On September 16, 2013, the Colorado Office of Emergency Management released its initial estimate of the number of homes damaged by the recent flooding. Officials estimate that the flooding damaged 17,494 homes and destroyed another 1,502 homes. The damage will undoubtedly affect potential home sales and, it will be critical that consumers and their REALTORS® understand the complexities and legal...
As Colorado is in the midst of experiencing one of the worst floods since 1976 it is important for Colorado REALTORS® to stay updated on the National Flood Insurance Program and the changes in the federal subsidy of flood insurance. Those changes will result in increases in the premiums charged for flood insurance coverage. That means that a buyer who...
The National Association of REALTORS® President calls the New Qualified Residential Mortgage (QRM) rule a “victory for all homebuyers and the future of homeownership in the country!” This new rule gives creditworthy consumers access to safe and affordable loan products while also protecting them from dishonest lending practices. The following is a statement by the National Association of REALTORS® President Gary Thomas about...
As Congress continues to work on major tax reform, NAR is asking all proponents of "homeownership" to take a brief moment and answer the latest Call for Action now! This Call for Action defends provisions affecting residential, investment, and commercial real estate. Help NAR and CAR ensure that tax provisions from the mortgage interest deduction to the capital gains exemption on a primary residence are defended. Respond to...
A bipartisan group of Senators introduced the Corker-Warner bill (S.1217) on Tuesday. This legislation is comprehensive, bipartisan and detailed beyond what we’ve seen so far. It would remake the role of the federal government in mortgage finance. As you know, Fannie Mae and Freddie Mac play a key role in the secondary mortgage market, which is crucial in providing capital for...
Did you miss the webcast on critical issues that impacted the Colorado's real estate industry this year now the 2013 legislative session is adjourned? Listen to the latest webcast and get a glimpse of how hard your volunteer members and CAR staff work every day promoting home ownership and protecting REALTOR interests at our State Capitol. View the Legistlative Reveiw webcast now....
CAR took a neutral position on HB-1225 Concerning the Homeowner's Insurance Reform Act- HB-1225 during the 2013 Legistlative session. This bill creates the "Homeowner's Insurance Reform Act of 2013" and makes a number of changes to the regulation of homeowner's insurance primarily for single-family homes used as a primary residence by the owner. It requires insurers to provide to homeowners's insurance...
HB12-1307 attempts to address issues created by the Colorado Supreme Court decision in Sender v. Cygan. In Sender, the Court held that the absence of a legal description rendered a deed defective, or invalid, upon its recording. This legislation clarifies that a failure to include a legal description on a document does not, in and of itself, necessarily render that...
CAR Moves to Support Development Permit Approval Process Bill SB13-258, Concerning Stages in Development Permit Approval Process, by Senator Mary Hodge (D-Brighton) and Representative Dominick Moreno (D-Commerce City) was reviewed by LPC again this week. Under current law, a local government may not approve an application for a development permit unless it determines that the applicant has satisfactorily demonstrated that the proposed...
CAR Neutral on Bill Regarding Permit Process SB13-258, Concerning Stages in Development Permit Approval Process, by Senator Mary Hodge (D-Brighton) and Representative Dominick Moreno (D-Commerce City) was reviewed by LPC last week in Vail. Under current law, a local government may not approve an application for a development permit unless it determines that the applicant has satisfactorily demonstrated that the proposed water...