interest.

• Branch managers can’t be compensated based on the profitability of the branch.

These new regulations on loan officer compensation have been controversial so far. In fact, a lawsuit was recently filed by the mortgage brokerage industry to halt the im-plementation of the new compensation rules.

Another regulation being implemented this year is the SAFE Act. This act requires that mortgage loan originators of financial institutions and their subsidiaries must reg-ister with the Nationwide Mortgage Licensing System and Registry (NMLS). Once registered, mortgage loan originators will receive a unique identifier that will remain with them throughout their mortgage career and it must be renewed every year. All originators must make their unique identifier readily available for con-sumers to use and research on the NMLS website. Information such as work history and a background check are available on this website. While this act was first passed in 2008, all mortgage loan originators have until July 29, 2011 to register.

New regulations like the mortgage loan officer compensation rules and the SAFE Act are just a few of the new rules that will affect our industry this year. As a Realtor, a financial institution’s compliance with the rules and regulations should be a factor in your decision when choosing a lending partner. You want to make sure you are pairing up with an institution that not only pro-vides excellent service to you and your client, but also pays attention to, and obeys the regulations of our industry. A knowledgeable lender will be able to understand - and clearly explain - the new rules and still operate efficiently within them to assure you and your client experience a smooth transaction from time of application, to closing and beyond.

Mr. Paukovich oversees the direction and management of mortgage lending, including loan servicing, at Ent Federal Credit Union. He can be reached at [email protected]

New mortgage regulations coming in 2011

By Jon PaukovichEnt—

legacy l title l group group group Empowering Our Associates To Make A Difference

(719) 442-1900LegacyTitle-LLC.com2 North Cascade, Suite 215

Great Tools for Realtors®

Postcard/Flyer Design & Printing• Great Lead Sources/FARM Lists• Property Profi le Books•

BIGGER DOESN’T MEANSTRONGER.

The SAFE Act: This act requires that mortgage loan originators of financial institutions and their subsidiaries must register with the Nationwide Mortgage Licensing System and Registry (NMLS).

http://www.ent.com

http://www.legacytitle-llc.com


MARCHTuesday, Mar 292011 CREC Mandatory Update Class9am – 1pm @ AAFCU (Powers/Union)[email protected] (719) 649-1353

APRILWednesday, Apr 6Empire Title Direct Connect w/Lee Honish8:30am – 4pm @ Mr Biggs Event CenterRSVP: 884-5300, [email protected]

Thursday, Apr 7B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10amThe Grill at Latigo Trail Equestrian CenterRoxene, 495-6213

Protecting Your Client's Information9am – 12pm @ AAFCU (Powers/Union)[email protected] (719) 649-1353

PSF Beer & Wine Tasting5:30pm – 8:30pm @ Cottonwood Center for the ArtsRSVP: Michele at 633-7718 ext 114 [email protected] by 4-4-11

Friday, Apr 8Pikes Peak Exchangers8am – 9:30amValley Hi Golf Course RestaurantCharlie Madson: [email protected] 719-955-1855

Saturday, Apr 9Home Buying Seminar10am – 12pm @ Ent (Campus Dr.)RSVP: [email protected] (719) 574-1100 ext 6670

Tuesday, Apr 12Seller's Net Sheets1pm – 3pm @ Wells Fargo Building (2nd Floor Boardroom)[email protected] (719) 649-1353

Brookdale Senior Living Dash & Dine3pm – 6pm @ Village at SkylineRSVP: (719) 867-4619 by April 8.

Wednesday, Apr 132011 Annual Commission Update Course8:30am – 12:30pm @ Empire TitleRSVP: 884-5300, [email protected]

eContracts Advanced Class1:30pm – 3:30pm @ Wells Fargo Building (2nd Floor Boardroom)[email protected] (719) 649-1353

Thursday Apr 14Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404

CREC Mandatory Update Class8:30am – 12:30pm @ PPAR Training RoomRegister at members.ppar.com

Tri-Lakes Marketing Forum8:30am – 10am @ Inn at Palmer DivideKim Rossbach: 719-534-7444

BPO/REO: What You Need To Know9am – 5pm @ Hampden Inn (Republic Dr.)[email protected] (719) 649-1353

Women's Council of Realtors11:30am – 1:30pmEmbassy Suites HotelRenate Carrier, 888-313-5928


HBA Home & Garden Show (thru Sun)10am – 7pm (4pm Sunday)Barnes Market Placewww.cshba.com

Tuesday, Apr 19Meth Labs: What You Need to Know9am – 1:00pm @ AAFCU (Powers/Union)[email protected] (719) 649-1353

Wednesday, Apr 202011 New Real Estate Contract8:30am – 12:30pm @ Empire TitleRSVP: 884-5300, [email protected]

Thursday, Apr 21Pikes Peak Marketing ForumPitch Your Listing8am – 9:30am @ Colo Springs Country ClubRuthie, 719.492.3998

Advance Course on eContracts10am – 12pm @ Empire TitleRSVP: 884-5300, [email protected]


Tuesday, Apr 262011 CREC Mandatory Update Class9am – 1pm @ AAFCU (Powers/Union)[email protected] (719) 649-1353

Wednesday, Apr 27Advanced Foreclosure and Short Sales9am – 11am @ Empire TitleRSVP: 884-5300, [email protected]

Thursday, Apr 28Farm and Land8am – 9:30am @ Maggie Mae'sJim Crossey, 719-579-0404

The Estimator™10am – 12pm @ Empire TitleRSVP: 884-5300, [email protected]

Around the Corner

Email [email protected] your

* Events subject to change. Please check with event/class holders for more detailed information including cost and registration dates. Email events to [email protected]

1NEWVillage Center (From the $200’s)

Northgate Estates (From the $300’s)

GreyHawk (From the $190’s)

Wildwood at Northgate (From the $150’s)

Stetson Ridge (From the $150’s)

Falcon Highlands (From the $170’s)

Falcon Terrace (From the $150’s)

Mule Deer (From the $180’s)

Cuchares Ranch (From the $170’s)

Lorson Ranch (From the $180’s)

Parkview (From the $150’s)

Gold Hill Mesa (From the $190’s)

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3

4

5

6

7

8

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NEW

NEW

At Challenger Homes we are proud to say that we have been aColorado Springs New Home Builder for more than ten years.

We would like to introduce our 3 brand new communities;Village Center, Falcon Highlands and Mule Deer.

The Village Center model is a 5,000 square foot housestarting in the $400’s.

Every Challenger Home is built with the highest level of quality workmanship. Challenger Homes offers a wide variety of price ranges in some of the most desirable neighborhoods

in Colorado Springs, with distinctive new home designs available at all locations.

Please visit one of our beautiful model homes today or check us out at MyChallengerHomes.com

Making Life Better...One Home At a Time

719-598-5192MyChallengerHomes.com

Hwy. 105

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Stetson HillsBlvd.

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Making Life Better.

colorado springs real estate journal

Documents

denver home

home ownership issues

percent of homes

existinghome sales remain

n o r t h u n i o n

aric ulmerloan o cer719

sharon higashiloan o

bev creswellloan o cer719