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Real Estate Highlights

Data compliments of Land Title Guarantee Company

Nationally, the mortgage industry has tightened the lending standards on sub-prime and niche mortgage products due to a higher number of foreclosures nationwide. Lawrence Yun, Senior Economist for the National Association of Realtors is not surprised. “We have been anticipating slower home sales because many subprime loan products are no longer available. In addition, increased scrutiny by lenders is stopping risky mortgage origination, which is good for both consumers and the lending community”. Local lenders are also feeling the pinch of these tightened standards. An informal poll to local lenders indicate that the stricter standards are having an impact on who can qualify for a mortgage, but most agree that it is good for consumers. “The stated income, 100% financing is a thing of the past”, said one long time local mortgage lender.

The tighter lending standards do not seem to be having an affect in Garfield County, as it continues to defy the national trends. May 2007 was the second largest month in history for number of sales and dollar volume of sales. November 2006 remains top in dollar volume of $127.8 million, with May 2007 second with $121.9 million. 313 units were sold in May 2007, just 5 short of the record of 318 units sold in August of 2006. The data also shows what many in this valley already know; it is getting much more difficult to find a home under $200,000. May of 2006 showed 39 units sold with a price of $200,000 or lower, while May of 2007 shows only 24 units. The number of homes selling in the $300,000 – $400,000 range has increased from 29 in May 2006 to 43 in May of 2007.


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