Inside Source NAR Economist Visits Northern Colorado
The Group Difference
The National Association of REALTORS® Chief Economist Dr. Lawrence Yun visited The Group’s Harmony office on November 17, 2010 and made a presentation to local REALTORS® on the state of the local and national real estate markets. Dr. Yun has been recognized as one of the top 10 economic forecasters in the country.
Christmas on Wheels
Here are some of the highlights from his presentation:
Dr. Lawrence Yun
The Strength of the Colorado and Northern Colorado Markets • For the last 30 years, Colorado has been a leader in the nation for job creation. • Colorado also is a leader for in-migration. The data consistently shows that Colorado is a desirable place to live.
Deserving kids from our community will be delighted to receive brand new bicycles this holiday season thanks to the Christmas on Wheels project that Partners of The Group orchestrate each year. Each year Group REALTORS® dig deep into their wallets to purchase bicycles. Lee’s Cyclery, Overland Sertoma and Affiliated Moving supply the manpower. Names of recipients are provided by local agencies.
• Foreclosure rates in Colorado are running at about half the rate of the rest of the United States. • Colorado had a mini real estate bubble in 2001, which caused a small contraction in 2003 and 2004. This contraction helped real estate grow at a more sustainable pace here while the rest of the country was beginning the boom and bust cycle. • Because of a diverse economy the Northern Colorado region is positioned well for job growth. Although employment in the United States is the same as 10 years ago, and employment in Colorado is the same as 10 years ago, employment in Fort Collins is higher than 10 years ago. • Real estate markets in college towns like Greeley and Fort Collins are positioned well for the next twenty years because of the size of Generation Y and the increasing percentage of high school students who are choosing to attend college.
The National Economy and National Real Estate Market • Interest rates will increase and be near 5% by the third quarter of 2011. • Job creation will turn a corner in 2011; he expects 2 million new jobs to be created next year. • Nationally, the real estate market will see improvement in 2011 and 2012 as the number of foreclosures and short sales decrease. • He believes the Mortgage Interest Deduction will remain in place because its elimination would cause homeowners to lose a significant portion of their wealth. Homeowners today pay 80% to 90% of all income tax.
Harmony Office 2803 E. Harmony Road Fort Collins, CO 80528 970.229.0700
Horsetooth Office 375 E. Horsetooth Road Fort Collins, CO 80525 970.223.0700
Mulberry Office 401 W. Mulberry Street Fort Collins, CO 80521 970.221.0700
Greeley Office 3257 W. 20th Street Greeley, CO 80634 970.392.0700
At an event held in their honor, families enjoy breakfast while the children visit with Santa. Those receiving shiny new bikes and a lock and helmet come forward to receive their gift. Siblings also receive a toy from Santa. It is a fun time for everyone and greatly appreciated by the parents. In 2009, 26 bicycles were purchased and presented to their new owners. Group Realtors are planning this year’s event and it is expected to help many in our community have a wonderful Christmas.
Centerra Office in Loveland 5401 Stone Creek Circle Loveland, CO 80538 970.613.0700
Loveland Office 1401 W. 29th Street Loveland, CO 80538 970.663.0700
Information herein deemed reliable but not guaranteed. Some properties may be under contract. Please call for availability.
www.thegroupinc.com
| 15