- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
Metro Denver's designation as a "declining market" could delay any recovery in the area's long-suffering residential real-estate market, local housing experts said Tuesday.
Some mortgage lenders are designating Denver and surrounding counties, excluding Boulder, as a market where prices are declining, upon instruction from Fannie Mae, which backed 41 percent of the nation's home mortgages in the third quarter.
Fannie Mae is requiring a 5-percentage-point larger down payment on loans made in declining markets starting in the middle of next month.