May 27, 2013

Vol.5 No.9 www.csrej.com May 27, 2013

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Colorado home sales/prices continue upward trend

Mortgage Servicing matters Opportunities abound in housing market but challenges remain

Mortgage Servicing matters

By Jon PaukovichEnt—

Sales of single-family, condominium and town homes (taken together) in-creased 16 percent statewide to 18,343 units during the fi rst quarter 2013 com-pared to fi rst quarter 2012, according to Quarterly Market Statistical Reports released by the Colorado Association of REALTORS® (CAR).

New listings dropped slightly more than 7 percent statewide, primarily due to drops in the Denver Metro Region and the Mountain Region, while the me-dian sales price rose nearly 15 percent to $225,000 compared to the fi rst quar-ter 2012. Days on the market continued downward, dropping 22 percent to 90 days on average. Th e statewide number of active listings for the fi rst quarter was at 30,114, representing a 4.1-month in-ventory supply.

“Th ese fi gures are quite similar to what we reported last quarter and dem-

onstrate consistent patt erns that speak to a steadily recovering market in Colo-rado,” said CAR spokesperson, Michael Welk. “We are seeing more sales, increas-ing median pricing and fewer days on the market consistently over the last three quarters compared to previous years. In many areas of the state sellers are receiv-ing as much as 98 percent of asking price on average and seeing their homes sell very quickly. Similarly, buyers continue to face signifi cant competition in most areas.”

Quarterly Market Statistical Reports

Th e Colorado Association of REAL-TORS® Quarterly Market Statistical Reports are prepared by 10K Research and Marketing, a Minneapolis-based real estate technology company, and are based on data provided by Multiple List-ing Services (MLS) in Colorado. Th e

current Q1 2013 reports represent ap-proximately 90 percent of all MLS-listed residential real estate transactions in the state. Th e metrics do not include “For Sale by Owner” transactions or all new construction.

Sales of lender-mediated properties (properties owned by banks and other mortgage lenders) declined in all areas of the state, ranging from a drop of 3 percent in the Southeast to 44 percent in the Northwest area. Overall, such sales represented about 22 percent of all transactions in the fi rst quarter 2013. Th e median sales price for lender-me-diated properties increased 10 percent statewide compare to the same period in 2012.

The CAR Housing Affordability Index

Th e CAR Housing Aff ordability In-dex, a new statistical measure for Colo-

rado’s housing market, dropped about 7 percent to 163 for the state as a whole, declining in each area of the state except the Northwest. An index of 120 means the median household income in that area was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number is usually interpreted as greater housing aff ordability. Higher values gen-erally benefi t buyers whereas lower val-ues help sellers.

Mortgage Servicing con-tinues to be a major issue in the mortgage industry. Th e Consumer Financial Pro-tection Bureau (CFPB) has issued detailed mortgage servicing requirements that are slated to go into eff ect in January 2014. On the face of it, many of the requirements outlined by the CFPB seem like common sense. Un-fortunately, for many homeowners, their mortgage servicers didn’t perform these basic functions and the consequences have been problematic. Th e bott om line is - who services your client’s fi rst mort-gage matt ers.

Some of the key elements of the CFPB’s mortgage servicing rules include:

• Prompt credit on the same day as receipt of mort-gage payments.

• Improved notifi cation of forced placed insurance.

Some mortgage servicers have force placed insurance through their own in-surance agencies and charged substan-tially more than the market rate.

• Prompt resolution of errors. Errors can have a negative impact to a home-owner’s credit report, and some servicers struggle with a prompt response and res-

olution to avoid these credit blemishes.• Early intervention with delinquent

borrowers, off ering appropriate loss miti-gation options and providing continuity of contact with the borrower. As many Realtors can probably relate, lack of com-munication in this area can result in wait-ing months to receive approval on a short sale request.

• New notices for transfers of mort-gage servicing.

Th ese new rules will hopefully help homeowners receive bett er customer service when dealing with their loan servicer. Many people don’t realize that

Th e shape of homeownership and housing markets has changed dramatical-ly over time and will continue to change in the face of new housing opportunities and challenges. Th at’s according to pan-elists at the “Challenges and Opportuni-ties in Housing and Homeownership” session today during the Realtors® 2013 Midyear Legislative Meetings & Trade Expo here.

During the session, academics from DePaul University, George Mason Uni-versity, University of North Carolina and

See Mortgage Servicing | 7 See Challenges | 6

See Colorado Home Sales | 17

2 www.csrej.com Colorado Springs Real Estate Journal May 27, 2013

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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.

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Short sale approval, valuation issues impact housing marketBoth Fannie Mae and Freddie Mac

have implemented policies to expedite the short sales process, including new re-sources to help determine property val-ues, according to panelists at a property valuation forum during the Realtors® Midyear Legislative Meetings & Trade Expo here.

Short sales continue to represent a sig-nifi cant portion of the real estate market. According to the National Association

of Realtors®, short sales accounted for 9 percent of transactions during the fi rst quarter of 2013.

Th e short sale process can be frustrat-ing for home buyers, sellers and Realtors® given that approvals are oft en complex, inconsistent, slow and cumbersome. Tim McCallum, director of short sales at Fan-nie Mae, said the agency is working to expedite the short sales process. “We are improving transparency and have created

a dedicated short sales team to negotiate directly with real estate agents,” he said.

“We now order a valuation as soon as an owner indicates they want a short sale, rather than waiting for an off er to be re-ceived,” McCallum said. “If there is no re-sponse to an off er from the loan servicer within 30 days, the case can be escalated. Our process is to counter every short sale off er.”

A foreclosure can be postponed if a

May 27, 2013 Colorado Springs Real Estate Journal www.csrej.com 3

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short sales off er is received in a reason-able amount of time, preferably at least two weeks from a scheduled foreclosure. Fannie Mae created a web-based channel to help agents escalate short sale issues and receive confi rmation that the agency is actively work-ing to get those issues resolved.

Bob Martin, vice president of valuations at Fannie Mae, said they have a dedicated team to estimate values for all foreclosed and short sale properties. “To help estimate the values of distressed homes, the team uses ap-praisals, which are required for all short sales, as well as Broker Price Opinions, and data from other internal and external sources, including current listings, pend-ing sales and sold properties,” he said.

Th e Fannie Mae valuation team in-cludes 2,000 appraisers around the U.S., who have local competency and produce valuations within three weeks. Sales of comparable properties used for valuation need to be within the past 60 days.

Fannie Mae announced a policy late last year to guide the short sale process for all loans owned or guaranteed by Fannie Mae. Freddie Mac’s policy is very similar, and many larger servicers have comparable programs.

Under Fannie Mae’s policy, aft er a borrower contacts their mortgage ser-vicer to determine eligibility, the buyer and their agent receive a recommended list price and have the opportunity to re-spond to the valuation. When an agent submits an off er to the servicer, Fannie Mae may review, and if approved it will proceed to closing.

Th ere are a range of eligibility require-ments, but if a borrower is 90-days or more delinquent, and has a FICO credit score under 620, then no documents, hardship or contribution are required to qualify for streamlined documentation. Other bor-rowers must have an eligible hardship, such as unemployment, reduced income, divorce, death or disability.

Borrowers may qualify even if not de-linquent if they are at risk of imminent default and should talk to their mort-gage servicer. Owner-occupants who are waived of a contribution requirement receive a $3,000 relocation incentive, less any other assistance; loan servicers may contribute additional incentives.

Mortgage servicers must respond to

short sale off ers within 30 to 60 days, and Fannie Mae may make a counter of-fer. Any payments on second loans must not exceed $6,000; if accepted, the bor-rower is released from any liability for the second loan and may not be required to make a contribution.

Among the requirements, sellers must not remain in the property as a tenant, or later obtain title to the property. Out-side of relocation assistance, neither the seller nor the buyer can receive funds or commissions from the sale, and no fees can be paid to a third party to negotiate a short sale with the servicer.

Mark R. Johnson, senior vice presi-dent at Lender Processing Services Inc., said loan failures in the past fi ve years continue to have reverberations. “Under the Dodd-Frank Act there can be no un-due infl uence on appraisers, they need to be paid customary and reasonable fees, and each state must implement legisla-tion for Appraisal Management Compa-nies, which includes a reasonable separa-tion between appraisers and clients.”

To date, 37 states have passed AMC legislation, and the remaining states have until 2015 to implement. Although cli-ents and real estate agents technically may communicate with appraisers, many lenders have their own rules. “It’s a good idea to provide the appraiser with docu-mentation about comparable sales, facts about the home and local market condi-tions prior to their examining a proper-ty,” Johnson said.

Martin Wagar, chief operating offi -cer at Midwest Appraisal Management Group, said it’s important to match ap-praisers with the location of the property being evaluated. “AMCs need to improve the appraisal process and not get in the way of the transaction,” he said. “Apprais-ers must have local competency to pro-duce good appraisals.”

Wagar said appraisers with his fi rm have at least three years of experience, belong to local MLSs and are members of local associations of Realtors®.

Ultimately, the Consumer Financial Protection Bureau will regulate AMCs, but hasn’t released any guidelines. In the absence of case history, att orneys are un-willing to off er opinions on operational policy, so AMCs must rely on their own experience and interpretation of the Dodd-Frank regulations.

© Copyright National Association of Realtors. Reprinted with permission.


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the University of Maryland presented various research and data illustrating the impact of shift ing demographics, new mobility patt erns and an uncertain in-terest rate environment on future hous-ing prices, availability and aff ordability. Funding for some of the research was provided by the REALTOR® University Center for Real Estate Studies.

“Th e residential mobility rate in the U.S. has been falling steadily since the

1990s, when it was approximately 20 per-cent, to its current level of 12 percent,” said National Association of Realtors® Chief Economist Lawrence Yun. “Th e decline is unwelcome news since it may imply a reduction in economic mobility. Mobility is currently being impacted by the lack of housing inventory since fewer homes are available. In the future, pro-posed regulations requiring larger down payments could also signifi cantly reduce mobility since fewer homeowners may be able to aff ord a home.”

Lisa Sturtevant from George Mason University’s Center for Regional Analy-sis said recent trends in residential mo-bility are most likely the result of changes in the age distribution of the population. She said the two largest segments of the population – baby boomers and millen-nials – are delaying many major lifecycle events that have been traditional for their respective life stages, like marriage, chil-dren and retirement. Th at also means they are not moving as much as members of previous generations at the same life

stages, which could be dragging down the overall residential mobility rate.

“Homeownership rates have declined fastest for millennials, most likely the re-sult of fewer job opportunities and higher student debt; however, I believe they still want to become owners and will even-tually make their way into the housing market,” said Sturtevant. “When they do enter the market they’ll care about dif-ferent things than previous generations too; I foresee more single people buying smaller homes in urban areas.”

Yun agreed that the recent housing downturn hasn’t change younger buyers’ att itudes about homeownership, despite many of them delaying their entrance into the market. “Rather, reduced home prices and lower interest rates have provided an opportunity for younger buyers to aff ord-ably enter the housing market,” he said.

James D. Shilling from DePaul Uni-versity’s Institute for Housing Studies shared his insights into recent trends in household mobility and its future impact on the single-family housing market.

“Higher home prices will unlock a large number of households with nega-tive or low equity and incentivize them to get off the sidelines and into the housing market. However, combined with future increases in interest rates, the net eff ect is likely an overall reduction in residential real estate transactions and household mobility,” said Shilling.

He anticipates the Federal Reserve will keep mortgage rates low through 2013 and most likely into 2014; conse-quently the majority of current home-owners will have mortgages with loans rates near record lows, and when rates start to rise they will not be incentivized to give up those low-rate loans to buy a new home with a higher rate mortgage.

Lucy Gorham from the Center for Community Capital at the University of North Carolina off ered her perspec-tive into housing policy implications for homeowners, including proposed regulations requiring higher down pay-ments from home buyers. She said while restrictive underwriting helps lower loan defaults, it disenfranchises a higher per-centage of creditworthy borrowers; if 20 percent down payments were required, as many as 60 percent of current buyers could be outside of the qualifi ed mort-gage criteria and potentially face higher interest rates or fees.

“Despite the recent housing crisis, homeownership continues to help build

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wealth for lower to middle-income households. A safe mortgage product with good underwriting helps lower loan defaults; requiring greater down payments simply closes off access to a greater percentage of borrowers,” said Gorham.

Imposing higher down payment requirements would negatively aff ect low- and moderate-income households and disproportionately impact minority homebuyers, she said. Gorham said minority families tend to have lower wealth and greater need for access to mainstream sustainable loan products, and that more will need to be done to meet their credit requirements since minority families are expected to be the greatest source of future housing demand.

Margaret McFarland, Colvin Institute of Real Estate Development at the University of Maryland, agreed that excessive risk reductions requiring higher down payments and credit scores exclude too many well performing loans from the market.

“Federal Housing Administration loans are an important fi nancing option for aff ord-able homeownership,” she said. “Veterans Aff airs home loans also perform very well in relation to other mortgage products, even with a zero down payment.”


mortgage servicing is an asset and they are oft en sold to generate income. In fact, according to industry statistics, over the past few months $500 billion of mortgage servicing rights have been sold. It’s not just small lenders. Even very large lend-ers have been selling servicing to manage the capital on their balance sheet. Oft en times when these transfers occur, issues arise. For example, a payment might go to the old servicer and is never properly transferred to the new servicer, causing negative information to be reported to the credit bureaus.

With the continued emphasis of the CFPB on mortgage servicing, it’s clear that this issue has been signifi cant and is in need of improvement. Historically, when buying or refi nancing a home, the focus of the transaction has been on get-ting the money to the closing table. Not much thought is placed on who will ser-vice the mortgage aft er closing. While securing the loan is critical; the relation-ship really starts once the loan is closed

and the servicing starts. Th is relationship is a long lasting one, so it’s vital to take the servicer into account when selecting a lender.

When obtaining fi nancing options for your clients, make sure and research how each lender handles their servicing. Will your client always make their payments to that lender? Does the servicing change hands oft en, and, if so, do they provide advanced, eff ective notice of the change? Th ese are important questions to ask up front to ensure your client receives excel-lent customer service long aft er the clos-ing table. Selecting a lender is an impor-tant choice. Finding a loan with the rate and terms that fi t your client’s needs is es-sential, but equally important is fi nding a knowledgeable lender who provides con-sistent top notch service from the time of application, at the closing table and well beyond.

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

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Finished homes, ready for immediate move-in? Newly released homesites? Golf course views? You’ll find them right here—along with custom floorplans from award-winning builders, and a dizzying choice of lots in any of our eight neighborhood villages. And, all new homes come with Membership in The Club at Flying Horse—the crowning jewel in our much-celebrated community, and one of its most compelling features.

So don’t wait. If you’re looking for a new direction in life, follow your impulses.

Come to Flying Horse today.

PREFERRED COMMUNITY BUILDERS: *Bella Vita Custom Homes, *Classic Homes, Copperleaf Homes, Elevation Homes, *Goetzmann Custom Homes, Hammer Homes, Majestic Custom Homes, *Saddletree Homes, *Saint Aubyn Homes, Symphony Homes, Tuscany Homes, *Vanguard Homes

Homesites & Newly Released Lots: (719) 886-4800Flying Horse Realty – 2409 Flying Horse Club Drive

Club Membership Opportunities: (719) 494-1222The Club at Flying Horse – 1880 Weiskopf Point

* Builders listed in italics showcase fully decorated model homes in Flying Horse.

PATIO HOMES | TOWNHOMES | SINGLE-FAMILY HOMES CUSTOM HOMES & HOMESITES | ACTIVE-ADULT LIVING | TEN NEIGHBORHOOD VILLAGE AREAS

** Pricing and availability subect to change.

BUILDER MODEL HOMES OPEN DAILY!

Classic Homes(719) 495-72972098 Bent Creek Drive in The Village of Verona

Saddletree Homes(719) 282-23402168 Bent Creek Drive in The Village of Verona

Goetzmann Homes(719) 488-68902084 Bent Creek Drive in The Village of Verona

Vanguard Homes(719) 487-89572028 Bent Creek Drive in The Village of Verona

Bella Vita Custom Homes(719) 499-212213373 Drytown Grove in The Village of Calistoga

Saint Aubyn Homes(720) 320-49591598 Yellow Tail Drive in The Village of Messina

Classic Homes(719) 495-72971155 Old North Gate in The Village of Messina

National News

Realtors can increase their value by better leveraging technologyTechnology plays a vital role in today’s

society and is transforming the way Re-altors® do business. Th at’s according to Curt Beardsley, vice president of product marketing for realtor.com®, who shared his perspective on the growing mobile technology environment at the “Indus-try, Technology and Vision” forum dur-ing the Realtors® Midyear Legislative

Meetings & Trade Expo.According to data from the 2012 Na-

tional Association of Realtors® Profi le of Home Buyers and Sellers, more than eight out of 10 home buyers who used the Internet in their search reported that online photos and detailed property in-formation were very useful. Forty-fi ve percent of buyers found virtual tours

very useful, and 41 percent liked interac-tive maps and neighborhood informa-tion. Realtor.com® off ers potential home buyers all of these features on the site.

“Realtor.com®, NAR’s offi cial property listing website, is one of the most visited real estate sites on the Internet, att ract-ing an average of 44 million total visits every month from more than 10 million

unique visitors. Th e online world is con-tinuing to blossom; lead generation has gone up 60 percent on realtor.com® and a lot of that is being driven by mobile,” said Beardsley. “Mobile is helping change consumer expectations; smartphones are the backbone of our daily media use and should be the starting point for designing consumer experiences with clients.”

Beardsley highlighted some new tech-nology trends on the rise, including smart watches, a wearable watch device with enhanced technology features; Facebook Home, soft ware for your phone that of-fers a more seamless version of the social media site; and geo-fencing, a new tech-nology that alerts consumers when they are in close proximity to something they may have researched online.

“Given the Internet’s convenience and round-the-clock accessibility, it’s not surprising that many home buyers fi rst look online for properties and informa-tion when beginning their search. Most buyers rely on Realtor®-supported on-line resources like multiple listing service websites and realtor.com®,” said National Association of Realtors® President Gary Th omas, broker-owner of Evergreen Re-alty, in Villa Park, Calif.

“Aft er they’ve done their own real es-tate research, consumers can then turn to realtor.com® for the Internet’s most com-prehensive directory of Realtors® who can help home buyers and sellers achieve their goals,” said Beardsley.

As the adoption of mobile smart phone devices has exploded, Beardsley said real-tor.com® has positioned itself as the top-rated real estate app on all of the major platforms, including iPhone/iPad, An-droid and Windows 7. Mobile visits now account for 20 percent of realtor.com® traf-fi c. Beardsley urged the audience of Real-tors® to stay abreast of technology trends and the many mobile tools available now to help them build their business.

“Netfl ix is a great example of a busi-ness eff ectively leveraging customer trends. Th e company researched con-sumer content preferences and commis-sioned an original TV series based on what that data revealed; the resulting se-ries is now the most watched on Netfl ix,” he said. “What this means for real estate is that it’s become vital to ensure that consumers can access information how and when they want – and if they can’t, then their experience becomes frustrat-ing. You must design the experience to match what consumers are trying to do,” said Beardsley.



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National News

Housing affordability holding strong in early 2013Nationwide housing aff ordability held near historic

highs in this year’s fi rst quarter, according to the Nation-al Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.

In all, 73.7 percent of new and existing homes sold be-tween the beginning of January and end of March were aff ordable to families earning the U.S. median income of $64,400. Th is is down slightly from the 74.9 percent of homes sold that were aff ordable to median-income earn-ers in the fi nal quarter of 2012.

“Th anks to very favorable mortgage rates and prices, housing aff ordability has remained quite high over the past four years,” observed NAHB Chairman Rick Jud-son, a home builder from Charlott e, N.C. “Th e HOI has not slipped below 70 since the end of 2008. Th at said, from a builder’s perspective, it should be noted that ris-ing costs for building materials, lots and labor are making it somewhat more expensive to construct new homes in today’s market.”

“HOI results for the beginning of 2013 are litt le changed from what they were at the end of 2012, with Ogden-Clearfi eld Utah holding onto the title of the na-tion’s most aff ordable major housing market and San Francisco-San Mateo-Redwood City, Calif. retaining its position as the least aff ordable major market,” noted NAHB Chief Economist David Crowe. “Th e bott om line is that, for consumers who can qualify for a mortgage at today’s att ractive rates, the majority of homes being sold remain within their grasp in markets nationwide.”

Th is was the third consecutive quarter in which Og-den-Clearfi eld hit the top of the aff ordability chart for major markets. Th ere, 93.4 percent of all new and exist-ing homes sold in this year’s fi rst quarter were aff ordable to families earning the area’s median income of $70,800 – essentially unchanged from the 93.7 percent of homes aff ordable to median-income earners at year-end 2012.

Other major U.S. housing markets at the top of the aff ordability chart in the fi rst quarter included India-napolis-Carmel, Ind.; Lakeland-Winter Haven, Fla.; Youngstown-Warren-Boardman, Ohio-Pa.; and the two New York metros of Syracuse and Albany-Schenectady-Troy tied for the fi ft h position.

Among smaller housing markets, Mansfi eld, Ohio, claimed the “most aff ordable” title this time around, with 97.5 percent of homes sold in the fi rst quarter be-ing aff ordable to those earning the median income of $54,600. Other small housing markets at the top of the index included Cumberland, Md.-W.Va., followed by Fairbanks, Alaska; Springfi eld, Ohio; and Dover, Del., respectively.

Th is was the second consecutive quarter in which the San Francisco-San Mateo-Redwood City, Calif. metro area hit the bott om of the aff ordability chart for major markets. Th ere, just 28.9 percent of homes sold in the fi rst quarter were aff ordable to families earning the area’s median income of $102,000.

Other major metros at the bott om of the aff ordability

chart included New York-White Plains-Wayne, N.Y.-N.J. and the three California metros of Santa Ana-Anaheim-Irvine; Los Angeles-Long Beach-Glendale; and San Jo-se-Sunnyvale-Santa Clara, in that order.

Th e least aff ordable small housing market in the fi rst quarter was Santa Cruz-Watsonville, Calif., where 37.1 percent of all new and existing homes sold were aff ord-able to those earning the area’s median family income of $73,800. Other small metros at the bott om of the aff ord-

ability chart included Salinas, Calif.; San Luis Obispo-Paso Robles, Calif.; and Ocean City, N.J.; followed by the metros of Santa Barbara-Santa Maria-Goleta and Napa, Calif., which tied for fi ft h place.

Please visit www.nahb.org/hoi for tables, historic data and details.

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


Local News

We focus on Building Relationships, not automated systems

Local Closing Experts

Title Experts with Local Market Knowledge

Local ownership and Production

www.CapstoneTi t l eCo . com

5555 Tech Cente r Dr ive , Su i te 120 Colo r ado Sp r ing s , CO 80919

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C o l o r a d o S p r i n g s

P u e b l o

The Pikes Peak Association of REALTORS® (PPAR) Young Professionals Network (YPN) is proud to sup-port the Pikes Peak Habitat for Humanity by volunteer-ing on one of their construction projects.

Pikes Peak Habitat for Humanity is dedicated to building affordable homes that give low-income families the chance to experience the pride, dignity, and self-suf-ficiency of homeownership.

“For my first habitat house it was a wonderful experi-

ence,” said Patrick Muldoon. “To have 10 REALTORS® together as friends and realize that we didn’t talk real es-tate at all was great! It was a rewarding experience that I can’t wait to do again soon.”

YPN focuses on helping young real estate profession-als, ages 40 and under, to excel in their careers by giving them the tools and encouragement to become involved in their REALTOR® Association and the community.

YPN was launched in 2006 by NAR REALTOR®

Magazine as a way to help the younger generation of REALTORS® build a stronger link within the real estate community. The PPAR YPN was established in Novem-ber of 2011.

PPAR was founded in 1902 and currently represents nearly 3,000 REALTORS® and affiliates in the Pikes Peak Region. For more information about PPAR visit www.ppar.com.

The Young Professionals Network supports the Pikes Peak Habitat for Humanity


Prices, specifications, availability, and rewards program are subject to change without notice.

www.ReunionHomesColorado.com

Scan this QR Code for Directions to our Model Home Location

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*See Reunion Homes Sales Associates for additional details.

Prices, specifications, availability, and rewards program are subject to change without notice.

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Reunion Homes wants to show you the money with 4% on total price & Reunion Rewards*

Available HomesAddress Floor Plan Community Fin./Total Sq. Ft. Beds/Baths Price Available

Wilshire Ranch2015 Reed Grass Way The Pikes Peak Wilshire Ranch 3364 / 3364 4 / 3 $274,900 NOW2035 Reed Grass Way The Pikes Peak Wilshire Ranch 3426 / 3426 5 / 3.5 $269,900 NOW2354 Reed Grass Way The Cascade Wilshire Ranch 2797 / 4153 4 / 2.5 $273,300 May7320 Big Prairie Court The Pikes Peak Wilshire Ranch 3364 / 4897 4 / 3 $302,700 May1974 Reed Grass Way The Cascade Wilshire Ranch 2797 / 2797 4 / 3 $259,500 May1944 Reed Grass Way The Red Rock Wilshire Ranch 2340 / 2340 3 / 2.5 $238,567 June1915 Reed Grass Way The Cascade Wilshire Ranch 2797 / 2797 4 / 3 $257,300 June1925 Reed Grass Way The Tenney Wilshire Ranch 2899 / 4227 4 / 2.5 $266,200 June7552 Short Grass Court The Pikes Peak Wilshire Ranch 3364 / 4897 4 / 2.5 $300,700 June1914 Reed Grass Way The Tenney Wilshire Ranch 2899 / 2899 4 / 2.5 $250,395 June1954 Reed Grass Way The Pikes Peak Wilshire Ranch 3364 / 3364 4 / 3 $271,990 June1935 Reed Grass Way The Cutler Wilshire Ranch 3106 / 3350 4 / 3 $256,400 July

Mesa Ridge7846 Stockton Dr. The Cutler Mesa Ridge 3106 / 3350 4 / 3 $271,500 NOW

Lorson Ranch6678 Alliance Loop The Pikes Peak Lorson Ranch 3364 / 3364 4 / 2.5 $278,550 May6710 Alliance Loop The Red Rock Lorson Ranch 2340 / 2340 3 / 2.5 $248,100 July

• For a complete list of available homes call or visit Reunion Homes today.

719-203-5448 • Wilshire Ranch719-392-4012 • Lorson Ranch

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CampbellHomes.com

Colorado Springs’ oldest locally-owned home building company invites you to experience our stylish living, comfortable surroundings,

and excellent energy saving features for yourself!

From I-25, take the Briargate Parkway exit and head east. Cordera is less than 10 minutes from the interstate! Stay on Briargate Parkway, cross Powers, and turn left at the second Grand Lawn Circle. Campbell Homes is located on the corner of Grand Lawn Circle and Mount Cutler Court.

Model HoMe at: 5215 Mount Cutler Court

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Colorado Western Title offers bilingual closing services

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Local News

Nett ie Palace, President of Colorado owned Colorado Western Title, is pleased to announce the availability of bilingual closing services at all Colorado Western Title of-fi ces in Denver, Castle Rock and Colorado Springs.

“With over 15 years of experience as an escrow closer, Colorado Western Title is pleased to be able to off er bilingual closing services by Meriam Medina to our Realtors and customers who are more comfortable with their closings presented in Spanish,” said Palace in a recent interview.

Based out of the Cherry Creek offi ce in Denver, Meriam has been an escrow closer with Colorado Western Title for nearly three years. In addition to her experience in the title industry, she spent many years as a loan originator for a mortgage banker. Th is broad experience and full fl uency in Spanish make Colorado Western Title and Me-riam Medina the perfect solution for those who require a bilingual closing experience.

For additional information on bilingual closing services off ered by Meriam Medina at Colorado Western Title, call 303. 321.0126.

Randy Deming, CEO of Campbell Homes, is pleased to announce the opening of Campbell Homes’ newest model home in Cordera. Located at 5215 Mount Cutler Court, the Spanish eclectic Carnegie model is a ranch style home with a fully fi nished lower level, four-car garage, tile roof, and in-credible xeriscape display.

Professionally merchandised by award-winning Lita Dirks & Co., the Carnegie features a contemporary design theme in hues of grey with accents of yellow and teal. Th is home demonstrates maximum fl exibility with four bedrooms, a formal dining room, and a lower level with plenty of personal spaces as well as gathering spaces for friends and family.

In addition to the new model home, Campbell Homes has a new selection of home sites on Mount Cutler Ct. for ranch and two-story style homes starting in the $300s.

For additional information or a personal tour, visit Jenny and Bert at Campbell Homes in Cordera at 5215 Mount Cutler Ct. Model home open daily until 6 p.m. htt p://www.campbellhomes.com

Changing the way society views the mortgage industry, V.I.P. Mortgage, Inc. continues its community outreach by presenting their fi rst check to Th e Home Front Cares. Th is month’s check for $1890.00 will go directly to Th e Home Front Cares program and their eff orts to positively impact the lives of Colorado veterans and military families.

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Local News

In addition to cumulative statewide statistics, CAR has commissioned six regional reports (our region below - see others on www.ColoradoRealtors.com), using the same measures, whose content is summarized below along with local ex-pert contacts.

Southeast Region (Baca, Chaff ee, Crowley, Custer, El Paso, Freemont, Huerfano, Las Animas, Otero, Pueblo, Teller) – Contact: Jay Gupta – 719-785-4114 or Dave Anderson – 303-327-6522

Southeast Colorado homes sales in-creased 18 percent to 3,116 during the fi rst quarter of 2013 compared to 2012. Even so, the raw number of homes sold dropped consecutively for the third quarter (despite being improved over the comparable quarters in previous years). Median sales price increased a healthy 15 percent to $178,000 and days on the market declined by 13 percent. While the CAR

Aff ordability Index showed a decline (-6 percent) the area’s score of 198 is

the second strongest in the state. At the end of the quarter, this region had nearly 7,700 active listings which represent an inventory that would last about six and a half months. Th e Southeast Region reports the lowest percentage of sales in the state coming from lender-mediated properties (9 percent).

Conclusion

With median sale prices rising in all regions of the state and days on the market declining everywhere expect the Southwest Region, the data indicates that Colorado continues to see strong improvement in the real estate market nearly everywhere.

Spokespersons throughout Colorado are available for interviews or to answer specifi c regional questions. Th e reports cited in this press release are available on-line at www.ColoradoREALTORS.com/HousingStatistics.

© Copyright Colorado Association of Realtors. Reprinted with permission.

Colorado Springs based Purely Ponds would like to announce the 7th Annual Purely Ponds Parade of Ponds. Th is self-guided charity pond and waterfall tour will be held from 9am-5pm on Saturday and Sunday, June 29th – 30th, 2013. Th e Parade of Ponds will hold 30 tour stops throughout the Colorado Springs area. Proceeds benefi t the Boys and Girls Club with a matching donation from Purely Ponds.

Purely Ponds has once again partnered with the Boys and Girls Club of the Pikes Peak Region. For 125 years this chari-table organization has delivered quality programs and a unique experience for the youth of the Front Range. Th ey’re mission is simple: To inspire and enable all young people to realize their full potential as productive, responsible and caring citi-zens. Th e Boys & Girls Club of the Pikes Peak Region fi lls a critical need. Building

character through everyday leadership and guidance in behavior and att itude, the trained professional staff provide na-tionally recognized programs that help young people succeed in school, stay healthy, learn important life skills, pur-sue interests in the arts and sports, and explore vocational choices. To learn more about the Boys & Girls Clubs of the Pikes Peak Region, visit www.bgcppr.org or call 719-570-7077. To date, Pure-ly Ponds Parade of Ponds has generated $17,260 for the Boys and Girls Club and again will proudly match and donate all proceeds to this remarkable charity.

Water features are today’s hott est trend in landscaping. Th is is a great chance for our water feature owners and serious wa-ter gardeners to share their piece of para-dise with the public. In addition, this is an excellent community event and op-portune time to show our support of the local Boys & Girls Club.

Our ecologically balanced water-scapes facilitate relaxation to the sooth-ing sounds of water, a peaceful panorama of the naturalistic water garden, and a

friendly fi sh community. It off ers an ex-perience of tranquility that transcends to-day’s stressful world. Countless satisfi ed homeowners readily profess that adding a water feature to their landscape was the best investment they’ve ever made.

Purely Ponds Parade of Ponds ticket book with tour maps are just fi ve dollars per ticket and will be available in May online at www.purelyponds.com. Our sponsor, Pioneer Sand Company, also will have tickets books with map avail-able in May at all three Pioneer Sand lo-cations in Colorado Springs, Monument,

and Black Forest. For more information about Purely Pond’s ecosystem-friendly water gardening or the Purely Ponds Pa-rade of Ponds, contact Chris Oberg at [email protected] or by phone at 719-896-0026. Please visit our website at www.purelyponds.com.

Purely Ponds is the local water feature specialist. We specialize in design and installation of the areas most natural experience in ponds, pondless waterfalls, streams, and stone fountains. Purely Ponds is a member of the Better Business Bureau and the Housing & Building Association.

Purely Ponds Parade of Ponds supports local charity

CommerCial & residential

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Local News

Coming to Meridian Ranch!New Model Open Mid May, Lots Available Now!

Finished Basements and 3 Car Garages are Included!1/4 Acre Lots.

Sell One G.J. Gardner Home – Get Standard Commision + $2000 BonusSell a Second G.J. Gardner Home – Get Standard Commision + $3000 BonusSell Three or More G.J. Gardner Home – Get Standard Commision + $4000

Bonus on Each Additional Sale All Year Long!Registration is open from 4-30-13 to 5-27-13. To register, contact a Falcon G.J. Gardner Sales Consultant.

Realtor must be pre-registered prior to setting an initial customer appointment and present at all appointments with client to qualify.Bonus paid at final handover provided local franchise owner accepts build contract prior to Dec 31, 2013. Not valid with any other offer or

incentive. Incentives are accumulated on an individual basis, not by a team.

For more information, call 719.495.7664or visit www.GJGardnerFalcon.com

Euro 2510$363,500 3454 sf

Craftsman 2288$387,500 4289 sf

Craftsman 1864$333,500 3104 sf

Century Communi-ties, Inc. (“Century”), a Denver based home-builder, announced this month that it has com-pleted its offering of 12,075,000 shares of its common stock (the “Common Stock”) for aggregate gross proceeds of $241.5 million, including proceeds from the ex-ercise in full by FBR Capital Markets & Co. of its additional allotment option to purchase 1,575,000 shares of Common Stock. FBR Capital Markets & Co. acted as the sole initial purchaser/placement agent for the offering.

“Century intends to use the proceeds from the offering primarily for the ac-

quisition and develop-ment of land and for other general corporate purposes, including development, home construction and other related purposes,” said

Dale Francescon, the homebuilder’s CO-CEO. “Century Communities, Inc. now owns or controls over 4,000 lots across more than 50 communities and is well positioned to meet increasing de-mand for new homes in Colorado. As a company, we are focused on acquiring only the quality locations that showcase and deliver our highly desirable product and completion of this offering will help us do that at the pace we feel the market

will support,” added Robert Francescon, CO-CEO.

Century Communities has become one of Colorado’s fastest growing home-builders, a Top 5 Colorado builder and Top 100 National builder; helping home-buyers all along the Front Range achieve the Colorado Dream of new home own-ership. With the Francescons remain-ing the largest shareholders of Century Communities, Inc., the company intends to grow its market share in Colorado as well as expand into selected additional markets in the Western United States.

The Common Stock was offered and sold to qualified institutional buyers in the United States pursuant to Rule 144A, to accredited investors in the United

States pursuant to Regulation D, and to investors outside the United States pur-suant to Regulation S under the Securi-ties Act of 1933. The Common Stock have not been registered under the Secu-rities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registra-tion requirements of the Securities Act of 1933 and applicable state laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Com-mon Stock or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

Century Communities, Inc. announces completion of common stock offering

Dianne Ray named Board Chair for Colorado Housing and Finance AuthorityColorado Housing and Finance Au-

thority (CHFA) is pleased to announce that Colorado State Auditor Dianne Ray has been named CHFA’s board chair for the 2013-2014 board term. CHFA’s 11-member board serves as the govern-ing body of the organization and es-tablishes policies to further its mission of affordable housing and small busi-ness finance. Ms. Ray began serving on CHFA’s board of directors in 2011. She

also serves as chair of CHFA’s Audit Com-mittee.

As the Colorado State Auditor, Ms. Ray is responsible for overseeing inde-pendent state audits and reviews that hold government agencies accountable and promote positive change in govern-ment. Ms. Ray has more than 23 years of

specialization in governmental and non-profit accounting and auditing. Ms. Ray previously served as the Deputy State Auditor and the Director of the Local Government Audit Division for the Col-orado Office of the State Auditor (OSA). Prior to joining the OSA, she worked in local governments for 15 years, most recently as the Director of Finance and Administration for the City of Louisville, Colorado.

Ms. Ray participates in various pro-fessional organizations, including the American Institute of Certified Public Accountants (AICPA), the Colorado So-ciety of Public Accountants, the Govern-ment Finance Officers Association and the National State Auditors Association. She was named one of three 2012 Wom-en to Watch in the experienced category by the AICPA and the Colorado Society of Public Accountants.

View the paper online, anytime at www.csrej.com


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V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA.

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down and dirty V.I.P. Mortgage, Inc. sponsors the soldiers’ ball

V.I.P. Mortgage, Inc. sponsors the soldiers’ ball

V.I.P. Mortgage, Inc. sponsors




military spouses spa day










V.I.P. Mortgage, Inc. mails 100 care

packages to deployed soldiers

packages to deployed soldiersV.I.P. Mortgage, Inc. mails 100 care


V.I.P. Mortgage, Inc. mails 100 care

packages to deployed soldiers


packages to deployed soldiersV.I.P. Mortgage, Inc. mails 100 care V.I.P

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V.I.P. Mortgage, Inc. donates V.I.P. Mortgage, Inc. donates

$1890 to The Home Front Cares


• New Homes available now for immediate move-in

• Homes from the $200s to the $500s

• Innovative Neighborhood SchoolsInnovative Neighborhood SchoolsInnovative Neighborhood

• 30,000 Sq. Ft. Recreation Center & Outdoor Pool30,000 Sq. Ft. Recreation Center & Outdoor Pool30,000 Sq. Ft. Recreation

• Indoor Pool Coming Soon!

• Antler Creek Golf Course• CreekView Grill• Neighborhood Parks

& Paved TrailsNeighborhood Parks & Paved TrailsNeighborhood Parks

• Open Spaces & Views• Minutes to Peterson &

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

& Colorado Springs AirportEasy Access to I-25, Hwy. 24 & Colorado Springs AirportEasy Access to I-25, Hwy. 24

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


On the Move

Brandon ElrodC&C Sand and Stone Co.

Brandon Elrod has been named Gen-eral Manager of C&C Sand and Stone Co. Elrod has been with the company since 2006, holding the position of Operations Manager prior to this promotion. He has worked in the landscaping and masonry materials industry for 17 years, including a stint in Arizona. Brandon is an active member of the Housing and Building As-sociation of Colorado Springs.

howard SmithAventa Credit Union

Aventa Credit Union recently named Howard Smith as its Mortgage Manager. Smith has more than 42 years of lending experience that he brings to Aventa.

As Mortgage Manager, Smith is re-sponsible for overseeing the day-to-day operations of Aventa’s Mortgage Depart-ment, supervising the credit union’s mort-gage loan officers, underwriting mortgage loans, and growing Aventa’s mortgage portfolio across all service areas.

Prior to coming to Aventa, Smith worked for eight years at Rocky Moun-tain Bank and Trust as their Chief Credit Officer. Smith has prior credit union ex-perience working as the Vice-President of Real Estate Lending at Golden Plains Credit Union in Garden City, Kansas. Smith holds a Bachelor of Business Ad-ministration degree with an Economics emphasis from Texas Tech University.

Smith, haines, Edwards,

horton, BecwarMerit Company, Inc.

Kimmie Smith: I am originally from Michigan, but have also lived in New Mexico, Texas, and settled down in 2000 in Colorado. I feel in love with Colorado because of the lifestyle, schools, and the mountains were just breath taking. I en-joy the being able to be in the outdoors going biking, hiking, and fishing. I just began painting with acrylic and have a few paintings hanging in a gallery in Manitou Springs.

In my past, I worked as a surgical/den-tal assistant for 25 years, as well as being involved in remolding, reconstruction, interior design, and staging for many years. I’ve also worked as an indepen-dent mortgage broker for a few years. I got into real estate because I wanted to be my own boss and be in control of my own future, all the while helping people find their dream home here in the place I love, Colorado. I joined Merit Co., Inc. on March 1, 2013, because I could feel

the kind of warmth, integrity, and sup-port I wanted to be a part of.

Kathleen Haines: My husband John and I, along with our boys, Andrew and Matthew moved to Colorado Springs in 2001 from Crofton, Maryland and are thrilled that we now call Colorado Springs our home! I have spent most of my life in the Northeast where I grew up and attended college at La Salle Univer-sity on Philadelphia. Being in sales and working with people has always been a passion for me in my personal and busi-ness life. I have business experience train-ing financial consultants, being a propri-etor of two retail stores, direct sales, and working as a tutor and developing cur-riculum to assist students improve their reading and math skills. In the back of my mind, I have always had the desire to en-ter into the exciting career of Real Estate. I feel that I have the gumption it takes to find out what people want and help them get it with confidence and enjoyment, without reservation. Providing excellent service to all my clients, whether they are buying or selling a home, is just who I am. I will make every home transaction as pleasant and enjoyable as I can for each and every client, because that’s what I would want from my agent!

Elaine Edwards: Doing what I love; I relocated to Fountain Colorado approxi-mately one year ago., I fell in love with this area 24 years ago and have achieved my goal of relocation. I have over six years experience negotiating real estate transactions as a licensed Realtor in Ari-zona while providing 100% quality and customer satisfaction. I take pride in ed-ucating and communicating with clients in order to meet their real estate needs. I am am SFR Certified from NAR (Short Sale and Foreclosure Certified).

Catrina Horton is a Real Estate broker that works the entire Pikes Peak Region and has been serving buyers and sellers in the city of Colorado Springs since 2008.

When not assisting her clients, Catri-na spends time with husband Greg, their son Little Greg and daughters Chelsie and Chasidy Horton and extended fam-ily. She enjoys her church family, home improvements, traveling and fishing.

Originally from Anniston, AL, Catri-na is a country girl at heart. She moved to Colorado Springs six years ago due to military PCS move from Fort Sill. She has worked as Licensed Practical Nurse at Fort Carson for 6 years, with a total of 10 years of civil service employment.

As a prior Army wife of 19 years, Catri-na has extensive experience with military relocation, and is also familiar with and understands the special needs and con-cerns that are involved with the military community. Now that her husband has re-tired, Catrina’s life has slowed down. She is proud to be a part of the military com-munity and proud to service the Fort Car-son and Peterson AFB community.

Tammy Becwar: My husband, Brad of 19 years, our sons, Wyatt and Colton, and I arrived in Colorado Springs in 2006 af-ter having been stationed in the military at Ft. Irwin, Calif., and Ft. Campbell, Ky. The picturesque city of Colorado Springs is now our home and we are thrilled to be

here. We have been a military family for 11 years, and I am pleased to be embark-ing on a new career in the real estate busi-ness in Colorado.

I was born and raised in Millville, Wis. I earned a degree in business man-agement from Upper Iowa University in Fayetteville, Iowa, in 1999. Upon gradua-tion, I worked as an assistant manager at Brisbois Motor Inn in Prairie du Chien, Wis., and then as an office associate at Western Research Institute in Laramie, Wy. while my husband, Brad attended WyoTech. Our military travels took us to Hopkinsville, Ky., and Ft. Irwin, Ca-lif., until we were eventually stationed at Ft. Carson in 2006. From 2007-2013, I served as the office manager/AA/CCS for First Command Financial Planning in Colorado Springs.

My leisure time is spent cheering on my sons. I also serve in a volunteer ca-pacity with the Mesa Ridge High School PAWS, the booster club for the football team.

gerald MeloniV.I.P. Mortgage

Courtney Kline, branch manager of V.I.P. Mortgage, Inc., is pleased to an-nounce that Gerald Meloni has joined the V.I.P. Mortgage, Inc. team as a loan officer in their Canon City office.

“We are so excited to have Gerald on our team,” said Cline. “He brings a wealth of knowledge and over 15 years of experience to our team.”

Meloni, who enjoys golf, mountain biking, recreational sports, and spend-ing time with family and friends, feels the most important advise he can offer to anyone who is seeking out a home mortgage is to work with an experienced loan officer who is willing to explore all loan options and understands the need to mitigate any potential issues up front in order to facilitate a smooth loan trans-action.

B. Johnson, Landry,

n. Johnson RE/MAX Properties, Inc.

Bruce Johnson is a real estate profes-sional with core beliefs in integrity, pro-fessionalism, hard work and efficiency. An honor graduate with a B.A. and a minor in business, Bruce launched his 28 year career in the construction industry. He has this unique experience in resi-dential construction, and can offer pro-fessional advice and insight to his clients, whether selling or buying. When not busy with buyers, Bruce enjoys spending time with his wife of 39 years camping, hiking and hunting.

Bob Landry originally moved to Col-orado Springs with his parents in 1973. He joined the United States Air Force in 1985, where he served 20 years, retiring in 2005. Landry says “I am deeply com-mitted to helping recently separated vet-

eran gain solid employment. I am active in the Veteran Service Community and volunteer as a peer mentor." He is also an active volunteer and supported of the Colorado Alzheimer Association. Mr. Landry has been a broker associate for nine years.

Nathan Johnson has been in Colorado Springs for six years. Nathan is joining the Jeff Ryder team, where his father and brother are both successful broker asso-ciates. Mr. Johnson has a masters degree in technology and has been a teacher for eight years. He is also a football and bas-ketball coach and will continue coaching while working in real estate. Nathan states “I have always made the best decisions for my students, even when the situation was difficult. I will continue to bring that ex-emplary service to my clients.”

Janet ChappelleFidelity National Title

Fidelity National Title Company is pleased to announce the addition of Ja-net Chappelle to their business develop-ment team.

In today's highly competitive and fast-paced market, Janet brings an extensive background in sales, advertising, market-ing and has also worked as a Real Estate Broker in Colorado Springs for five years.

Janet is looking forward to working in the title industry and delivering her high level of service to her new clients.

“We are excited to bring Janet aboard. Janet brings a tremendous amount of energy and enthusiasm to our company. With her real estate, sales and marketing experience Janet will be an added value to our clients, community, industry and company. ” Stated Gregory Wolff , Vice President with Fidelity National Title Company.

Kevin WadeThe Platinum Group, REALTORS

Kevin grew up in western Colorado and has called Colorado Springs home for the last 16 years. He has a background in mortgage lending as well as new home construction, and real estate has always been his passion. He has almost 10 years of real estate sales experience, a servant’s heart and believes in a relentless pursuit of customer satisfaction thru exceeding your expectations.

"As a broker associate with The Mac-Guire Team at The Platinum Group RE-ALTORS, Inc. I get to work with one of the top brokers in the area. Our like-minded focus of putting customers first is what puts us first. Please feel free to contact me with any questions."

See Page 2 for details

newoffice?


Local Expert

By Bill McAfeeEmpire Title—


The fi rst third

Empire Title of Colorado Springs

Empire Title of Woodland Park

We have fi nished the fi rst third of year 2013. Th rough the end of April we are fi nally gett ing some moisture, “sprinter” is almost over, and I am ready to don my Speedo. For those of you who are gouging your eyes out, I apologize. If you want to look at some-thing that really looks good, feast your eyes on our local real estate market.

Our available listings, even with an 11% increase in the month of April, are still at decade low levels (see Chart above). Inventory levels are a leading indicator. Th ey predict future trends based on current available listings and demand. Th e current inventory levels are at 4.15 months - well below the 6-month historic norm.

Interest rates are still near historic lows (see Other Chart above). Th e government is talking about slowing or ending QE3. QE3 is known as quantitative easing. It is a policy which the Federal Reserve has adopted to try to improve the job market. Th is policy involves buying 40 billion dollars of mortgage debt every month. Th is is one of the fac-tors holding interest rates down. If this policy ends, interest rates will likely move in an upward direction. Upward direction is exactly where prices are headed due to demand, supply, and interest rates.

Both average and median sales prices are up 8.1% and 13.7% respectively, comparing the fi rst third of 2013 to the fi rst third of 2012. Th e upper end, $750,000-and-above, is still struggling. Th is means the $250,000-and-below are faring bett er than the aver-age and median prices indicate. It is imperative that buyers and sellers fi nd a real estate agent who can help them ascertain the correct strategy for each price range. Sellers, even in low price ranges, can overprice and not sell or take so long to sell that hold-ing costs eat their profi t. Buyers, looking for the deal in the low end will likely be dis-appointed as demand is out-pacing supply. Th ey still can get a deal, but not the deal. Upper-end sellers are facing a challenge as supply is dwarfi ng current demand.

All in all, our local market is very resilient, especially in the $300,000-and-below. Based on current demand, supply and interest rates, this summer will seem like a day at the beach. A day at the beach without Bill in a speedo: that is something to defi nitely make you smile.

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


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.

send

eventus your

[email protected]

Monday, June 3HBA PAC Golf Tournament 12pm – 6pm @ Kissing Camels Golf Clubwww.cshba.com

Wednesday, June 5REALTAC 8am – 9am @ PPARwww.ppar.com

Thursday, June 6 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

CTM eContracts - Beginners10am – 12pm @ DeVry [email protected] 719-442-1900

Friday, June 7Pikes Peak Exchangors 8am – 9am @ Valley Hi Golf Coursewww.ppar.com

Sat-Sun, June 8-9HBA Remodeled Homes Tour Pikes Peak Regionwww.cshba.com

Monday, June 10Extreme Growth by Bruce Gardner9:30am – 12:30pm @ DeVry [email protected] 719-442-1900

Wednesday, June 12Mandatory Commission Update Course 8:30am – 12:30pm @ Empire [email protected] 719-884-5300

Thursday, June 13Farm and Land8:30am @ The Peak GrilleGreg Wolff: 719-590-1711

Extreme Growth by Bruce Gardner8:30am – 2pm @ 3630 Sinton Rd #[email protected] 719-442-1900

Women's Council of Realtors11am – 1pm @ Clarion Hotel (I-25 & Bijou)Michele: 719-633-7718

CTM eContracts Advanced Class2pm – 4pm @ Empire [email protected] 719-884-5300


Tuesday, June 18NARPM Meeting11am – 1pm @ Clarion Hotel (314 W. Bijou)Alex Yoder, 719-213-9100

Thursday, June 20PPAR YPN 80's Party 4pm – 7pm @ Blondie's Rooftop Barmembers.ppar.com


Independent Brokers Forum 9am – 10:30am @ PPARwww.ppar.com

Tuesday, June 29Successfully Selling HUD Homes 9am – 12pm @ Empire [email protected] 719-884-5300

7680 Goddard Street, Suite 120 | Colorado Springs, CO 80920719-593-1661

90 South Cascade Avenue, Suite 950 | Colorado Springs, CO 80903719-471-1058www.ChicagoTitleColorado.com

Amanda PayneEscrow [email protected] 719-355-3730

Joseph BurksExecutive Vice President,Southern [email protected] 719-593-1661

Chicago Title of Colorado- A National Title Company with Local Expertise!Get the power and financial strength of Chicago Title of Colorado behind your next transaction.

• Awesome content that YOU and YOUR clients can share.

• Testimonials to represent you well when a potential client researches you online.

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navigate through the vast set of services of a real-estate transaction.

• Great search results when clients are looking for you and your services.

• In 3 easy steps you can set up your account and start building your portfolio.

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• Great, accessible Customer Support to get you set up.

Easy, Effective Marketing starts at $19 a month - 30 day free trial!Sign up at reach150.com/pro/signupreach150.com/pro/signup and use your Chicago Title Sales Executive’s email addreass as a REF Code or Contact your Chicago Title Sales Executive directly.

For more information, call or visit our website at www.chicagotitlecolorado.com TODAY!

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Commission?Angling

The “Hooked on Classic” Realtor Recognition Program is back by popular demand! And that means we’ll be paying out more than line when we say thanks to all of our hard-working sales partners out there for promoting our properties!

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission. And as your closings increase, so will your bonuses—from $1,000 to $3,000!

The catch? You have to qualify to participate.

So don’t wait. Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

Here’s how it works—by the numbers…

The 2013 Hooked on Classic program applies to all sales and closings for Classic Homes new construction and speculative inventory. Qualifying Realtors will have a chance at other special prizes throughout the year!

Announcing the 2013 Hooked on Classic Realtor Recognition Program.

The catch? You have to qualify to participate.

Program Terms and Conditions:

1) Hooked on Classic 2013 Bonus Incentives will be paid on all contracts originated between 1/1/2013 and 12/31/2013. Contracts must close to receive bonus. 2) You must be an active Colorado licensed real estate agent and must

have actively participated in the sale, to include being present at the initial client meeting, contract signing, and other relevant homebuyer/builder meetings. 3)

All bonus commissions will be paid at closing. 4) Employees of Classic Companies and Flying Horse Realty are not eligible for this program. 5) Bonus commissions

are earned on an individual REALTOR basis, team sales are not cumulative. 6) Bonus incentives will be awarded to the individual agent listed on the

contract. 7) Program subject to change without notice.

1st Closing4% commission on base price and qualify for the Hooked on Classic Program.

2nd Closing4% commission on base price + $1,000 Bonus

3rd Closing4% commission on base price + $2,000 Bonus

4th Closing (and beyond)4% commission on base price + $3,000 Bonus

www.ClassicHomes.com/Hooked

With each qualified closing, we’ll be handing out cash. Cold hard cash, along with a handsome 4% commission.

Call or visit your nearest Classic Homes Sales Model today and get outfitted for the biggest adventure ever.

1) Hooked on Classic 2013 Bonus Incentives will be paid on all contracts originated between 1/1/2013 and 12/31/2013. Contracts must close to receive bonus. 2) You must be an active Colorado licensed real estate agent and must

have actively participated in the sale, to include being present at the initial client

Program Terms and

FeaturedInventoryALL ReadyFor QuickMove-in!

For a BigIT’SBACK

FOR 2013!

NORTHPROMONTORY POINTECall 719-481-9828

15787 Old Post Dr $459,661 Ready Now! 4 bed, 4 bath,3 car gar., 4,528 sq.ft.Ranch plan, MLS #786169

15737 Old Post Dr$422,996, 4 bed w/study, 3 bath, 3 car gar. 3,602 sq ft. Ranch

FLYING HORSECall 719-495-7297 The Village Of Encore2445 Veneto Way – $399,900 Ready Now! 3 bed, study, 2.5 bath, 3 car garage 3,242 sq. ft. Ranch, MLS #745221

The Village Of Encore13242 Penfold Dr - $523,8034 bed plus study, 3 bath, 3 car gar., 4,659 sq.ft.Ranch, MLS #722093

The Village Of Turin12737 Mission Meadows Dr $374,909. 3 bed w/study, 2.5 bath,3 car gar., 3,242 sq.ft. Ranch,MLS# 728743

WOLF RANCHCall 719-282-16505929 Leon Young Dr - $331,5314bed, 3 bath, 2 car gar., 3,176 sq ft, Ranch

EASTINDIGO RANCH AT STETSON RIDGE Call 719-574-6610

6551 Sawbuck Rd $325,213,

4 bed plus loft, 2.5 bath, 2 car gar.,

4,546 sq ft, 2-story

6574 Diamond Hitch Dr $296,129

4 bed, 3 bath, 2 car gar., 3,287 sq.ft.

2-Story, MLS #754643

BANNING LEWIS RANCHCall 719-886-4995

7169 Spring Linden - $349,900

4 bed, 3 bath, 3 car gar.,

2,302 sq.ft. 2-story, MLS #734812

MERIDIAN RANCHCall 719-494-1101

12579 Handles Peak Way - $275,896

4 bed, 3 bath, 3 car gar.,

2,973 sq.ft. 2-Story, MLS #734127

10460 Mt. Columbia Dr - $277,002

4 bed, 3 bath, 2.5 car gar.,

2,744 sq.ft. Ranch, MLS #787766

SOUTHLORSON RANCHCall 719-390-6200

6869 Alliance Lp – $262,355

Ready Now! 4 bed, 3 bath, 3 car gar.,

2,911 sq. ft. 2-Story, MLS #768581

6854 Alliance Lp – $284,042

Ready Now! 4 bed, 3 bath, 2 car gar.,

3,176 sq. ft. Ranch, MLS #799040

6885 Alliance Lp - $267,260

4 bed, 2.5 bath, 2 car gar.,

2,770 sq.ft. 2-Story, MLS #740158

*Pricing, availability, and program terms subject to change.

SOLD

SOLD

Documents

May 27, 2013