We’re better than Minneapolis!

While trolling some of the blogs, I came across an article on Behind the Mortgage regarding home prices slumping in Minneapolis and St. Paul during the last quarter in 2006. The article summarizes a CNN article and includes a graphic where Minneapolis/St. Paul is circled to show that their market isn’t so bad.

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The graphic caught my eye because ’s market is better than Minneapolis (albeit slightly better). At least we have bragging rights for now.

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Why are there 28 days in February?

Occasionally my mind entertains the oddest questions, some relevant to mortgages, some not so relevant such as:

  1. Why can’t the feds just make rates a flat based on the program you want and the you have?
  2. Why do some people shop for a to get the lowest rate yet pay a 20% interest on their credit cards?
  3. Why do people think they deserve to own a home when they’ve never paid any bill on time?
  4. Is living in the suburbs really a better environment for children?
  5. Why does the World Series of Poker still have Milwaukee’s Best as a sponsor?
  6. Why didn’t they have all the Marvel movies like Spiderman, the Hulk, Fantastic Four when I was a kid?
  7. Why are college coaches the highest paid state employees when they’re the biggest liars (think Nick Saban) on campus?
  8. Why are there only 28 days in February?

Little did I know Slate actually has answered one of questions in 28 Days? Why February Gets the Shaft.

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All proceeds benefit someone else

Here’s the concept:

  1. Buy a bungalow in the Observatory Park area of
  2. Scrape the aforementioned bungalow
  3. Build a million dollar home
  4. Sell the aforementioned million dollar home
  5. Have the proceeds of the sale benefit someone else

Here’s the story:

A brand new custom home located at 2511 South Garfield Street with an appraised value of more than $1.15 million will be sold with all the profits going to the University Park Elementary School, the neighborhood elementary school, and the Rise School, a preschool that focuses on the needs of toddlers and preschoolers with developmental disabilities.

Here’s the house:

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Home builder won 11 of 12 1st Place awards at 2006 Parade of Homes. Custom 4 bedroom 4.5 bath home that includes Brazilian cherry floors, cherry cabinets and wainscoting, Sub Zero and Wolf appliances, custom built ins, over sized 2 car garage and more. On quiet street with no through traffic.

Here’s the contact info:

The open house is slated for March 10th, for more information contact Jonathan Power 303.994.8930

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Links: Weekend Highlights

Here are some of the newsworthy stories from the newspapers:

  • The Post has some tips for people looking to buy New Homes. The most important tip is to visit the home early and often during the home building process.
  • Step one, require registration for brokers. Step two, require licensing for mortgage brokers.
  • The location of the 2007 Parade of Homes will be the Lakehouse at Southshore in Aurora. Odd name for a community in the area considering there are no lakes and there are no shores.
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Top Five Fridays - Spike Lee Joints

During the 80’s Spike Lee gained attention as “Mars Blackmon” a pitchman for Air Jordan sneakers. At the time Spike Lee was an up and coming director as well. I’ve always been a huge fan of Spike Lee joints (that’s what he calls his movies) so here are my top five:

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  1. Do The Right Thing: Bed-Stuy (Brooklyn) is the setting for this racially charged movie. With a Sountrack laden with Public Enemy rhymes, you knew it was going to be explosive.
  2. Malcolm X: You’ve been bamboozled. You’ve been hoodwinked. You’ve been had. You’ve been led astray. While the book was significantly better, the movie is quite good.
  3. Inside Man: Last year I had to do a double take when I found out that his crime thriller was directed by Spike Lee.
  4. He Got Game: Ray Allen, the NBA player, stars as Jesus Shuttlesworth. Basketball is the only bond between a father and son or is it?
  5. Jungle Fever: Forget the story line. Samuel L. Jackson plays a crack addict named Gator. When asked what he did to the television, Gator responds, “I smoked it!”
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It’s about fricking time!

695531_golf.jpgGOLF IS HERE! From the Rocky Mountain News:

With snow forecast for this weekend, it might be a good time to slip out today or tomorrow to play several of ’s municipal golf courses that have opened after being closed since the Dec. 19 snows began.

City Park and Overland Golf Courses are open for 18-hole and nine-hole play; Willis Case is open for nine-hole play.

Driving ranges are open at City Park, Kennedy, Overland and Wellshire, and the golf shops at all facilities are open for business.

Off-season rates are $23 for 18 holes and $13 for nine holes Monday through Friday; $27 for 18 holes and $15 for nine holes Saturday and Sunday.

Reservations can be made by calling 303-784-4000 or on the Web site at www.denvergov.org/golf .

Reservation cards are available for $10 at City Park, Wellshire, and Willis Case. With a reservation card, residents can make seven-day advanced reservations and non-residents may make five-day advanced reservations.

Next-day advanced reservations are available to anyone.

Of the 3 courses that are open (Willis Case, Overland, and City Park) my favorite would have to be Overland. It’s close to where I live. I’ve never had a problem getting a tee time. It’s a short course with wide open fairways and few trees, so it’s quite forgiving. Last but not least, the club house serves cold beer!

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Band aid lenders go broke

Yesterday, ZERO DOWN LENDERS FOLDING was emblazoned on the front page of the Post.

bandaid.jpgThe article discusses in detail how lenders are going out of business. The model suprime lenders use is usually the same across the board. Typically they offer 2 or 3 year adjustable mortgages. Once the borrower has a two year history of paying a they usually to another loan. Hence the term band aid loans or band aid lenders. These lenders are going broke and now it’s front page news.

About two dozen of the largest lenders across the country - some with offices and customers in - have gone under or stopped making loans since December….

Subprime lenders are typically viewed as options to poor credit borrowers as well as borrowers with collections, bankruptcy, or foreclosures. However, they cater to more than that:

  1. If a borrower has great credit but no assets, they may be a borrower.
  2. If a borrower has poor credit and a multitude of assets, they may be a borrower.
  3. If a borrower is buying their first home but doesn’t have the income necessary to qualify for a loan, they may be a borrower.
  4. If a borrower has more than one late payment on a , they may be a borrower.
  5. If a borrower is buying a home and renting a room to a friend, they may be a borrower.
  6. If a borrower… well you get the point. The scenarios are endless.
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Top Five Fridays - Actors who would play me in a movie

I’m not famous. However, if I was famous, here are the five actors I would want to play me in a movie:

  1. Jared Leto: No, we’re not related. We don’t even pronounce our names the same way but he’s about the same age as me, same build, and the same surname. However, he’s not nearly as handsome.
  2. Ed Norton: By far the best actor of Generation X. He was terrific in American History X.
  3. Matt Damon: The second best actor of Generation X. Too bad he’s from Boston.
  4. Lou Diamond Phillips: The one guy I’ve been told over and over and over that I look like.
  5. Samuel L. Jackson: Sure Samuel Leroy Jackson is almost 60 and he’s not the same skin tone as me but he’s one bad mofo.
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Allard and Clinton spells doom

Would you ever go to your bank to get pre-approved for a AND while you’re there, hire a real estate agent to help you find a house?

The answer is you’ll never have that opportunity.

According to Realtown Wayne Allard, the Republican Senator from and Hillary Clinton, the Whitewater Wonder, teamed up to co-sponsor a bill that would deny banks from having real estate brokerages. The bill was created to “ensure the nation’s industry remains competitive.”

So let me get this straight, banks can’t have real estate brokerages but brokerages can own companies. Sounds like a competitive edge to brokerages.

Personally I would never go to my bank to get a mortgage. They’re really good at charging me fees for just about every service they offer and they’re even better at giving me ridiculously low savings account interest rates. Moreover, banks offer retail mortgage rates rather than wholesale. So if I wouldn’t get a from my bank, why would I get from them as well.

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NASCAR is coming to Denver…. maybe

NASCAR is coming to Denver…. maybe. A race track may be built near DIA in Adams County.

International Speedway Corp. announced plans this morning to build a major motorsports speedway in Adams County near International Airport.

Sites under consideration include approximately 1,300 acres in Aurora off I-70 near the Watkins exit, directly south of the Front Range Airport and approximately 1,300 acres in Commerce City between the 88th Avenue overpass and 96th Avenue exit on E-470, extending one mile west to Tower Road and one mile east to Piccadilly Road.

A NASCAR event could be held at the racetrack. ISC is a publicly traded company that promotes of more than 100 racing events annually, including the NASCAR NEXTEL Cup Series Daytona 500.

I’ve only had one experience with NASCAR. My wife and I were traveling to Charlotte, North Carolina on Memorial Day weekend a few years back and we were stuck in NASCAR traffic. Apparently there was a huge race going on that weekend. I’ve been in really bad traffic in NY, DC, and LA. The traffic that weekend was much worse.

Oh wait, I’ve had two experiences with NASCAR. I watched Talladega Nights, the Legend of Ricky Bobby.

We lose the International but we gain NASCAR. Who said life was fair.

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