Foreclosures continue to be steady with 1 in every 488 homes affected, which puts us 3rd in the nation, but remember Colorado reports foreclosures differently, so if you take that into consideration we are much further down on the list. Colorado reports foreclosures when filed not when the foreclosure sale takes place which is usually a minimum of 6 months from the filing date and some of those will be cured by catching up the payment or selling the property.

1 in every 10 homes are selling so far this year which equates to a 10 month supply. As of this morning there are 5808 active single family listings on the market and if you ad the town homes and condos there is 6860 active listings, which is actually less than last year at this time with 7171 total active listings.

The difference in this years market compared to last years is the number of sales. Last year in March there were 896 single family sales compared to 645 this March, a 29% drop in sales and compared to the 06 March stats at 1060 sales a total of 44% drop in sales over the last 2 years. A large portion of that drop has happened since October of 2007 with the average purchase price dropping around 20% since then.

So what is contributing to this market? Job growth and population growth has slowed as I have discussed in months past. Fort Carson has not come through with even a fraction of the personnel growth they have been promising for 2 years. Constant bad news about the market by the media only slows consumer confidence in the housing market. Remember when you read these articles that the media makes their money on negative headlines and they typically only tell half the story to make it look worse than it really is.

The recent downturn in the market has once again caused a "knee jerk" reaction by government officials at all levels to overreact and attack the mortgage programs by blaming the foreclosures on adjustable rate mortgages and bad mortgage programs. I am sure there are some lenders that pushed people into programs that were bad for them but throwing the baby out with the bathwater and making it difficult for the rest of us to get a decent loan program is not the answer. Recently it has become very very difficult to get 100% financing because of tightened regulation. There are multiple new regulations that tighten the ability for good viable borrowers to get home loans that now must wait or simply make it impossible to buy. This phenomenon only slows the market instead of opening it up. Like anything done hastily I believe this will work itself out as time goes on and things will open up. I also don't want to scare you into thinking it is impossible to get a mortgage. I know a good lender with the experience and programs necessary to can make it happen.

I think it is also important to focus on the positive. About 35% of homes owned have no mortgage at all and of the other 65% only 1%-1.5% of them haven't made their payments. Institutional lenders actually consider this a normal number of defaults.

We have also overbuilt once again. We have too many houses pushing too few buyers. The builders and developers have deeper pockets than the average private seller and can throw huge incentives at buyers when their houses don't sell. We have developers going ahead with huge projects like "Banning Lewis Ranch", a 250,000 home planned development that is saturating the market even further. This of course is more likely to drive the few buyers that are in the market to consider new before resale which of course slows the resale market further.

So as a dose of perspective, homes are still selling and buyers are still buying. Sellers simply need to react to the current market changes. Homes must be staged correctly and leave an excellent first impression on buyers that view the home. The home must be priced correctly to beat out the competition. Buyers in this market are not typically in a hurry and will have a lot homes in their price range to view, so a sellers home must make an impression on the buyer with exceptional condition and value. If the home is a fixer upper the price must be significantly lower to draw the right investor or home buyer that sees the value in the future return.

With 1 in every 10 homes selling the home must be a 90% better overall value than the other homes on the market in order to be the first sold. Sellers should be prepared to pay 2-3% of the purchasers closing costs and sometimes price negotiations as well.

Even though selling is more difficult the opportunity is there to sell and make up shortfalls on the buying side. The rates are very good and as I stated previously I have an excellent lender that can get the job done competitively.

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