CSREJ - December

Vol.6 No.4 www.csrej.com December 30, 2013

RE/MAX Properties Downtown Offi ceGrand Opening

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A-Mark Budget Signs Customer Appreciation

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Campbell Homes Hosts Santa &Homeowners

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National News ........... Page 2Local News ............... 0On the Move ............. Page 13Local Expert ............. Page 14Around the Corner ...... Page 15

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Builder confi dence rises four points in December

Existing-home sales decline, strong price gains continue

Existing-home sales fell in November, although median prices continue to show strong year-over-year growth, according to the National Association of Realtors®.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, con-dominiums and co-ops, dropped 4.3 per-cent to a seasonally adjusted annual rate of 4.90 million in November from 5.12 million in October, and are 1.2 percent below the 4.96 million-unit pace in No-vember 2012. Th is is the fi rst time in 29 months that sales were below year-ago levels.

Lawrence Yun, NAR chief econo-mist, said the market is being squeezed. “Home sales are hurt by higher mortgage

interest rates, constrained inventory and continuing tight credit,” he said. “Th ere is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bott leneck is in limited housing supply, due to the slow recovery in new home construc-tion. As such, rents are rising at the fast-est pace in fi ve years, while annual home prices are rising at the highest rate in eight years.”

Th e national median existing-home price for all housing types was $196,300 in November, up 9.4 percent from No-vember 2012. Distressed homes – fore-closures and short sales – accounted for 14 percent of November sales, un-changed from October; they were 22 percent in November 2012. A smaller share of distressed sales is contributing to price growth.

Nine percent of November sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average

discount of 17 percent below market val-ue in November, while short sales were discounted 13 percent.

Total housing inventory at the end of November declined 0.9 percent to 2.09 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, compared with 4.9 months in October. Unsold inventory is 5.0 percent above a year ago, when there was a 4.8-month supply.

Th e median time on market for all homes was 56 days in November, up from 54 days in October, but well be-low the 70 days on market in November 2012. Short sales were on the market for a median of 120 days, while foreclosures typically sold in 59 days, and non-dis-tressed homes took 55 days. Th irty-fi ve percent of homes sold in November were on the market for less than a month.

According to Freddie Mac, the nation-al average commitment rate for a 30-year, conventional, fi xed-rate mortgage rose to 4.26 percent in November from 4.19 per-

We are less than a month away from the most signifi cant changes in mortgage lending in over a genera-tion. Beginning January 2014, new Consumer Financial Protection Bu-reau (CFPB) lending rules go into eff ect. Th e CF-PB’s creation, and the 398 separate re-quirements in-cluded in the Do d d-Fran k Act are intend-ed to elimi-nate mortgage practices that some believe caused the most recent fi nancial meltdown.

In addition to the sheer volume of requirements, one of the biggest challenges facing the industry is that many of the rules continue to change due to regulatory amendments. Needless to say, the last 11 months have been extremely busy as the in-dustry has worked to interpret and incorporate these regulations into their standard practices.

Th e CFPB rules receiving the most att ention are the Ability to Re-pay (ATR) and Qualifi ed Mortgage Standards (QM). Th ese rules require

A deeper look at the CFPB’s Ability to Repay and Qualifi ed Mortgage rules

By Jon PaukovichEnt—

Builder confi dence in the market for newly built, single-family homes im-proved four points to a 58 reading on the National Association of Home Build-ers/Wells Fargo Housing Market Index (HMI) for December, released today. Th is gain refl ected improvement in all three index components – current sales conditions, sales expectations and traffi c of prospective buyers.

“Th is is defi nitely an encouraging sign as we move into 2014,” said National As-sociation of Home Builders (NAHB) Chairman Rick Judson, a home builder from Charlott e, N.C. “Th e HMI is up 11 points since December of 2012 and has

been above 50 for the past seven months. Th is indicates that an increasing number of builders have a positive view on where the industry is going.”

“Th e recent spike in mortgage interest rates has not deterred consumers as rates are still near historically low levels,” said NAHB Chief Economist David Crowe. “Following a two-month pause in the in-dex, this uptick is due in part to release of the pent-up demand caused by the un-certainty generated by the October gov-ernment shutdown. We continue to look for a gradual improvement in the hous-ing recovery in the year ahead.”

Derived from a monthly survey that

NAHB has been conducting for 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of cur-rent single-family home sales and sales expectations for the next six months as

See Price Gains | 8

See Builder Confi dence | 2 See CFPB Rules | 5

2 www.csrej.com Colorado Springs Real Estate Journal December 30, 2013

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Colorado Springs Real Estate Journal LLC (CSREJ) is locally owned and operated out of Colorado Springs, Colorado. CSREJ is published once a month and distributed 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.

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A-MARK BUDGET SIGNS CUSTOMER APPRECIATION PARTYNovember 13, 2013

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“good,” “fair” or “poor.” Th e survey also asks builders to rate traffi c of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each compo-nent are then used to calculate a season-ally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI components posted gains in December. Th e index gaug-

ing current sales conditions jumped six points to 64, while the index gauging expectations for future sales rose two points to 62. Th e index gauging traffi c of prospective buyers gained three points to 44.

Looking at the three-month mov-ing averages for regional HMI scores, the South edged one point higher to 57 while the Northeast, Midwest and West each fell a single point to 38, 59 and 59, respectively.

Editor’s Note: Th e NAHB/Wells Fargo Housing Market Index is strictly the product of NAHB Economics, and is not seen or infl uenced by any out-side party prior to being released to the public. HMI tables can be found at nahb.org/hmi. More information on housing statistics is also available at housingeconomics.com.

The above article has been provided to you compliments of the National Association of Home Builders.

Builder Confi dence from 1

December 30, 2013 Colorado Springs Real Estate Journal www.csrej.com 3

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New-Home production tops 1 million in Nov.Led by a solid increase in both single-family and multifamily starts, nationwide hous-

ing production rose 22.7 percent to a seasonally adjusted annual rate of 1.09 million in November, according to fi gures released today by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“Th is report is in line with our latest survey, which shows that builders are increas-ingly confi dent that buyers who have sat on the sidelines are feeling more secure about their economic situation and are now moving to purchase new homes,” said Rick Jud-son, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlott e, N.C. “Th is upward trend could be even stronger if not for per-sistently tight lending conditions for buyers and builders facing rising costs for building materials, lots and labor.”

“Single-family and multifamily starts are at fi ve-year highs, providing additional evi-dence that the recovery is here to stay,” said NAHB Chief Economist David Crowe. “We hit a soft spot this fall when interest rates jumped and the government closed down, but mortgage rates still remain very aff ordable and pent-up demand is helping to boost the housing market. We expect a continued steady, gradual growth in starts and home sales in 2014.”

Single-family starts posted a 20.8 percent gain to a seasonally adjusted annual rate of 727,000 units in November, which was their fastest rate since December of 2007. Mul-tifamily production was up 26 percent to 364,000 units. Regionally, combined starts activity rose 41.7 percent in the Midwest, 38.5 percent in the South and 8.8 percent in the West, but fell 29.4 percent in the Northeast.

Overall building permits, which are an indicator of future building activity, fell 3.1 percent to 1.007 million units in November. Despite the modest decline, this was the second month that new permit issuance topped the million mark.

Regionally, total permit issuance increased 7.8 percent in the Northeast and fell 7 percent in the South, 0.4 percent in the West and 0.6 percent in the Midwest.


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an increased level of borrower cash-flow scrutiny, which will ultimately impact whether a borrower qualifies for the loan they are seeking. The new rules are very clear: creditors must ensure the borrower has the ability to make their mortgage payments by explicitly verifying eight criteria:

1. Current or reasonably expected income or assets 2. Current employment status3. Amount of the new monthly mortgage payment 4. Amount of additional monthly mortgage

payment(s)

5. Amount of monthly mortgage related obligations 6. Other debt obligations, including alimony and

child support7. Monthly debt-to-income ratio or residual income8. Credit history and documentation/verification

by a reliable third party for all of the items listed above

A mortgage loan that fits this ability to repay criteria is considered a qualified mortgage (QM). QM originated loans are presumed to satisfy the ATR rule.

With these new rules, a factor that works in both lenders’ and borrowers’ favor is that if a loan is under-

written to meet Fannie Mae or Freddie Mac (while in conservatorship), FHA, VA, or USDA criteria (regard-less of debt-to-income ratio), then the loan is considered to be a qualified mortgage. Most loans are underwritten to these criteria today. The loans which will run into the most difficulty in the new regulatory environment will likely be those for self-employed borrowers or others with non-traditional sources of income, who will need to meet additional documentation requirements.

As these new CFPB regulations go into effect, it will be more important than ever to have regular communi-cation with your lender in order to set expectations and provide high quality service to your buyers.

CFPB Rules from 1


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National News

During this time of year, our thoughts turn to our community and people that have been a part of our success over the past year. We stop and say a heart-felt thank you for that support.

Our team at Chicago Title, wishes you and your family a Happy Holiday Season and a Prosperous New Year.

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cent in October; the rate was 3.35 percent in November 2012.

NAR President Steve Brown, co-owner of Irongate, Inc., Realtors® in Dayton, Ohio, noted that new rules de-fining the Qualified Mortgage will be going into effect soon. “New underwriting rules to protect borrowers, ef-fective in January, will prohibit many loan features, set tighter limits on the amount of debt a borrower can have and still get a mortgage, and require that lenders accu-rately measure a borrower’s ability to repay,” he said.

“This means that qualified borrowers are getting a loan that they are very likely to be able to repay, but some borrowers may wind up paying much more for their mortgage, or not get a loan at all due to the tough-er standards,” Brown said. “The new rules may tighten credit too much, but we’re hopeful regulators will make adjustments if this proves to be true.”

First-time buyers accounted for 28 percent of pur-chases in November, unchanged from October; they

were 30 percent in November 2012.All-cash sales comprised 32 percent of transactions

in November, up from 31 percent in October and 30 percent in November 2012. Individual investors, who account for many cash sales, purchased 19 percent of homes in November, unchanged from October and from November 2012. Last month, seven out of 10 in-vestors paid cash.

Single-family home sales fell 3.8 percent to a season-ally adjusted annual rate of 4.32 million in November from 4.49 million in October, and are 0.9 percent below the 4.36 million-unit level in November 2012. The me-dian existing single-family home price was $196,200 in November, which is 9.4 percent above a year ago.

Existing condominium and co-op sales dropped 7.9 percent to an annual rate of 580,000 units in November from 630,000 units in October, and are 3.3 percent low-er than the 600,000-unit pace a year ago. The median ex-isting condo price was $197,400 in November, up 10.0 percent from November 2012.

Regionally, existing-home sales in the Northeast de-

clined 3.0 percent to an annual rate of 650,000 in No-vember, but are 6.6 percent above November 2012. The median price in the Northeast was $242,900, up 5.7 per-cent from a year ago.

Existing-home sales in the Midwest fell 4.1 percent in November to a pace of 1.17 million, but are unchanged from a year ago. The median price in the Midwest was $151,100, which is 6.7 percent higher than November 2012.

In the South, existing-home sales declined 2.4 percent to an annual level of 2.01 million in November, but are 1.0 percent above November 2012. The median price in the South was $168,700, up 7.7 percent from a year ago.

Existing-home sales in the West dropped 8.5 percent to a pace of 1.07 million in November, and are 10.1 per-cent below a year ago, in part from constrained inventory conditions. The median price in the West was $284,400, up 16.5 percent from November 2012.

© Copyright National Association of Realtors. Reprinted with permission.

Housing markets continue slow climb back to normalMarkets in 54 out of the approximately 350 metro ar-

eas nationwide returned to or exceeded their last normal levels of economic and housing activity, according to the National Association of Home Builders/First American Leading Markets Index (LMI), released today. The in-dex’s nationwide score of .86 indicates that, based on current permits, prices and employment data, the na-tionwide market is running at 86 percent of normal eco-nomic and housing activity.

The LMI figures for November showed that 55 hous-ing markets were operating at or above their last normal levels and the nationwide market was operating at 85 percent of normal growth.

LMI data for the two months were released simulta-neously because of the delay in collecting data during

the partial government shutdown in October.“This index shows that most housing markets across

the nation are continuing a slow, gradual climb back to normal levels,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “Policymakers must guard against actions that could impede or even reverse the modest gains of the past year.”

Noting that smaller metros accounted for most of the 54 markets on the current LMI that are at or above nor-mal levels, NAHB Chief Economist David Crowe said that “smaller markets are leading the way, particularly where energy is the primary economic driver. Nearly half of the markets in the top 54 are in the energy states

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10 states facing highest foreclosure rates

of Texas, Louisiana, North Dakota, Wyoming and Montana.”“The fact that more than 125 markets on this month’s LMI are showing activity lev-

els of at least 90 percent of previous norms bodes well for a continuing housing recov-ery in 2014,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., which co-sponsors the LMI report.

Baton Rouge, La., tops the list of major metros on the LMI, with a score of 1.42 – or 42 percent better than its last normal market level. Other major metros at the top of the list include Honolulu, Oklahoma City, Austin and Houston, Texas, as well as Pittsburgh – all of whose LMI scores indicate that their market activity now exceeds previous norms.

Looking at smaller metros, both Odessa and Midland, Texas, boast LMI scores of 2.0 or better, meaning that their markets are now at double their strength prior to the recession. Also at the top of the list of smaller metros are Casper, Wyo.; Bismarck, N.D.; and Grand Forks, N.D., respectively.

The LMI shifts the focus from identifying markets that have recently begun to re-cover, which was the aim of a previous gauge known as the Improving Markets Index, to identifying those areas that are now approaching and exceeding their previous nor-mal levels of economic and housing activity. More than 350 metro areas are scored by taking their average permit, price and employment levels for the past 12 months and dividing each by their annual average over the last period of normal growth. For single-family permits and home prices, 2000-2003 is used as the last normal period, and for employment, 2007 is the base comparison. The three components are then averaged to provide an overall score for each market; a national score is calculated based on na-tional measures of the three metrics. An index value above one indicates that a market has advanced beyond its previous normal level of economic activity.


Climb Back from 8

Foreclosures are falling, but they still remain a problem in some pockets across the country. Foreclosure activity in November was found to be the high-est in the following states, according to RealtyTrac:

• Florida: 1 in every 392 housing units received a foreclosure filing in No-vember (down 23% from a year ago)

• Delaware: 1 in every 480 housing units (up 141% from a year ago)

• Maryland: 1 in every 618 housing units (up 42% from a year ago)

• SouthCarolina: 1 in every 660 housing units

• Illinois: 1 in every 700 housing units• Ohio: 1 in every 757 housing units • Connecticut: 1 in every 768 housing

units • Nevada: 1 in every 859 housing units • Iowa: 1 in every 869 housing units• Utah: 1 in every 889 housing units

By metro areas, Florida had eight of the top 10 foreclosure rates in Novem-ber. Jacksonville, Fla., posted the nation’s highest foreclosure rate for a metro: 1 in every 288 housing units, which is more than four times the national average. Other Florida metros with high foreclo-sure rates were Miami, Port St. Lucie, and Palm Bay-Melbourne-Titusville.

Source: RealtyTrac © Copyright National Association of Realtors. Reprinted with permission.


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Local News

Confused about Healthcare Reform?Fortunately for you, the Colorado Association of REAL-

TORS® (CAR) off ers you a “one-stop” online market-place to shop for health insurance plans which will in-clude the options off ered on the state health insurance marketplaces, and, if you qualify, obtain the subsidy from the federal government. Remember, if you do not have that qualifi ed health plan (QHP) coverage by Janu-ary 1, 2014, you could pay a federal penalty (in 2014 will be $95 per adult or 1 percent of adjusted family income, whichever is higher, and will increase to $695 or 2.5 per-cent of income in 2016).

Here are a few things to keep in mind as you work with your agent in determining what plan to buy:

Th ere are 4 categories of QHP Marketplace insurance plans: Bronze, Silver, Gold, and Platinum. Th e categories help you choose a plan that’s right for you.

4 categories of Marketplace insurance plans

When you compare Marketplace insurance plans, they’re put into 4 categories based on how you and the plan can expect to share the costs of care:

• Bronze • Silver • Gold • Platinum

All Marketplace insurance plan categories off er the same set of essential health bene-fi ts. Essential health benefi ts must include items and services within at least the follow-ing 10 categories: ambulatory patient services; emergency services; hospitalization; maternity and newborn care; mental health and substance use disorder services, in-cluding behavioral health treatment; prescription drugs; rehabilitative and habilitative services and devices; laboratory services; preventive and wellness services and chronic disease management; and pediatric services, including oral and vision care.

Insurance policies must cover these benefi ts in order to be certifi ed and off ered in the Health Insurance Marketplace, and all Medicaid state plans must cover these ser-vices by 2014.

Th e categories do not refl ect the quality of care the plans provide. Th e category you choose aff ects how much your premium costs each month and what portion of the bill you pay for things like hospital visits or prescription medications. It may also aff ect your total out-of-pocket costs—the total amount you’ll spend for the year if you need lots of care.Note: The Marketplace also offers “catastrophic” plans to people under 30 years old and to some people with very low incomes.

Balancing monthly premiums with out-of-pocket costs

As with all health plans, you’ll have to pay a monthly premium. But it’s also impor-tant to know how much you have to pay out-of-pocket for services when you get care.

Premiums are usually higher for plans that pay more of your out-of-pocket medi-cal costs when you get care. For example, if you have a Gold plan, you’ll likely pay a higher premium, but may have lower costs when you go to the doctor or use another medical service.

With a Bronze plan, you’ll likely pay a lower premium, but you’ll pay a higher share of costs when you get care.

Platinum plans will likely have the highest monthly premiums and lowest out-of-pocket costs. Th e plan will pay more of the costs if you need a lot of medical care.

Some carriers in some states are severely limiting their provider networks in order to keep premiums down. Th is may end up with, e.g. one carrier’s gold plan being cheaper than a competing carrier’s bronze plan.

In general, when choosing your health plan, keep this in mind: the lower the pre-mium, the higher the out-of-pocket costs when you need care; the higher the premium, the lower the out-of-pocket costs when you need care.

What to consider when choosing your plan

Th ink about the health care needs of your household when considering which insur-ance plan to buy. Do you expect a lot of doctor visits or need regular prescriptions? If you do, you may want a Gold or Platinum plan.

If you don’t, you may prefer a Bronze or Silver plan. But keep in mind that if you get in a serious accident or have an unexpected health problem, Bronze and Silver plans will require you to pay more of the costs. Th ere is an annual out-of-pocket maximum for in-dividual plans: Annual OOP limits – $6,350 for an individual and $12,700 for a family.

One other aspect that you should be aware of: the diff erence between a “private exchange” that off ers health insurance plans and the “public exchanges” that are ei-ther run by the state or the federal government. A perfect example is the program off ered by the National Association of REALTORS®. Th is is an example of a private exchange, and its off erings are not eligible for any federal subsidy. Th e program being off ered through the partnership with Waymark Insurance Services will be eligible for federal subsidy, should you qualify, because it will be off ering the health plans available through the public exchanges.

Again, CAR has made this process easy for you by providing you a single, online lo-cation to obtain your mandated health insurance AND ensure that you will receive the federal subsidy, if you qualify. Visit www.carbsinsurance.com today or call 1-877-647-8683 ext 1 and work with a licensed agent to fi nd the plan that’s right for you.© Copyright Colorado Association of Realtors. Reprinted with permission.


Local News

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[email protected]


FALCON HILLSFALCON HILLS

Hawthorne | RanchTotal Sq. Ft. 3,424

9695 Rockingham DriveCall 719-494-8010 or email

[email protected]


Colorado Springs' Oldest Locally Owned Home Building Company. Homes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.Colorado Springs' Oldest Locally Owned Home Building Company. HColorado Springs' Oldest Locally Owned Home Building Company. Homes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.Colorado Springs' Oldest Locally Owned Home Building Company. HColorado Springs' Oldest Locally Owned Home Building Company. HColorado Springs' Oldest Locally Owned Home Building Company. HColorado Springs' Oldest Locally Owned Home Building Company. HColorado Springs' Oldest Locally Owned Home Building Company. Homes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.omes from the Mid $200s.

HAPPY NEW YEAR!

CAMPBELL HOMES HOSTS SANTA AND HOMEOWNERSLocally owned since 1965, Campbell Homes in Cordera was excited to host the “jolly one” and his Mrs. at the fi rst annual Campbell Homes Gingerbread bake off !

With kits provided by Campbell Homes, Cordera homeowners came together for a litt le festivity and competitive fun as the decorated homes were judged for creativity and originality. Th e event was topped off by a special visit by Mr. and Mrs. Claus as they checked their list for those who were both naughty and nice!

John R. Moher, 65, passed away on Wednes-day, November 27, 2013, at Pikes Peak Hospice, Colorado Springs. He was born March 9, 1948 in Brooklyn, New York. John joined Boy Scouts in 1959

and was certifi ed as an Eagle Scout in December 1961, becoming the young-est scout to have ever received the Eagle. He was chosen to represent his Borough in many Jamborees throughout scout-ing, including National Jamboree in 1960, held in Colorado Springs, and In-ternational Jamboree at Athens, Greece in 1963. John graduated from Eastern District High in 1965. Th roughout high school and into college, he enjoyed play-ing quarterback with various football teams, including semi-pro. John gradu-ated from Miami University in 1972 with a Masters in Education and taught in

Miami for a few years before moving to Colorado Springs in the mid-70′s.

John’s real estate career began in 1976 with residential real estate sales at Co-lumbia Realty and VanSchaak & Com-pany, and Coldwell Banker, leading into management positions in the Springs and then Denver area. He was then ap-pointed regional training director for Denver, Salt Lake City, California and the Pacifi c Northwest.

In the early 80′s, John began partici-pating in Triathlons, including being a fi nisher in Ironman Canada in 1987 and Ironman Hawaii in 1997!

John moved back to Colorado Springs in April 1989, meeting Susan Under-wood Massa, and marrying on Decem-ber 9, 1989. John was then employed at McGinnis Bett er Homes and Gardens, now Real Living Select Properties, where he was currently Vice President and Di-rector of Sales.

John is survived by his wife of 24 years, Susan Moher, and their two children,John Michael Massa of Colorado Springs, and Caryn Massa of Steamboat Springs. He was preceded in death by his parents, John J. Moher and Pat Moher and his sister, Patricia-Anne Moher.

JOHNR.MOHERMarch 9, 1948 – November 27, 2013

Longtime PPAR member.

Served on the Professional Standards Committ ee for many years.


On the Move

Michael BastKeller Williams Partners

Please join us in welcoming Michael Bast to the Keller Williams Partners fam-ily. Michael has lived in Colorado Springs for 30 years. He has an extensive manage-ment career. Michael loves playing soft -ball and has the best male hitt ing average on his competitive co-ed team. Michael is excited to being his real estate career.

Rosenhahn, Whitfi eld,

Moore, Stowell, Potts, JensenRE/MAX Properties

MIKE ROSENHAHN is a Colorado Springs native whose mother was a realtor and father is a builder, he grew up learning all about the wonderful communities in Colorado Springs. “I understand the dy-

namics of the homes in our area, and I'm excited that I have the opportunity to help people fi nd a home they can fall in love with.” Mike has joined our South offi ce located at 2630 Tenderfoot Hill St.

ZANE WHITFIELD is excited to an-nounce that he has joined the Wheaton Team at our North offi ce located at 1740 Chapel Hills Dr. He has over 12 years’ experience in real estate and is dedicated to providing our Sellers and Buyers with valuable information needed to make their own informed home selling and buying decisions. He specializes in expert buyer representation through all phases of new and resale purchases and helps sellers though the process of gett ing their homes on the market, selling their homes in the shortest amount of time for the highest possible price. Knowledge of the market and excellent customer service make the home buying and selling experience a memorable one for our customers. Zane strives to provide the best customer ser-vice possible with quality that exceeds the policies and ethics of our local, state, and national governing boards. Zane and his wife Kristen enjoy family time, traveling, coaching Litt le League Baseball, and lots of activities with their three children.

RA CHEL MOORE has joined Th e Mark McWilliams Team at our Moment offi ce located at 1761 Lake Woodmoor Dr. “Serving people, exceeding client ex-pectations, and innovative problem-solv-ing have been the driving passions in my life. For numerous years I have renovated, bought, sold, and staged a diversifi ed array of homes. I have enthusiastically served in this capacity throughout Colorado as well as internationally. Th erefore, it is my delight to be part of the Gold Medal Team and to continue the pursuit of excel-lence in customer service and client care through my exciting new career as a real estate broker.”

SARA H STOWELL has joined our South offi ce located at 2630 Tenderfoot Hill St.

LEIGHANNE POTT S is very excited to join the Treasure Davis Team at our North offi ce location, 1740 Chapel Hills Dr. “I am a South Caroline native. I en-joy spending time at the lake or beach. I relocated to Colorado Springs a year and a half ago with my husband, Brad and our Siberian Husky, Aspen.”

LUCAS JENSEN is a Colorado native with a passion for all that Colorado living has to off er. Lucas has been in Real Estate for seven years. You can fi nd him at our NEW Downtown offi ce located at 102 S. Tejon St.

Nesmith, Bristow, Fisk,

Rolley, LicciardiRE/MAX Properties

ERIN NESMITH has a background is in public relations, advertising, and jour-nalism. “Military moves have kept me going back and forth across the country for decades, so it's been bliss to stay put. I love renovating houses, gardening, cook-ing, artisan baking, quilting, knitt ing, and sewing.” Erin has joined our South offi ce located at 2630 Tenderfoot Hill St.

KEVIN BRISTOW has recently joined our NEW Downtown offi ce located at 102 S. Tejon St.

LISA FISK was born and raised in a military family. Lisa understands the dy-namics and challenges of moving, wheth-er it is across the city or across the country.

Lisa moved to Colorado in 1996, aft er living on Elmendorf Air Force Base in An-chorage, Alaska to att end the University of Colorado and graduating with a Bach-elor’s of Arts in English.

Lisa entered the real estate industry in 2003 as an Administrative Assistant and then earned her real estate license in Janu-ary 2004. She has seen the economy go from strong to a declining market, and back up again. Th roughout her real estate career, she has worked with some of the top agents in the state, allowing her to ad-vance quickly into a successful negotiator for buyers and sellers.

As an avid outdoor enthusiast, Lisa en-joys running, skiing and hiking. In 2004, Lisa ran and placed fi rst in the Pikes Peak Ascent! She has climbed over 28 of Colo-rado’s 14,000+ foot mountains, and has several more that she intends to hike! Lisa can be found at our North offi ce located at 1740 Chapel Hills Dr.

ROB ROLLEY has joined us at our NEW Downtown offi ce located at 102 S. Tejon St.

DICK LICCIARDI has joined us at our NEW Downtown offi ce located at 102 S. Tejon St.Realtornew

offi ce?in the

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©2013 North American Title Group and its subsidiaries. All Rights Reserved. North American Title Group and its subsidiaries are not responsible for any errors or omissions, or for the results obtained from the use of this information. | CO13-3663 R 11-20-13

CasCade OffiCe102 N. Cascade | Suite 330 Colorado Springs, CO 80903

t: 719.578.4100f: 719.352.0197e: [email protected]

www.nat.com/Colorado

Like Clockwork ®

North American Title is proud to announce the opening of our Cascade Office. Our philosophy of growth is to invest in what we believe in. That is why we are opening our doors near you.

We invite you to get to know our dependable, knowledgeable and experienced team of professionals. Our new office offers full title and escrow services, including commercial and residential real estate and refinances.

We look forward to growing our business along with yours.

Cascade OfficeNORTH aMeRiCaN TiTLe’s

is NOWis NOWOpen for Business


Local Expert

By Bill McAfeeEmpire Title—

Empire Title of Colorado Springs

Empire Title of Woodland Park

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Refl ecting on this past year while anticipating the year ahead

We know you are waiting on pins and needles for part three, bett er known as QRM. Anticipation will make the article even greater next month. Part 3 in the se-ries on Qualifi ed Residential Mortgages will follow as soon as the fi nal rulings are issued. It is hard to believe that these rules are supposed to be implemented on January 10th, 2014, and as of December 18, 2013 the rule is still not fi nal. How-ever, I cannot let my loyal fan base down; thus, I will talk about the real estate mar-ket thought the fi rst 11 months of this year instead. Do not be disheartened: the QRM article will come as soon as the fi nal ruling is issued. Similarly, we are waiting for the end of 2013 with 11 months in the books.

2013 is shaping up to be an excellent year in real estate. Average and median prices are both up signifi cantly. Invento-ry levels are down. Number of listings is slightly up, and interest rates - still good by historic measures - are edging up. Up-ward is the trend that both average and median prices have taken over the last 11 months.

In fact, average and median price are up YTD 5.4% and 4.6% respectively. Th ree things have driven the prices this year: 1) Interest rates; 2) Low inventory levels; and, 3) Lack of listings. Th ese have all contributed to the robust in-crease in the sales prices of homes.

Inventory levels take into account two factors: 1) Demand over the previous 12 months; and, 2) the number of listings available at a specifi c time. Inventory levels in all price ranges under $300,000 are very low by historic standards. Th is translates into current demand outpac-ing current supply. Under normal con-ditions, this is a great environment and tends to increase the price of homes at a rapid pace. Th e last couple months have

shown a decrease in the number of homes sold as con-sumer confi dence seems to be dwin-dling. Consumer confi dence is some-thing that can-not be explained logically and can improve or deteriorate quickly as emotions can change unex-plainably in either direction. We are in the holiday season which typically has consumers buying other goods and ser-vices instead of home buying.

We will see what the fi rst quarter of 2014 holds for us. We may not know what the future will bring, but we do know that the number of listings avail-able from the PPMLS increased a mini-mal 1.6% through the fi rst 11 months of this year. During this same time frame the number of units sold increased by 31.3%. Th ese two numbers give further credence to the assumption that de-mand is still outpacing supply, creating a healthy real estate market.

In conclusion, prices will likely con-tinue in an upward direction, but they could go at a slower pace as interest rates trend up and new lender regulations take eff ect in early 2014. Th is year has been a very good year indeed for real estate. Th e fi rst nine months were above aver-age and trended in a good direction. Th e last quarter is tailing due to uncertainty in consumer confi dence. We still have one month left to close out 2013 and get ready for the changes that are about to take place in 2014. Empire Title hopes that you and yours had a great 2013 and wish you the best in 2014.

For bett er or worse, stay tuned for QRM coming soon…

Please note that by doing so, you give us permission to print the photo in any upcoming issue. CSREJ will never sell your photos or distribute them in any other

way besides the printed newspaper and digital online version.

Post it to Instagram or Twitter with #csrej and we could print it in our next issue.

Have a Nice Real Estate-related Photo?


Around the Corner

* Events subject to change. Due to space, please check with event/class holders early for more detailed information on cost, CE credits, sponsors and registration dates.

Email your event info to [email protected]

send

eventus your

[email protected]

Monday, December 302014 Real Estate Contract1pm – 5pm @ Empire [email protected] 719-884-5300

Thursday, January 2 Masterminds Networking Group7:30am – 9am @ Canon National BankRSVP to David Alley, 719-632-3526 [email protected]

B.L.E.E.P. (Black Forest & Eastern Marketing Group)8:30am – 10am @ The Grill at Latigo Trail Equestrian Center. Roxene, 495-6213

Thursday, January 9Farm and Land8:30am @ Rudy's on 8th StreetGreg Wolff: 719-590-1711

Women's Council of Realtors11am – 1pm @ Ivywild SchoolMichele: 719-633-7718

2014 Commission Update1pm – 5pm @ Empire Title Woodland [email protected] 719-686-9888

Bomb Bomb Video Marketing11am – 1pm @ Legacy [email protected]

Wednesday, January 152014 Real Estate Contract8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Thursday, January 162014 Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300

CTM eContracts - Beginners1:30pm – 3:30pm @ Legacy [email protected]

Friday, January 17Independent Brokers Forum9am – 10:30am @ PPARwww.ppar.org

Annual Commission Update8:30am – 12pm @ PPARwww.ppar.org

Monthly Rookie Roundtable9am – 10:30am @ Legacy [email protected]

Tuesday, January 21NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Alex Yoder, 719-213-9100

Wednesday, January 222014 Commission Update8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Thursday, January 23VA Homebuyers Class9am – 1pm @ Legacy [email protected]

2014 Real Estate Contract1pm – 5pm @ Empire Title Woodland [email protected] 719-686-9888

Wednesday, January 292014 Real Estate Contract8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Use your smartphone and a QR Reader application to see an exclusive tour of Meridian Ranch.

Discover Why People Love Living Here.

MODEL HOMES OPEN DAILY

• New Homes available now for immediate move-in

• Homes from the $200s to the $500s

• Innovative Neighborhood Schools

• 30,000 Sq. Ft. Recreation Center & Outdoor Pool

• Indoor Pool Coming Soon

• Antler Creek Golf Course•• CreekView GrillCreekView Grill• Neighborhood Parks

& Paved Trails• Open Spaces & Views• Minutes to Peterson &

Schriever Air Force Bases• Easy Access to I-25, Hwy. 24

& Colorado Springs Airport Working out at the 30,000 Working out at the 30,000 sq. ft. recreation centerWorking out at the 30,000 sq. ft. recreation centerWorking out at the 30,000

Elegant New Homes

www.ClassicHomes.com/Neighborhoods

�is Holiday Season,Explore All �e AvenuesNovember 29th - December 15th

Get ready for the most festive REALTOR Holiday Tour of the year! Join us for food, fun, holiday gifts, and fabulous prizes. Including the chance to win a dynamic KMC 3 Wireless Music System from HomeRun Electronics when you visit all eight participating model home locations!

Sponsored by

Promontory Pointe719-481-982815530 Short Line Court(80132) Monument

�e Village of Verona at Flying Horse 719-495-72971986 Bent Creek Drive (80921)

�e Village of Messina at Flying Horse719-694-88401155 Old North Gate Road (80921)

Wolf Ranch719-282-16505906 Brave Eagle Drive (80924)

Meridian Ranch719-494-110110274 Mount Lincoln(80831) Falcon

Banning Lewis Ranch719-886-49957163 Cottonwood Tree Drive (80927)

Carriages at Indigo Ranch719-573-20096411 Wind River Point (80923)

Indigo Ranch atStetson Ridge 719-574-66107104 Mustang Rim Drive (80923)

Closed Tue/Wed

Here's How �e Holiday Tour WorksVisit www.classichomes.com/neighborhoods for a map of Classic Communities to plan your tour.

Tour Cards will be available onsite at each model home and will also be mailed to all active licensed Realtors registered with PPAR.

Get Your Tour Card stamped at each of the eight Classic Model Homes listed on this tour card anytime between 11/29/13-12/15/13.

Earn one stamp per model home.

Enjoy a special assortment of holiday treats including festive food, drinks, and complimentary Christmas ornaments (while supplies last).

Upon your final visit, please leave your stamped card with the onsite sales counselor for your chance to win the KMC 3 Wireless Music System Grand Prize! Be sure to complete the registration card. Winner will be announced on Wednesday, December 18th by email, with actual winners being notified by telephone and email.

Prize rules: You must be an active licensed Realtor in the state of Colorado to qualify. Realtors must visit all eight (8) participating model home locations to qualify for the Grand Prize. You must have your invitation/card stamped at each model home you visit. Employees of Classic Homes and Flying Horse Realty are not eligible.

CSREJ - December

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