HARRY'S COLUMN

 

"OPERATION 60THIRTYFIVE" STUDY IS NOW COMPLETED

           

In the past week, the final report of "Operation 60 Thirtyfive" was delivered to Colorado Springs community leaders. (The report is named after the elevation of Colorado Springs, i.e. 6,035 feet above sea level). We do not have a copy yet, however, the Colorado Springs Business Journal has published some highlights of the study. Here are some of the areas of concern as listed by the Business Journal:

 

"Colorado Springs lacks positive leadership, community collaboration, is rapidly losing young professionals and the local Taxpayers' Bill of Rights severely handicaps the city's economic development efforts".

 

The plan bluntly defines the local and regional impediments to creating long-term effective economic development strategies.

 

"Early in the course of this project it became clear that there were systemic issues facing the region, issues that both compromised and threatened the ability to recruit new industry and that threw a stark light on economic vitality," according to the executive summary. "It was the opinion of the consulting team, as well as stakeholders, that a frank and candid assessment of those issues would be required".

 

The report says that longstanding silos must be broken down to allow for collaboration toward a common vision.

 

"This plan stretches the boundaries of what constitutes economic action', the report says. "It does this because community stakeholders believe that 'business as usual' will result in failure .The Pikes Peak region must take fundamental collaborative action in order to strengthen the region's competitiveness. Because of this approach, the recommendations that are the core of the plan go well beyond a traditional framework,"

 

The report's authors regard the region's loss of young professionals as a particularly serious problem.

 

"The region benefits from some of the top high school graduation rates in the country and extremely positive employer perceptions of the K-12 school systems," the report says. "High college attainment rates and growing university and community college professional presence offer significant opportunities, however, the region is rapidly losing the critical young professional demographic (25 - 44 age group). Reversing this trend and establishing the Pikes Peak region as a talent magnet will be a critical component of this action plan".

 

Much of the action plan's 26 pages are devoted to specific strategies.

 

"This committee should develop a Memorandum of Understanding to ensure a commitment to collaboration and implementation of this action plan," the repot says. "Successful implementation of the plan will not occur unless a comprehensive and diverse range of community leaders ate driving the effort. Other stakeholders, from state leaders to industry leaders to educators to entrepreneurs must be engaged".

 

 

NEW FEDERAL RULES ARE AFFECTING APPRAISALS

 

Last week, the National Association of Realtors, the National Association of Homebuilders and the Mortgage Bankers Association conducted a joint "Appraisal Summit" with Federal regulators, to discuss the new rules governing appraisals for Fannie Mae and Freddie Mac backed mortgages.

 

 As a result of recent federal regulations, lending institutions, rather than using the services of their local appraisers, have been utilizing the services of Appraisal Management companies. These companies frequently provide appraisers who are not familiar with local neighborhoods and/or market conditions. The result has been that many appraisals have been coming in below contracted prices. This has created a serious problem for Buyers and Sellers across the country.

 

The U.S. Department of Housing and Urban Development has stated they will implement new rules for FHA appraisals on January 1, 2010, that will be in "full alignment" with the Home Valuation Code of Conduct Rules, but these Rules are not specific enough, nor has implementation of these Rules been consistent enough to ensure that local appraisals will accurately reflect appropriate valuations of residential real estate.

 

If you have been affected by this problem, please give me a call to discuss it in more detail.

 

MORTGAGE RATES TO REMAIN LOW, BUT MAYBE NOT FOR LONG

 

The Federal Reserve, in a move aimed at keeping interest rates low for home-buyers, has announced it will not raise rates, at least until early next year. After that, they will gradually phase out the purchase of mortgage-backed securities. This means that, at least for the immediate future, Buyers will continue to receive very favorable home-mortgage rates.

 

As an example of these great rates, last week I received a quote for a 30 year, fixed rate FHA loan with only 3 ½% down, at 4 ¾% !!! Combine these rates with the First-Time Buyers tax rebate and it's obvious that, in today's market, home ownership is a much better deal than renting. Better act now, or regret it later.

 

13th ANNUAL SOUTHERN COLORADO ECONOMIC FORUM

 

On Friday, October 30, 2009, the 13th Annual Southern Economic Forum will feature a keynote address by Eugenio Aleman, Ph.D., Senior Economist, Wells Fargo. His topic is, "National and International Economic Outlook - Hit Bottom and Rebounding??.

 

Other presentations will include, "Current Economic Conditions in the Pikes Peak Region and Prospects for the Next 12 Months" by Tom Zwirlein, Ph.D, and Fred Crowley, Ph.D., College of Business and Administration, University of Colorado at Colorado Springs and "What's Hot? Updates from the local Aerospace and Renewable Energy Sectors", a panel discussion.

 

These presentations will be followed by a Townhall Meeting: "Planning Ahead in the Pikes Peak Region."

 

We recommend that you register ASAP. The past two years have sold out. There is nothing else like this event in the Pikes Peak area.

 

And, please remember, I would be honored to serve as your Broker for all of your residential real estate needs.

 

Also if you know of anyone who desires to buy or sell local real estate, or, who is moving in or out of the Pikes Peak region, remember that, with over 37 years of providing relocation and Real Estate services to clients throughout the country, I am uniquely qualified to assist them with the relocation process, including buying and/or selling their homes on both ends of their move.

 

Just click on the icon at the top of this email to listen to my latest podcast. ..And, if you would like to learn more about our Job Loss Protection Program, or, about our CyberHomes Complete Market Analysis of a property, please contact us. 

 

JOKE OF THE WEEK

 

The following are new Error Messages planned for Windows Vista:

1) Smash forehead on keyboard to continue.

2) Enter any 11-digit prime number to continue.
3) Press any key to continue or any other key to quit.
4) Press any key... no, no, no, NOT THAT ONE!
5) Press Ctrl-Alt-Del now for IQ test.
6) Close your eyes and press escape three times.
7) Bad command or file name! Go stand in the corner.
8) This will end your Windows session. Do you want to play another game?
9) Windows message: "You have just made a type mismatch! Shall I format your brain?"
10) This is a message from God: "Rebooting the universe, please log off."
11) Keyboard not attached. Press F1 to continue.
12) BREAKFAST.SYS halted... Cereal port not responding.
13) COFFEE.SYS missing... Insert cup and press any key.
14) CONGRESS.SYS corrupted... Re-boot Washington D.C? (Y/N)
15) File not found. Should I fake it? (Y/N)
16) Bad or missing mouse driver. Spank the cat? (Y/N)
17) Runtime Error 6D at 417 A:32CF: Incompetent User.
18) Error reading FAT record: Try the SKINNY one? (Y/N)
19) WinErr 547: LPT1 not found... Use backup... PENCIL & PAPER.
20) User Error: Replace user.
21) Windows VirusScan 1.0 - "OS/2 found: Remove it? (Y/Y)"
22) Backup not found: (A)bort (R)etry (P)anic