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Minutes released from the Fed’s May FOMC meeting support a possible rate hike in June. However, chances of a September rate hike went down. |
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The average sales price for May single family detached homes came to $483,376 and $319,017 for Condos and Town-homes. This is a steady increase month over month since the beginning of the year. ( Data provided from REColorado for Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree) |
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In my last issue I talked about job growth being one of our factors for the increase in housing prices. With job growth comes population increase, with population increase come housing demand. The US Census Bureau just released population growth figures for the year that ended July 1st, 2016. For that year the City of Denver added 13,028 net new people to its population, now totaling 693,060 people. Denver ranked #13 among large cities for the number of people added. |
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Worried about PMI (Private Morgage Insurance)? I work with a lender that has programs with 3% or 5% down on conventional loans. These programs require NO mortgage insurance by using Freddie’s Home Possible Advantage program with 3% down and their Home Possibly program with 5% down. You do need to make < $80,100 or the property does need to be in an area that is not income-restricted. Call me with questions! HAPPY SUMMER! |