Hurricane Irene May Hit $35 Billion in Damages

By Mike Colpitts The economic damages caused by Hurricane Irene as it barrels in on the Atlantic coastline forecast to make landfall in North Carolina could hit as high as $35 billion, according to insurance estimates made prior to the storm even making landfall. However, as scientific modelers race to come up with a dollar estimate on how much damage the massive storm is likely to cause, estimates vary hugely from near $5 billion all the … [Read more...]

Man Convicted in Real Estate Ponzi Scheme

By Mike Colpitts A federal jury has convicted a Colorado man on felony charges related to running a $30 million real estate Ponzi scheme after his son pled guilty to being a partner in the crime spree. Philip R. Lochmiller, Sr. was found guilty of money laundering, mail fraud charges and conspiracy in U.S. District Court. The Lochmillers were indicted by a federal grand jury for the Ponzi scheme that collected at least $30 million from … [Read more...]

Half of Homeowners Qualify for New Mortgage

By Mike Colpitts Only about half of all homeowners would qualify to buy a new mortgage under current more restrictive mortgage lending guidelines. In the U.S. 54% of homeowners with a mortgage would qualify to put 20% down from the sale of their present home, according to Core Logic, which researches the mortgage industry. The bulk of homeowners would have difficulty selling their homes in the current economic environment, despite … [Read more...]

Americans Move at Lowest Rate since World War II

By Mike Colpitts Saddled with a weak economy and sluggish housing market Americans moved across state lines at the lowest rate since World War II in 2010, according to the Brookings Institution. Only 1.4% moved to a new state during the year. Demographer William Frey said “tepid gains in employment and the rise in home foreclosures over the last couple of years” led to the historically low levels. The job market is partially to blame as … [Read more...]

2011 Colorado Housing Market

In Colorado they’re bucking the trend like they have so many times when it comes to the housing market. Sales have shown an improvement, despite the weak national economy, but they aren't anything like they need to be to drive a full-fledged recovery. Home sales have driven a stronger market in Denver during the summer, which is typically the busiest time of the year for residential sales, but most of it was due to foreclosures and bank … [Read more...]

2010 Colorado Housing Market

The Colorado housing market has one of the rarest, telling histories of all the states in America. For instance, when home prices have gone down elsewhere, Denver homes have escalated in value. The market in Denver has also seen prices decline when other areas of the country were experiencing appreciation. It just hasn’t happened like that once or twice. It’s been a historical trend. That was until the financial crisis struck and foreclosures … [Read more...]