Colorado parks are full and getting fuller. How will the state decide who gets in, and who gets hurt?

 
 

Lake Pueblo hosted 3.4 million last year. Jeffco Open Space estimated 7 million users in 2021. That’s right. 7 million. But efforts to control crowds raise questions of equity and access.

If anybody could work the system and get access to wildly popular open space this summer, you’d think Colorado Parks and Wildlife Commissioner Taishya Adams would have a good shot. 

But there she is, just like everyone else, penciling early March on her planner as the day she can first swing sharp elbows online to get summer group backpacking reservations at Rocky Mountain National Park, not far from her home in Boulder.

“I’ve had it marked in my calendar for six months,” Adams told her fellow commissioners last week. She endorsed a new timed entry proposal for Eldorado Canyon State Park, where overflowing parking lots on weekends back up onto lawns in the little town of Eldorado Springs.

But she added a warning message: Intergenerational families love the big picnic areas at Eldorado and other state parks. They come in more than one car. Managing crowds by managing cars should not shut out diverse uses of state open space. 

“I would hate to see that become a barrier,” Adams said. 

Everyone agrees Colorado’s open spaces are growing alarmingly crowded on popular days. The numbers are startling. 

Visitation at close-in Front Range state parks has doubled or nearly tripled. Sprawling Lake Pueblo had to turn away cars for the first time in 2020, the year it passed 3 million visitors. Jefferson County Open Space does not have gated entry for counting, but believes visitation to its 28 foothills gems passed 7 million last year. 

Staunton State Park near Conifer rocketed from 89,000 in 2015 to 277,000 in 2020. Barr Lake in Brighton, a hit with birders and flatland bikers, went from 119,000 in 2015 to 258,000 in 2020, before settling back a bit with indoor pandemic restrictions easing in 2021. Open space officials expect use to keep climbing rapidly, if not quite as steeply as in the first year of the pandemic. 

A Center for Western Priorities study of reservable camping spaces at federal and local public lands showed more than 95% of sites were taken at peak periods, with an overall 39% increase in summer camping at public spaces. 

And the state parks commission may have just opened the gates on a new flood — the annual Keep Colorado Wild state parks pass will be only $29 in 2023, tacked on to annual car registration with an option to decline it, less than half the current $80 fee for one car.

Open space fans and park managers worry that new layers of control and costs will widen the already large gap between tourists and outdoors enthusiasts with time and income, and those on tight budgets and less access to technology. 

Fees are adding up at every level, Eldorado Canyon hiker Jeff Paquette said.

“So now you have the annual pass for your state, the annual pass for your county, and before you know it, it’s going to be for all open space,” he said. 

The Sierra Club is among those fighting for more open space and recreation opportunities closer to cities, Ostfeld said. By Sierra Club’s definition of “nearby,” 100 million Americans lack easy access to open space. 

“We must be very careful to ensure that the actions of public land managers don’t perpetuate the status quo, with many communities already feeling unwelcome or unsafe in some of our national and more remote parks and public lands,” Ostfeld said. 

Being mindful of everyone’s time and resources is key to designing open space access, Weiss said. 

“One thing we’ve learned from all of this is that any sort of time system where a clock turns over and everyone is mashing a button to try to get in, that is not fair and equitable,” he said. Some space needs to be reserved for lottery or last-minute access for those whose lives can’t revolve around one reservation window.

Colorado leaders say they are aware of all these pitfalls, and will keep working to avoid them. The new $29 state parks pass linked to motor vehicle registration will bring in money to add new parks, experiment with reservations, expand shuttle systems and more, DNR’s Gibbs said. 

He said he still prefers to look at access as a good problem to have. 

“In the long run,” Gibbs said, “we want people to get outdoors. I mean, this is Colorado.”

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How a Local Fund is Helping Black Families Buy Homes

 
 

Studies show that owning a home is less achievable for Black families. The Dearfield Fund for Black Wealth aims to close that gap by providing down payment assistance to Black first-time homebuyers around the Denver area.

Founded by Gary Community Ventures, a Denver-based philanthropic organization, the Dearfield Fund aims to help Black families and individuals buy a home in Denver’s frenzied real estate market. The fund, which was launched in September of 2021, has already helped more than 40 homebuyers purchase a home by giving each as much as $40,000 in down payment assistance. Gary Community Ventures aims to serve more than 450 homebuyers over the next three to five years, and has a 10-year goal to serve 1,000 Black families in Denver.

The Dearfield Fund could be a step in the right direction after years of systemic racism within the real estate landscape. According to the U.S. Census, only 43 percent of Black Americans owned a home by the end of 2021, compared to 74 percent of white Americans. That discrepancy, according to a 2021 study from the Brookings Institution, has its roots in white supremacist practices: Black individuals are more likely to experience discriminatory lending practices, for example, and homes in predominantly Black neighborhoods are more likely to be devalued.

Individual prejudices play a role, too. In 2020, a biracial Denver couple says they faced discrimination when an appraisal company valued their home. When Lorenzo Mitchell, a Black man, was home, the company valued the home at $405,000. When his wife, who is white, stayed home, a different appraisal company valued their home at $550,000.

Often, though, simple access to resources keeps potential homebuyers from finding success in the market. Monica Askew, a Denver-based real estate broker, says that many Black families are able to secure a loan and pay their mortgage, but struggle to find the funds for a down payment, whether that be due to the racial wealth gap or sky-high rent prices.

“What I’m seeing a lot of today, and particularly for people in my community, is that they don’t have upfront money,” says Askew, who is Black. “Sometimes they only need a few thousand dollars to secure a home.”

That’s where the Dearfield Fund comes in. Prospective homeowners may apply for up to $40,000 in down payment assistance, as long as they fit the criteria: They must be first-time buyers, complete a first-time homebuyer course through their lenders, qualify for a conventional mortgage loan with either FirstBank or Elevations Credit Union, and have saved at least three percent of the home value in the range they are looking to buy. Furthermore, their income must be less than 140 percent of the Denver median income (so, because the city’s median income is $43,000 for an individual, the applicant must make less than $103,000, i.e. 140 percent). Gary Community Ventures does not decide how much assistance each family gets. Each family that qualifies will receive the amount of assistance they requested, up to $40,000.

Leadership at Gary Community Ventures believes that initial infusion of cash will ensure qualifying families aren’t held back from owning a home by the racial wealth gap一and then forced into a nasty cycle. “We’ve listened to many Black families who have said that one of the main things standing between them and building wealth is owning a home,” says Santosh Ramdoss, vice president of impact investing at Gary Community Ventures.

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6 Shocking Things Your Home Inspector Won’t Check

 
 

Home inspectors are quite thorough. Before you buy a house, they’ll scrutinize things you never thought to look at in your many walk-throughs, from cracks in stucco to how well the toilet flushes.

 In fact, their checklists include over 1,600 features, all with the goal of helping you decide whether the home is in good enough shape for you to close this deal—or whether you should back out while you can. Given that a basic home inspection costs $300 to $500 but could save you thousands in repairs, that’s a sweet deal!

And yet, home inspectors don’t check everything.

For one, conditions such as moldradon, or asbestos that require laboratory samples or equipment are the stuff of specialty inspections, which cost extra or must be conducted by other specialists.

Here’s what home inspectors conducting a basic search aren’t eyeballing, and what you can do if you want to make sure your prospective new home checks out on all counts.

Electrical outlets behind heavy furniture

For one, basic home inspections evaluate only the stuff these professionals can see or access easily. That means if furniture is blocking certain areas, your home inspector isn’t about to throw out his back to lug it aside.

“I’ve had china cabinets in front of an electrical panel, and there’s no way we’re going to move that stuff,” says Frank Lesh, executive director of the American Society of Home Inspectors, headquartered in Des Plaines, IL. Instead, ask the home seller to move such items in advance so the inspector can do his work without heavy lifting.

Roof

Home inspectors will gamely climb onto your roof and check for missing or warped shingles and make sure flashing and gutters are in good shape. There’s one huge caveat: Your roof should be less than three stories tall and not too steep. If it is, they’ll probably pass. After all, if they fall, it’s a long way down!

“We’ll go up on roofs if it’s safe,” says Lesh. “But if it’s raining or it’s too high, we’re not able to get to it.”

It’s reasonable to worry about the roof, which is a big-ticket item. You can hire a specialized roof inspector for $500 to $750 to examine roofs that a regular inspector will avoid. Some, hoping to get business if they turn up issues, will even inspect it for free; others charge according to location, roof height, and material. If they can’t climb onto roofs, they can perform an infrared inspection that assesses temperature differences along your roof to determine where heat is escaping.

Fireplace and chimney

Home inspectors will typically open and shut dampers to make sure they’re working, and shine a flashlight up the chimney to check for big obstructions like a bird nest. But that’s typically where their inspection ends.

Want more? A fireplace inspector can perform a Level 1 inspection to look for soot and creosote buildup, which could start a chimney fire. This extra inspection will cost about $80 to $200. If the home has experienced an earthquake or major storm, a chimney inspector will perform a Level 2 inspection, which adds visits to the roof, attic, and crawl space to check for damage ($100 to $500).

Ground beneath your home

While home inspectors will thoroughly check the home, the ground beneath it might go largely ignored. So if you’re worried about the land’s structural integrity—or whether it shifts, tilts, or has sinkholes or a high water table—you’ll need to hire a geotechnical or structural engineer.

These professionals test the soil for an array of problems, but it’ll cost you: Basic testing costs $300 to $1,000, and drilling a bore hole for deeper investigations can cost $3,000 to $5,000. That’s a lot to pay for a hunch, so if money is tight, go to PlotScan, a free site that will tell you the history of sinkholes and other natural catastrophes in the vicinity of your home—and help you assess whether more research should be done.

Swimming pool

Basic home inspectors will turn on pool pumps and heaters to make sure they’re working. But inspectors won’t routinely evaluate cracks or dents in the pool. For that, you’ll need a professional pool inspector, who will run pressure tests for plumbing leaks. He’ll also scrutinize pumps, filters, decking surfaces, and safety covers. The cost will hover around $250 or could be free, if you end up hiring the pool company for regular maintenance.

Well and septic system

If your inspector works in areas where wells and septic systems are common, for an extra fee ($150) he might test your well water and check that your septic system is running correctly.  But if most houses he inspects are on public well and water, you’ll have to hire a well inspector.

Well inspectors—typically employed by companies that install or repair such systems—will collect water samples for lab analysis for coliform, arsenic, and other harmful bacteria and chemicals. They will ensure that well parts such as seals, vents, and screens have been properly maintained and that the well and pump can produce enough water. This will cost around $250.

Does the home have a full-on septic system? Then for $100 to $200, a septic system inspector will check your tanks, baffles, and piping; evaluate the inside of septic tanks using a camera to check on concrete conditions; and make sure wastewater is going into the tank, not leaking to the surface.

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Volatile mortgage rates rise to 3.85% amid war, record inflation

 
 

Mortgage rates have been all over the place lately. They rose this week, reflecting the volatility of the U.S. economy brought by inflation and Russia’s war in Ukraine.

The average 30-year-fixed rate mortgage increased to 3.85% for the week ending March 10, up from 3.76% in the previous week, according to the latest Freddie Mac PMMS Mortgage Survey.

A year ago, the 30-year fixed-rate mortgage averaged 3.05%. The PMMS report is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. The survey said buyers paid 0.8 mortgage points on average.

According to Sam Khater, Freddie Mac’s chief economist, over the long-term, rates will continue to rise as inflation, which spiked 7.9% in February, broadens and shortages increasingly impact many segments of the economy. “However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short term,” he said in a statement.

Mortgage rates usually move in concert with the 10-year Treasury yield, which reached 1.94% yesterday, compared to 1.86% on the previous Wednesday. The 15-year-fixed-rate mortgage averaged 3.09% last week, up from 3.01% the week prior. A year ago at this time, it averaged 2.38%.

Economists have said that the war in Ukraine could bring a short-term reduction in mortgage rates, as investors flock to safe haven assets like mortgage-backed securities and bonds. However, longer term inflation brought on by the conflict, mainly via oil prices, will cause mortgage rates to rise

The expectation of higher rates increases borrowers’ appetite for new loans. Mortgage applications jumped 8.5% for the week ending March 4. Compared to the same week one year ago, applications dropped 35.8%, according to the Mortgage Bankers Association (MBA).

Borrowers’ demand for mortgages increased across the board. The MBA‘s seasonally adjusted refi index rose 8.5% from the previous week, with a larger gain in government refinances. Meanwhile, the purchase index was up 8.6% in the same period.

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Two Years Later: How the Pandemic Has Rocked the U.S. Housing Market

 
 

This week marks the two-year anniversary of the coronavirus pandemic, which the World Health Organization officially declared a pandemic on March 11, 2020.

The housing market has changed drastically since then—there are now half as many homes to choose from, and prices have surged 34%, according to a new report from Redfin, the technology-powered real estate brokerage.

Unless otherwise noted, the data in this report represents the four weeks ending March 6, 2022, compared with roughly the same period two years earlier (the four weeks ending March 8, 2020). The records in this report date back to 2017 unless otherwise noted.

Buyers Have Half as Many Homes to Choose From

The number of homes on the market is down 49.9% from two years ago to a record low of roughly 456,000.

Remote work and record-low mortgage rates prompted scores of Americans to move during the pandemic, intensifying a housing shortage that began in the wake of the 2008 financial crisis. With so few homes available to purchase, house hunters have waged fierce bidding wars, causing prices to surge.

Homes Are 34% More Expensive

The median home sale price is $369,125, the highest on record and up 33.6% from $276,225 two years ago. That's a significantly larger jump than the prior two-year period (2018 to 2020), during which home prices grew about 10%.

The Share of Homes Selling for Above the List Price Has Doubled

Homebuyers are now twice as likely to pay above the asking price as they strive to beat out the competition, which is one reason home prices have climbed so high. Nationwide, 46.3% of homes sell for more than the asking price, up from 21.8% two years ago. Some bidders are paying significant premiums to win. Nearly 6,000 homes have sold for $100,000 or more over asking price so far this year, up from 2,241 during the same period last year.

Homes Are Selling Twice as Fast

The typical home sells in 25 days, down from 53 days two years ago. A record 44.7% of homes sell within just one week, compared with 30.8% two years ago.

A Record Share of Homebuyers Face Competition

A record 70% of home offers written by Redfin agents faced bidding wars on a seasonally adjusted basis in January—the most recent month for which Redfin has data. That's up from 33.4% in April 2020, the earliest month in Redfin's records. An offer is considered part of a bidding war if a Redfin agent reported that it received at least one competing bid.

Nearly One-Third of Homebuyers Are Looking to Relocate

A record 32.4% of Redfin.com users nationwide looked to move to a different metro area in January—the most recent period for which data is available. That's up from the previous peak of 31.5% in the first quarter of 2021 and significantly higher than before the pandemic, when about one-quarter of homebuyers were looking to relocate.

The most popular destinations in January were Miami, Phoenix, Tampa, Sacramento and Las Vegas. Relatively affordable, warm metros normally top the list, and have only become more popular during the pandemic as people have left expensive coastal markets in search of lower prices and more space in the Sun Belt. San Francisco, Los Angeles, New York, Seattle and Washington, D.C. were the top metros homebuyers looked to leave in January.

Mortgage Rates Have Returned to Pre-Pandemic Levels After Plummeting to a Record Low

Mortgage rates are back above pre-pandemic levels after hitting an all-time low of 2.65% in January 2021. The average 30-year fixed mortgage rate was 3.76% during the week ending March 3, 2022, according to the latest data from Freddie Mac. That's up from 3.29% two years earlier, when early signs of the pandemic had already started to put downward pressure on mortgage rates. Rates started rising sharply at the end of 2021, though they've dropped slightly in recent weeks as Russia's invasion of Ukraine has shaken global financial markets.

The Second-Home Market Is Booming

Homebuyer demand for second homes was up 87% from pre-pandemic levels in January—the most recent period for which data is available. That's the highest level in a year and just shy of the record 90% gain in September 2020. It's worth noting that preliminary February data suggests second-home demand slowed as mortgage rates jumped.

Interest in second homes surged during the pandemic because many affluent Americans purchased vacation properties to escape crowded, boarded-up cities. Additionally, some Americans bought second homes not as vacation properties, but as full-time residences to live in while they rent out their old homes.

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