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Wells Fargo Upgrades the Metro Area

How about some good news!!

Colorado’s largest mortgage lender is making it easier for homebuyers to borrow money.

Wells Fargo Home Mortgage on Saturday upgraded the status of the Denver metropolitan area’s real-estate market from "distressed" to "stable."

"The fundamentals in the Denver market are changing," said Greg Osborne, regional vice president of the mortgage company. "Inventory is being worked down, and as a result, prices are stabilizing."

There were 24,648 homes on the market last month, a 20 percent drop from August 2007’s 30,827 homes, according to data released last week.

The improved status of the market means consumers can borrow 5 percent more than they previously could, Osborne said.

Fannie Mae and Freddie Mac already removed Denver from their declining-market list several months ago.