As expected, there has been a serious backlash against the EPA about their new lead paint rules. The problem isn't the caution they want builders to take, it's the lack of time given to implement a rule that affects so many people. They should have implemented this over a year or two, in order to allow contractors to get certified and educated on the new law.
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(source: USA Today)

"Builders are challenging a new federal rule that requires contractors be certfied in lead-safe practices if renovating pre-1978 homes.

The National Association of Home Builders filed a lawsuit Thursday against the Environmental Protection Agency for removing the "opt-out" provision in its Lead: Renovation, Repair and Painting (LRRP) rule, which went into effect April 22."

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Here are the statistics for June, single family homes only...

-- Available inventory was at 17,784 units, up 6% compared with May figures and up 13% compared with June 2009
-- Under contract listings are even with May at 3,162 units, down 29% compared to June 2009
-- Sales were down 6% from May  to 3,227 units sold, down 3% compared with June 2009
-- Year-to-Date sales volume was at 16,506 units, up 7% compared with YTD 2009 sales of 15,432 units
-- Average sales price was $299,375, up 10% from May 2010 ($273,285 avg price) and up 6% versus June 2009 ($283,312)
-- Median sales price was $244,000, up 5% compared with May and up 3% from June 2009
-- Average Days on Market (DOM) was at 81 days, a 20% decline from year ago

The trends in the market show us that the market will slow in the 3rd Quarter of this year, in addition to the normal seasonal slow down. Many of the summer and fall buyers bought this spring to take advantage of the tax credit, which may make fall much slower. Although the very low interest rates could help get additional buyers off the fence and into the market. If that happens, I wouldn't anticipate much of a slow down at all.

Historically, a consistent decline in Days on Market points to a better real estate market. The 20% decline in Days on Market may just be a result of the tax credit, but if that trend continues, we should be looking at a solid end to 2010 and an even better 2011.

This is a very thorough and easy to read analysis of the Denver housing market completed by the National Association of Realtors. You can see throughout the study that Denver is ahead of the nation in many areas. Here are some highlights:

-- The Denver area had 1 year appreciation of 16.5% compared to -.5% for the US as a whole.
-- The Denver unemployment rate in March was 8.5% compared to 9.7% nationally.
-- Denver's Monthly Mortgage Payment to Income ratio is 10.8%, compared to 14.4 nationally, making it a more affordable place to live than most markets.
-- The state's total foreclosure rate is about 2.9% compared to about 4.7% nationally.

View the report (pdf)

(source: newsletter from SmarTax and Accounting, 720-744-9958)

Patient's Bill of Rights

New regulations issued June 22nd

On June 22nd the Departments of Labor, Treasury and Health and Human Services issued regulations to implement a new Patient's Bill of Rights as part of the Health Care Reform Act. The goal of the Patient's Bill of Rights is to "Put American consumers back in charge of their health coverage and care." The new Patient's Bill of Rights applies to health coverage issued on or after September 23, 2010.

The major initial provisions include: 

Pre-Existing Condition Exclusions for Children under age 19. Insurance plans can no longer deny coverage to children based upon a pre-existing condition. This limit applies to both specific coverage denials (because of a pre-existing condition) AND banning benefit limits (refusing you a policy). Note: This pre-existing condition right will apply to all Americans beginning in 2014.

	Elimination of Arbitrary Rescission of Coverage. Insurance companies may no longer retroactively cancel your policy when you become sick or because of an "unintentional" mistake on your paperwork. The only exception is if the case involves fraud or intentional misrepresentation of the facts. Note: It is not yet clear who holds the burden of proof on this provision.
	No Lifetime Limits. Effective for all policies issued after September 23, 2010 and those renewing after this date, there can no longer be lifetime limits placed on health care plans.
	Annual Dollar Limits. There is a phase out of annual dollar expenditure limits on health plans over the next three years:     Minimum annual limit Beginning September 23, 2010: $750,000   2011: $1,250,000   2012: $2,000,000 After January 1, 2014: none
	Protect Your Choice of Doctors. Health plan members are able to designate any available participating primary care provider. This includes pediatricians for your children and OB-GYN providers. An important provision in this area is the prohibition of requiring a referral prior to seeing an OB-GYN for care.
	Removing Insurance Barriers to Emergency Services. Insurance providers may no longer place barriers or differentiate payment for using emergency services that are outside a plan's network versus other out of network providers.

The "grandfather" loophole?
Many of the provisions in the new Patient's Bill of Rights have a "grandfather" clause included. The clause means different things in different parts of the Bill, but generally allows for current health plans and insurers to be partially excluded from the Patient's Bill of Rights. What should you do? Ask your employer or health insurance provider if they plan to be fully compliant with your new rights.

The "cost" question.
All these new provisions will logically cost health insurance providers more money. The statisticians are estimating up to 1% in added cost will be incurred with these changes. There is also hope that by providing more appropriate coverage for more Americans that overall health costs can go down. Unfortunately, no one is really sure what the true financial impact will be.

If interested in more information please review the "Fact Sheet" at www.healthreform.gov. This website will also provide ongoing updates as the Health Care Reform Act is implemented.

(source: Denver Business Journal)

"The Denver City Council late Monday (June 21st) unanimously adopted the city's first new zoning code in more than 50 years.

The council bill that will place the new zoning code into law, passed 13-0, next goes to Denver Mayor John Hickenlooper for action. If Hickenlooper signs the bill, as expected, it will be published by the city clerk and take effect.

During a lengthy public hearing before the 9 p.m. vote, several speakers as well as council members expressed mixed feelings about the new code, saying it's not perfect and will need tweaking over time."

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Check out the new code here