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Welcome to Your Monthly Newsletter provided by Jessica Lynch, Your Lifelong REALTOR!
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Dear Friend,
Fall is officially here. At last, an end to the summer heat! Time to wrap up those home remodeling projects and plant those bulbs! I find it sometimes difficult to make time during the fall for these last-on-the-list-for-the-year projects. If you also find yourself falling behind on your checklist, try changing your daily schedule, involving the kids or hosting a gardening party. In the cool, crisp, sunny weather of autumn, what better time to enjoy the outdoors! Whether it's painting your house or shed or planting in the garden, relish the sunshine and fresh cool air and the time with family and friends.
I hope you and yours enjoy this month's newsletter and the 2008 fall season to the fullest!
The Very Best of Success and Happiness to You & Yours!
Jessica Lynch, ABR
Your Lifelong REALTOR
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| Home Prices Plummet in a New Record |
National prices fell 15.4% in the past 12 months. Las Vegas was the worst-hit city, while Denver and Boston saw the biggest price increases. Denver and Boston were winners for the month, with home prices climbing 1.5% and 1.2%, respectively. Prices have risen in both markets for three consecutive months.
NEW YORK (www.CNNMoney.com) -- National U.S. home prices feel a record 15.4% in the second quarter compared with last year, according to a report released Tuesday.
The latest S&P/Case-Shiller national home price index is down 18.2% from its peak in the second quarter of 2006, and there are no signs that the pace of home-price declines is easing. The second-quarter loss was even larger than the record 14.2% drop posted in the first three months of 2008.
Both the Case-Shiller 10-city index (down 17%) and 20-city index (down 15.9%) also posted record year-over-year losses in the second quarter.
A small piece of good news: In June the pace of monthly declines slowed ever so slightly compared with May. Prices for the 10-city index declined 16.9% year-over-year and the 20-city index was down 15.8%.
Too much inventory
"While there is no national turnaround in residential real estate prices, it is possible that we are seeing some regions struggling to come back, which has resulted in some moderation in price declines at the national level," said David Blitzer, chairman of the Index Committee at Standard & Poor's, in a statement.
Still, all 20 cities covered by Case-Shiller are in negative territory for the past 12 months, said Mike Larson, a real estate analyst with Weiss Research. "[The moderation] is not good news," he said. "It's just a little less bad."
And with mortgage loans difficult for many home buyers to obtain and foreclosure rates still rising, inventories of homes for sale continue to expand, depressing home prices. There is now an 11.2 month supply of existing homes on the market.
"The inventory problem has not been solved," said Larson.
Peter Schiff, president and chief global strategist at Euro Pacific Capital, said the market is only about halfway to its bottom. In 2005, he predicted the then-coming bust would cut 30% off national home prices.
Losses will continue because there has been no fundamental change in markets, he said. Despite abundant foreclosure sales, inventories are still growing and lending availability is still shrinking.
And, people are not inclined to buy in a falling market. They wait for it to hit bottom. "If prices fall another 20%, that's the time to buy," said Schiff.
Hardest hit
The worst performing city in the index was Las Vegas, where prices plunged 28.6% year-over-year, followed by Miami, down 28.3%, and Phoenix, down 27.9%.
In June, Phoenix prices dropped 2.6% from May, the largest decline of any city in the index.
Denver and Boston were winners for the month, with home prices climbing 1.5% and 1.2%, respectively. Prices have risen in both markets for three consecutive months. Charlotte and Dallas, both up 1%, have recorded four straight months of gains.
The lower-priced homes are posting the biggest price declines, according to Blitzer. One reason: Lending abuses were much more common low-priced homes during the boom.
"There was more speculative lending in inexpensive homes," he said.
He cited San Francisco, where the price of inexpensive homes has fallen more than 40% from the peak, while moderate priced homes were off 30%, and expensive homes fell just over 10%.
"That's a dramatic spread," said Blitzer.
Still, Larson of Weiss Research said he believes that while year-over-year prices will continue to decline, sales of foreclosed homes will help moderate those losses by taking rock-bottom priced homes off of the market.
"Prices have fallen so much that you're starting to see sales improvement," he said. "People are snapping up a lot of distressed properties."
Click here for the entire article and more informative articles from CNNMoney.
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Gardening in September
As the summer winds down to fall, it is time to clean up the garden and plan for next spring. Water trees and shrubs less, allowing them to harden off before winter sets in. Remove spent annuals and compost them. Keep after the weeds and the slugs!
Here are a few gardening tasks and projects that you can do this month to help keep your garden looking it's best for the rest of this season, and prepare for the long cold winter and upcoming spring.
Perennials, annuals, and bulbs
- During the fall months of September, October and November, after soil temperature drops below 60°F., the bulbs of spring flowering tulips, daffodils, hyacinths, Siberian squill, dwarf irises, Anemone, and crocus should be planted. Select healthy, disease free bulbs. Add Bone meal or Bulb fertilizer into the planting hole, as you prepare the soil.
- Winter pansies, flowering Kale, flowering Cabbage, and fall mums may be planted now, to give a little color to the garden when the summers flowers have faded away.
- Scatter the seeds of perennials in a row or in open beds this month so that the young seedlings will be ready to be transplanted into their permanent spot next spring.
- As the weather cools, perennials which have overgrown their space or become crowded should be dug and divided, or moved to a new area of the garden. New or replacement perennials can also be planted this month.
- Tender bulbs should be dug up and stored in a cool, dark area after first frost.
Shrubs and trees
- Fall is a good time to select and plant trees and shrubs. Fall planting encourages good root development, allowing the plants to get established before spring. If weather is dry, provide water up until the ground freezes.
- Stop fertilizing your trees and flowering shrubs to allow this years growth to harden off before winter.
Fruits and veggies
- Harvesting fruits and vegetables is the best part of growing them. As is often the case, you may have produced much more of certain type than your family can consume. Share the abundance of squash and tomatoes with friends and neighbors, and don't forget about your local food bank or second harvest organization! Although most fruits and vegetables are best when eaten fresh on the day they're picked, you can extend the season by freezing, drying, storing, or canning.
- Fruits and vegetables should be checked regularly for ripeness. A little practice and experience will tell you when your produce is at it's peak of flavor, and that is when it should be harvested.
- Plum trees should be pruned right after harvest, to insure a bountiful crop next year.
- Once the tops of onions have withered, the bulbs should be lifted and dried in a warm, dry, sunny location for about 10 days. Then they should be stored in a cool, dark, dry place.
- Some root crops, such as carrots, onions, and parsnips can be left in the ground in cold climates and dug up as needed. Apply enough mulch to keep the ground from freezing, and the crop will be kept fresh until it is needed.
- After you have finished harvesting your summer vegetables, plant a cover crop of clovers, cow peas, soybeans, or vetches for the purpose of plowing under next spring. These nitrogen producing plants will provide good organic matter and food for your garden crops next year, as well as helping to control weeds over the winter.
Lawn
- When the fall rains arrive, fertilize your lawn with a slow-release 3-1-2 ratio fertilizer.
- September is one of the best months of the entire year for seeding or sodding new lawns.
- If the lawn needs thatching, it can be done during the early fall.
- Over seed old lawns with fresh seed to help fill in the bare spots and crowd out weeds and mosses.
House Plants
- Pot up some spring flowering bulbs for indoor color during the winter. Store the pots in a cool, dark place, until new growth emerges from the soil, and then move them to a bright window.
- Begin conditioning your Poinsettias and Christmas cactus to get them ready for the upcoming holiday season. Both of these plants are short day plants. Although they will eventually bloom, if you want the plants in bloom in time for the holidays they must be kept at about 65 to 70 degrees, and subjected to at least six weeks of 14 hours of total darkness per day (mid to late September). This may be accomplished by placing the potted plant in a closet or unlighted room, or by covering the plant with black cloth, black plastic over a frame or a cardboard box.The plant must then be returned to the light each day and given a minimum of 4 hours of direct sun, or 10 hours of bright light. The application of a 0-10-10 fertilizer this month and again next should help encourage the development of flower buds, then feed your plant every 2 weeks with a high nitrogen fertilizer once color has begun to show.
Christmas cactus needs the same general care, with the exception that they require cooler temperatures of about 50 to 60 degrees.
- Continue to watch for insect or disease damage and take the necessary steps to control the problem.
Odds and ends
- Mark your perennials with permanent tags, or create a map showing their locations so you'll know where and what they are when they die back at the end of the season. This will help you to avoid digging up something you intended to keep when you plant bulbs and plants this fall and next spring.
- One last effort at weeding will help to improve the appearance of your garden throughout the winter.
- The birds will soon begin their winter migrations. Give them a helping hand by providing them with some food for their long journey. No one likes to travel on an empty stomach, and you may even persuade a few of them to stick around for the winter, if they know they have a reliable food source!
- Continue to watch for insect, slug and snail, or disease damage throughout the garden, and take the necessary steps to control the problem.
Click here for more great gardening advice from The Gardening Helper online.
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See the Listing Website for full details about this incredible loft in Denver's Ballpark District/LoDo area!
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Jessica Lynch, ABR
Your Lifelong REALTOR
303.870.8395
Helping to Bring You the
Quality of Life You Deserve!
Prudential Colorado Real Estate
Cherry Creek
360 S. Monroe, Suite 500
Denver, CO 80209

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| Jessica's Top Home Picks |
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Please help me sell these wonderful properties:
www.BagFactory8.com ***Contemporary Chic Bag Factory Loft in Ballpark District/LoDo Denver with Stunning Mountain & City Views!*** Walk to Coors Field, Downtown Business District, parks, walking/bike trails, shopping, restaurants, nightlife and much more! City loft living at its finest close to Denver's best hot spots!
MY TOP REO PICKS
Nearly 1.5 acres in north Broomfield. Detached 3 car garage with potential for carriage house. Great opportunity to own a beautiful home and land in a high-growth area!
Large covered front porch, over 2900 of total square feet and a great looking exterior make this home a wonderful find. Short drive or bike ride to Standley Lake!
If you or someone you know has a real estate need, I am always available and more than happy to help! I assist home buyers and sellers daily and would feel privileged to help your or your friends & family!
The Very Best of Success & Happiness To You & Yours!
Jessica Lynch, ABR
Your Lifelong REALTOR
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