Colorado Division of Housing News
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$8,000 tax credit may be non-event for Denver apartments: (11/5/2009) The overall vacancy rate for Denver-area apartments made a huge and unexpected drop in the third quarter from the second quarter, as I reported in a previous blog. ⿿The conventional thinking was that with the vacancy rate at 9 percent in the second quarter, and with the high unemployment and jobless rates, and the tax credits (for first-time home buyers), that rates would continue to go up, Gordon Von Stroh, the University of Denver business professor who completed the third-quarter vacancy and rent survey told me this morning. The survey is sponsored by the Apartment Association of Metro Denver, Apartment Realty Advisors, the Colorado Housing and Finance Authority, the Colorado Division of Housing, D.A. Davidson & Co., Orion Real Estate Services, and Pierce-Eislen. Go to article (inside real estate news ).
Colorado Realtors Push Tax Credit Extension: (11/5/2009) DENVER, CO (KUNC) - More than six thousand Coloradans have taken advantage of the first time home buyers tax credit. And local realtors are joining the chorus asking Congress to extend the first time homebuyers tax credit. It's set to expire at the end of the month. Congress could do that as early as today. Go to article (KUNC).
County breaks foreclosure record: (11/5/2009) El Paso County has broken its foreclosure record. Public Trustee Tom Mowle said this morning that 4,603 foreclosure starts have been reported, surpassing last year⿿s total of 4,602 - and there are still two months left in the year. Go to article (Colorado Springs Business Journal).
Denver-area apartment vacancy rates fall; experts warn against calling it a trend: (11/5/2009) Denver-area real estate experts were happily surprised that a new report shows local apartment vacancy rates fell in the third quarter from the second period for the first time in the last 21 months, largely because of a decrease in local unemployment. But they also know that one quarter⿿s improvement isn⿿t necessarily a trend. Go to article (denver business journal).
Metro Denver apartment-vacancy rate falls for first time in seven quarters: (11/5/2009) The apartment-vacancy rate for metro Denver fell to 7.4 percent during the third quarter, marking the first time it has fallen in seven quarters, according to a report released Wednesday. The vacancy rate is at its lowest level since the third quarter of last year, when it was 6.5 percent, according to the survey by the Apartment Association of Metro Denver and the Department of Local Affairs Division of Housing. In general, a vacancy rate of 5 percent is considered equilibrium. Go to article (denver post).
Colorado mortgage rate at 4.82%; loan applications rise: (11/4/2009) Mortgage applications rose for the first time in four weeks as the average interest rate in Colorado and nationwide fell below 5 percent, according to the Mortgage Bankers Association. Go to article (denver business journal).
Commerical Real Estate Taking a Hit : (11/4/2009) See video coverage on 9News - Go to article (9news).
Denver-area apartment vacancies fall in 3rd quarter: (11/4/2009) Falling for the first time in 21 months, apartment vacancy rates fell in the Denver Metro to 7.4 percent during the third quarter. Vacancy rates hit 9 percent during the second quarter, the culmination of six quarters of consecutive rate increases, according to a report released late Tuesday by the Apartment Association of Metro Denver and the Department of Local Affairs ⿿ Division of Housing. That is a 17.7 percent quarter-to-quarter drop. It also is the largest drop in vacancy rates from the second to third quarter since at least 2001. Vacancy rates are now at the lowest rate since the third quarter of last year, when they stood at 6.5 percent. In other words, vacancy rates are still 13.85 percent higher than they were a year ago. Go to article (inside real estate news ).
Developer surrenders in theft case.: (11/4/2009) Colorado real-estate developer Erik Osborn surrendered to authorities last week after being indicted for theft, the Denver district attorney's office said. Osborn surrendered and was arrested Oct. 27, said Lynn Kimbrough, spokeswoman for the Denver district attorney's office. He is scheduled to be arraigned Dec. 7. A Denver grand jury indicted Osborn, charging him with one count of theft in connection with a downtown condo project. The indictment, issued Oct. 21, alleges that Osborn diverted money from a development project at 1800 Glenarm Place controlled by capital-funds manager Michelle Brokaw. Go to article (denver post).
Watts to lead CU Real Estate Center: (11/4/2009) Susan Watts has been named executive director of the University of Colorado Real Estate Center at CU Boulder⿿s Leeds School of Business. Watts succeeds Byron Koste, founder of the 12-year-old center, which offers an academic real-estate program from undergraduate and graduate business students. Go to article (denver business journal).
Bought-out banks disappear from Colorado landscape: (11/3/2009) Washington Mutual and Wachovia entered Colorado's hotly contested banking market earlier this decade with guns blazing. As of this month, the two will exit the market in a more circumspect way ⿿ boots up. Go to article (denver post).
Hotline helps homeowners avoid foreclosure: (11/3/2009) The Colorado Foreclosure Hotline has helped 13,000 Colorado homeowners avoid foreclosure in that time. "We had no idea what to expect when the hotline began but we've seen the Colorado Foreclosure Hotline successfully help homeowners since the day the phone lines opened," Hotline Manager Stephanie Riggi said. Go to article (9news).
Local home building improves in October: (11/3/2009) The pace of home building improved in the Colorado Springs area last month, while foreclosure filings might be leveling off, two new reports suggest. Good news for the housing market? Not so fast, industry officials say: Building activity: El Paso County single-family home building permits totaled 105 in October, a 52.2 percent jump over the same month last year, according to the Pikes Peak Regional Building Department. October⿿s permit total is compared against a particularly bad month in October 2008, when just 69 single-family home building permits were pulled ⿿ one of the lowest monthly totals in many years. Go to article (Colorado Springs Gazette).
Real Estate Price Plunge Makes U.S. Homeownership Perilous Path : (11/3/2009) Nov. 3 (Bloomberg) -- Kajal and Vishal Dharod paid $559,000 in 2006 for a new four-bedroom house built in Rancho Cucamonga, California. Today, it⿿s worth about $360,000. ⿿We don⿿t know how we can come back from a loss like that, said Kajal Dharod, 29, a first-time homeowner with a $4,200-a-month mortgage. ⿿Buying the house was a mistake. Go to article (bloomberg).
School housing project gets boost from Garfield County: (11/3/2009) GLENWOOD SPRINGS, Colorado ⿿ Local school officials got what they needed from Garfield County this week, when the Board of County Commissioners agreed to kick in nearly $1 million toward an affordable housing project in Carbondale. The project, which is to surround two former school buildings at the south end of town, is primarily to house teachers, although employees of the town and the county will be eligible, too. Go to article (Glenwood Springs Post Ind ).
Thompson annexation decision expected at Carbondale trustees: (11/3/2009) CARBONDALE, Colorado ⿿ Town planning staff is recommending approval of the proposed 10.2-acre Thompson Park annexation and zoning for up to 85 residential units. Go to article (Glenwood Springs Post Ind ).
AP analysis: Hardest-hit areas recovering slowly: (11/2/2009) Since the start of 2009, 12 states have improved their Stress scores: Alaska, Arkansas, Colorado, Indiana, Maine, Minnesota, Mississippi, Montana, Nebraska, North Dakota, South Dakota and Vermont. Go to article (AP).
Bank regulators encouraging commercial real estate workouts: (11/2/2009) Federal bank regulators are urging lenders to modify souring commercial real estate loans, which are of growing concern to bankers and examiners and a mounting threat to the industry. Go to article (denver business journal).
Boulder affordable-homes project gets low-income tax credit: (11/2/2009) Boulder Housing Partners has received a low-income-housing tax credit that will bring about $8.8 million in equity to its Red Oak Park project. The project, at 2637 Valmont Road, will replace Boulder Mobile Manor, a 60-year-old mobile-home park, with 59 affordable units, including single-family homes, duplexes and triplexes. Go to article (denver post).
Construction Spending in U.S. Rose 0.8%, Biggest Gain in a Year : (11/2/2009) Nov. 2 (Bloomberg) -- Spending on U.S. construction unexpectedly rose in September as residential builders rushed to finish projects in anticipation of a possible end to the first- time home-buyers tax credit. The 0.8 percent increase, the biggest since September 2008, followed a revised 0.1 percent drop in August that was previously reported as a 0.8 percent gain, Commerce Department figures today showed. Spending on residential and government projects climbed, while outlays on private commercial construction slumped for a fifth consecutive month. Go to article (bloomberg).
Employer-Assisted Housing seeking participants: (11/2/2009) Loveland Realtor Kurt Albers says his favorite clients are first-time homebuyers. He especially likes the calls he gets after they receive their house keys. ⿿It dawns on them, ⿿This is mine,⿿ said Albers, broker associate with Century 21 Humpal Inc. and president of the Loveland-Berthoud Association of Realtors. Go to article (Loveland Reporter-Herald).
New Jobs Coming to Colorado Springs: (11/2/2009) COLORADO SPRINGS - Alliance Financial Partners is a mortgage bank that is moving its U.S. headquarters to Colorado Springs. That means 15 new jobs will open in the next year. Alliance is a Federal Housing Authority/Veterans Administration approved lender with annual sales of about $112 million. Go to article (KRDO).
Colorado AG files complaint against mortgage firm.: (10/30/2009) The Colorado attorney general's consumer-protection unit has filed a complaint against a Colorado Springs-based mortgage company and its top employees, claiming they engaged in deceptive practices. According to the complaint, filed in Fremont County District Court, Alternative Lending loan originator April A. Bigler, 29, of Pueblo West regularly engaged in deceptive trade practices, including misrepresenting loans' interest rates, quoting monthly mortgage payments to consumers that did not include taxes and insurance costs, and delaying closings to pressure consumers into signing a mortgage. Go to article (denver post).
Denver fares better than nation in home resale prices: (10/30/2009) Denver-area home resale prices dropped in August year over year, but were down far less than the national average, according to a First American CoreLogic Inc. report released Thursday. According to First American⿿s LoanPerformance Home Price Index (HPI), metro Denver⿿s average home-resale price ⿿ including sales of distressed homes such as foreclosures and short sales ⿿ decreased 1.44 percent in August from the same month of 2008. Go to article (denver business journal).
Despite NAR's Optimism Housing Data Not Encouraging: (10/30/2009) "Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months," the NAR said. The number of sales of foreclosed properties in September was 29%, near the level around 30% seen for the past several months. The current data is at a rate around 1.5 million foreclosed and distressed-home sales per year. Go to article (NuWire Investor ).
Frascona: Carbon Monoxide detector rule doesn't stink, but be careful: (10/30/2009) There is no need to panic over carbon monoxide detector rules. Colorado state law requires that the monitors be in the property, but there is no prohibition upon the buyer and seller agreeing to sell without them being in the property. None. If you want to make sure that they are included then insert in additional provisions "Seller shall, in addition to all other personal property, insure that the Property includes ___ working carbon monoxide detectors". Go to article (inside real estate news ).
Shutdown of New Frontier Bank raises oversight concerns: (10/30/2009) The fact that government regulators detected danger signs in Greeley-based New Frontier Bank's financial practices years before they shut it down exposes broader issues about whether the oversight system is tough enough. In recent years, records show, government watchdog agencies have raised questions about whether federal regulators have intervened too late to save banks or stem their cleanup costs. Go to article (denver post).
AIMCO exec to resign at year's end: (10/29/2009) David Robertson, co-president at Apartment Investment & Management Co. (AIMCO) of Denver since early this year, will resign from that and other positions with the company as of Dec. 31 to ⿿seek opportunity as a CEO, the company said Wednesday. Go to article (denver business journal).
Colorado Springs shelter opens space for more in face of cold, snow: (10/29/2009) COLORADO SPRINGS, Colo. (AP) ⿿ A Colorado Springs homeless shelter is invoking its cold-weather policy: people who have been kicked out for breaking the rules can return. The R.J Montgomery New Hope Center run by the Salvation Army is the city's only overnight emergency housing for men, women and children. The shelter has rules to protect the staff and people staying there and will ask people who violate them to leave. Go to article (fox31).
Denver housing score well for price changes, foreclosures: (10/29/2009) The Denver-area housing market finished as the third best in two metrics for judging the health of 28 metropolitan by the Wall Street Journal. Denver performed best in the rankings in the third-quarter report, titled Waiting for the Next McMansion to Drop, in the categories measuring the price change for the median price of a home at the end of September and the number of delinquencies and foreclosures. The S&P/Case-Shiller report released on Tuesday, also brought good news to the market, ranking Denver as No. 2 in August of the 20 cities it tracks. Go to article (inside real estate news ).
Interactive foreclosure map : (10/29/2009) click to see a time lapse of national foreclosures Go to article (MSNBC).
Senators agree to extend homebuyer tax credit: (10/29/2009) WASHINGTON - Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. Go to article (MSNBC).
Stack leaves CB Richard Ellis, forms own firm: (10/29/2009) Wednesday was Craig Stack⿿s last day as a first vice president at CB Richard Ellis Group Inc.⿿s Denver operation, one of the metro area⿿s largest commercial real estate companies. He decided now is the time to start his own commercial real estate company, Denver Group LLC, Stack said in an Oct. 28 news release. Go to article (denver business journal).
Colorado no longer foreclosure poster boy: (10/28/2009) Three years ago, Denver and Colorado were the poster boys for foreclosures. Realtors, analysts and politicians dreaded RealtyTrac⿿s rankings of foreclosure rates, because Greeley, Denver and other places were sure to be at the top of the list. ⿿I remember you and I used to talk back in those days, and it was always more bad news, said Patty Silverstein, chief economist for the Metro Denver Economic Development Corp. and principal of Development Research Partners In Littleton. Go to article (inside real estate news ).
Denver home prices rise for sixth straight month: (10/28/2009) Denver-area home prices rose for the sixth consecutive month in August but were still lower than the same period a year ago. Area housing prices were up 1 percent compared with July but down 1.9 percent compared with August last year, according to the Standard & Poor's/Case-Shiller home-price index. Go to article (denver post).
Denver homes appreciate 30% from 2000: (10/28/2009) Single-family homes in the Denver area, overall, appreciated 30.07 percent from January 2000 to the end of August 2009, according to the S&P/Case-Shiller Home Price Indices released today. That trails the overall composite percentage gain of 46 percent for the 20 markets tracked in the closely watched index. Denver-area homes slightly appreciated more than the inflation rate from 2000 to 2009 of about 25.4 percent. During the same period, the S&P 500 stock index fell about 13 percent, while gold rose about 250 percent. Of course, beyond being investments, homes also provide a place to live. Also, Uncle Sam provides a tax benefit to owning homes and they tend to be highly leveraged compared to other investments, so it is not easy to make an apples to apples comparison with other investment vehicles. Go to article (inside real estate news ).
Foreclosure filings drop in Denver area: (10/28/2009) Foreclosure filings in the Denver metro area fell nearly 1.6 percent in the third quarter from the same period a year ago, according to data from RealtyTrac Inc. Go to article (denver business journal).
Foreclosure plague: It's spreading: (10/28/2009) The foreclosure plague rocked McAllen, Texas, during the third quarter. In fact, it showed the fastest growth rate of any city in the country compared to the second quarter. Located in one of the poorest sections of the country -- in the Rio Grande Valley, five hours south of San Antonio -- it is a classic border town. It relies heavily on trade with Mexico, with 35% of its retail market coming from Mexican nationals coming to shop and dine, and unemployment is high. The area's rate now stands at 11.4%, compared with Texas' overall 8.2%. Go to article (CNN Money).
Surprise drop in new home sales: (10/28/2009) NEW YORK (CNNMoney.com) -- Sales of newly built homes fell unexpectedly in September after rising for five straight months, according to government figures released Wednesday. The Commerce Department said new home sales fell 3.6% to a seasonally-adjusted annual rate of 402,000 last month, from a downwardly revised rate of 417,000 in August. It was the first time new home sales declined since March. Go to article (CNN Money).
Colorado Foreclosure Hotline 3 Years Old: (10/27/2009) The Colorado Foreclosure Hotline is three-years-old this month. The hotline received more than 3,000 calls its first month in October 2006. Since thenn, call volume has soared above 85,000 calls, averaging anywhere between 2,000 to 4,000 calls per month. ⿿We had no idea what to expect when the Hotline began, said Stephanie Riggi, the Hotline⿿s manager. Riggi was a key player in the founding of the Colorado Foreclosure Hotline. ⿿But we⿿ve seen the Colorado Foreclosure Hotline successfully help homeowners since the day the phone lines opened. The Colorado Foreclosure Hotline is a toll-free number that networks 27 HUD-approved housing counseling agencies across the state. Homeowners concerned about losing their home to foreclosure who call the toll-free number are routed to the agency nearest their property by entering their Zip Code. Go to article (inside real estate news ).
Meritage Homes 3Q Loss Narrows On Fewer Charges; Orders Jump: (10/27/2009) Meritage Homes Corp.'s (MTH) third-quarter loss narrowed on fewer charges as the home builder also reported its lowest cancellation rate in more than four years and higher orders. The company builds homes in six states, including Nevada, California and Florida, which were among the hardest hit by the bursting housing bubble. In response, the company has lowered prices and offered smaller homes with less square footage. That move might be well timed, as the Federal Reserve noted earlier this month the pickup in real estate is concentrated in low- and middle-price homes. Go to article (Wall Street Journal ).
NAIOP speakers: Housing market in slow recovery: (10/27/2009) The country has come through the worst of the recession. However, the pain is not over yet. That⿿s according to Bernard M. Markstein III, vice president of forecasting and analysis for the National Association of Home Builders. He spoke at the monthly meeting of NAIOP Commercial Real Estate Development Association. Go to article (denver business journal).
Thirty-Year Fixed Mortgage Rates Continue to Decline; Most State Rates Now Below 5.00%: (10/27/2009) SEATTLE, Oct. 27 /PRNewswire/ -- The weekly average rate borrowers were quoted on Zillow Mortgage Marketplace for 30-year fixed mortgages decreased ten basis points last week to 4.87 percent, down from 4.97 percent the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate Web site Zillow.com®. Rates for 15-year fixed mortgages fell six basis point to 4.32 percent from 4.38 percent, and 5-1 adjustable rate mortgages fell seven basis points to 3.80 percent, from 3.87 percent the week prior. Go to article (Reuters).
U.S.: Cities Use Inclusionary Zoning as Housing Costs Climb: (10/27/2009) As a type of land-use regulation, IZ may sound a bit obscure; however, the idea behind it is really quite simple. When a city or jurisdiction adopts mandatory IZ, it requires any new developments - sometimes with exceptions - to have a certain percentage of affordable units. The term "inclusionary zoning" was meant as a response to suburban zoning policies that have come to be collectively known as "exclusionary zoning". As many middle-to-upper class white families fled the urban core of U.S. cities after World War Two, they formed suburbs that were economically and racially homogenous. Go to article (IPS).
Bank failures stack up: Now 106 for 2009: (10/26/2009) NEW YORK (CNNMoney.com) -- The tally of bank failures easily broke past the No. 100 milestone on Friday night, with regulators announcing the year's 106th closure. That's more than four times the number that were closed in 2008, and the highest total since 1992, when 181 banks failed. Go to article (CNN Money).
Capmark Financial files for bankruptcy: (10/26/2009) NEW YORK (Reuters) -- Commercial real estate company Capmark Financial filed for bankruptcy protection on Sunday, wiping out the investment of several private equity firms including Kohlberg Kravis Roberts & Co. Capmark, which was created in March of 2006 through a leveraged buyout of the commercial real estate assets of General Motors' finance arm GMAC, had said earlier this year that it might file for bankruptcy. Go to article (CNN Money).
Court upholds right of Colorado Division of Real Estate to subpoena bank records: (10/26/2009) A district judge has upheld the Colorado Division of Real Estate's right to subpoena the bank records of loan originators it's investigating. The decision is the result of a lawsuit filed in September against the division by Acclaim Mortgage and its owner, Daniel Gordon. Judge John Madden had dismissed a temporary restraining order against the division but asked it to cease its investigation until a hearing Monday. Go to article (denver post).
Existing-home sales jump 13% in West, 9.4% nationwide: (10/26/2009) First-time homebuyers helped drive up existing home sales nationwide -- and especially in the western states, including Colorado -- according to the latest figures from the National Association of Realtors. Sales of existing homes jumped 9.4 percent, to a seasonally adjusted rate of 5.57 million units in September from 5.1 million units in August. Sales activity is at its highest level in more than two years, according to NAR figures. Go to article (denver business journal).
Growth of medical-marijuana demand fuels Colorado land rush: (10/26/2009) Real estate brokers say that Colorado's medical-marijuana law has sparked a land rush, as entrepreneurs lured by a growing number of licensed users search for properties for growing or selling pot. In a down real estate market, landlords who might otherwise wait for more conventional tenants are snapping at the opportunity presented by medical-marijuana dispensaries, said Darrin Revious, a broker with Shames Makovsky Realty. Go to article (denver post).
Latimer House provides individual and group counseling: (10/26/2009) People who experience domestic violence often believe their children don't see it but kids are impacted from living in a volatile environment, said Karla Kitzman, senior case manger for Hilltop's Latimer House. ⿿The victim is generally emotionally unavailable, for the kids, Kitzman said. Children 12 and under comprised 18 percent of people receiving services from domestic abuse programs in 2008, according to the Colorado Coalition Against Domestic Violence. Nearly half of the people seeking shelter in 2007, were children 17 and under. Go to article (GJ Free Press ).
Vail Bets Recession Over as U.S. Ski Resorts Begin Recovery : (10/26/2009) Oct. 26 (Bloomberg) -- Vail Resorts Inc.⿿s season pass sales rose 13 percent in September as skiers eager for powder prepared to make tracks a year after the financial crisis. Go to article (bloomberg).
http://money.cnn.com/galleries/2009/news/0910/gallery.Obama_modification_update/index.html?section=m: (10/26/2009) Kevin Richmond was elated when he learned in June that he qualified for the Obama administration's loan modification program. The father of five had been struggling since losing his job as a $63,000-a-year accountant at Bank of America in 2006. The only work he could find was as a customer service representative at Wachovia for less than $12 an hour. Go to article (CNN Money).
Congress scrutinizes problems in homebuyer credit: (10/23/2009) WASHINGTON ⿿ The rush to implement a tax credit for first-time homebuyers opened the program up to potential fraud by people who hadn't bought a home or already owned one, Congress was told Thursday. J. Russell George, Treasury inspector general for tax administration, questioned the eligibility of some 100,000 claims out of the 1.5 million who have sought to take advantage of the $8,000 tax credit incorporated in the economic- stimulus package enacted in February. Go to article (denver post).
Fair targets homeowner issues: (10/23/2009) The Larimer County Task Force and the Colorado Foreclosure Hotline are offering a free homeownership fair to answer questions, provide counseling and seek solutions for housing-related issues. Advertisement The fair, from 9 a.m. to 1 p.m. Nov. 14, will be in the First National Bank Building at The Ranch, 5280 Arena Circle, Loveland. Go to article (Ft Collins. Coloradoan ).
Foreclosure to homeless, a new trend: (10/23/2009) NEW YORK, Oct. 19 (UPI) -- Losing a house to foreclosure has become an increasingly prevalent factor at U.S. homeless shelters, a national study revealed. Go to article (UPI).
Grants Available To Weatherize Multi-Family Housing: (10/23/2009) The Governor's Energy Office (GEO) has selected Energy Outreach Colorado (EOC) to provide weatherization services for large, multi-family buildings in Colorado. The project is designed to improve comfort, save energy and reduce utility bills for low-income families. Go to article (7 News).
Home sales rise 9.4 percent in September: (10/23/2009) WASHINGTON - Home resales rose in September to the highest level in more than two years, beating expectations, as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. Go to article (MSNBC).
Take the DOLA Community and Housing Needs Survey: (10/23/2009) The Colorado Department of Local Affairs - Division of Housing is conducting a survey as part of the Division of Housing's Consolidated Plan. Please take a few minutes to complete the survey. The survey results will assist the Division in understanding how different communities view different community and housing priorities. We will depend on responses from representatives from housing, community, and local government organizations to ensure that we have a broad view of housing and community needs and issues in Colorado. The survey will be open until the 27th of October, so please help us by completing the survey at your earliest convenience. The survey can be found online here: Go to article (Take the Survey).
U.S. housing prices decline, but up a bit in Rockies: (10/23/2009) After three straight monthly gains, a government measure of average U.S. housing prices showed a decline nationwide in August, but a slight increase in the mountain states, including Colorado. Go to article (denver business journal).
Colorado mortgage rates rise again: (10/22/2009) Mortgage rates in Colorado climbed again this week as mortgage applications nationwide slipped. Rates for 30-year fixed home mortgages Tuesday averaged 4.94 percent in Colorado, up from an average of 4.91 percent last week and 4.85 percent the week before, Zillow Mortgage Marketplace reported Wedneday. Go to article (denver business journal).
Feds Beige Book: Slight expansion in Colorado regions economy: (10/22/2009) The economy in Colorado and six neighboring states expanded slightly" in September and early October, the U.S. Federal Reserve reported Wednesday in its latest Beige Book survey of the regions business executives. Most of the Feds regional Beige Books nationwide indicated either stabilization or modest improvements in many [business] sectors, ... albeit often from depressed levels. Go to article (denver business journal).
Grants Available To Weatherize Multi-Family Housing: (10/22/2009) The Governor's Energy Office (GEO) has selected Energy Outreach Colorado (EOC) to provide weatherization services for large, multi-family buildings in Colorado. The project is designed to improve comfort, save energy and reduce utility bills for low-income families. EOC's work will help lower the energy costs associated with heating and cooling large apartment buildings by conducting energy audits, upgrading insulation, sealing air leaks and taking other steps to reduce energy consumption. Go to article (7 News).
Highlights from the Fed's latest economic survey: (10/22/2009) WASHINGTON Highlights from the Federal Reserve's survey of economic conditions nationwide. The survey, released Wednesday and known as the Beige Book, is based on information collected from the Fed's 12 regional bank districts. Go to article (AP).
What housing bust?: (10/22/2009) During the past three years, home prices grew in the beer-guzzling heartland and fell in the wine-sipping coastal states. NEW YORK (CNNMoney.com) -- If you're a beef-eating, beer-guzzling, pick-up driving resident of heartland America, there's a good chance you escaped the housing bust. But pesto-chomping, chardonnay-sipping, hybrid-driving city-slickers were probably out of luck. Go to article (CNN Money).
Apartment Rents Decline in U.S. West as Unemployment Increases : (10/21/2009) Oct. 21 (Bloomberg) -- Apartment rents declined throughout the U.S. West and South in the third quarter as rising unemployment made it harder for landlords to raise their rates. The average asking rent fell to $965 from $1,002 a year earlier, said Novato, California-based RealFacts, which surveyed owners of more than 12,600 complexes. The occupancy rate dipped below 92 percent from almost 93 percent a year earlier. Go to article (bloomberg).
Colorado economy does better than U.S. average: (10/21/2009) Over the course of the Great Recession, attention has been paid to the U.S. economy as a whole. However, it is necessary to see what is going on in the local Colorado economy as well. Overall, the Colorado economy is doing better than the national average on several fronts. Its enlightening to spend a little attention on the current situation in the Colorado economy as compared to the U.S. economy. Go to article (Durango Herald).
Housing vouchers available for homeless vets: (10/21/2009) The Grand Junction Housing Authority has been awarded 35 vouchers to provide permanent, supportive housing for homeless veterans. The Department of Housing and Urban Development awarded these VASH vouchers VASH stands for Veterans Affairs Supportive Housing to provide rental assistance specifically targeted to assist homeless vets. Go to article (GJ Free Press ).
Real Estate Leaders Unite to Reduce Foreclosures: (10/21/2009) Denver, CO (Vocus/PRWEB ) October 21, 2009 -- RE/MAX International of Denver, Colorado and HEART Financial Services of Northbrook, Illinois have agreed to work together to help homeowners avoid foreclosure. The real estate franchisor and loan modification leaders have created a unique pre-foreclosure or "Short Sale" strategy that will make it easier for families to sell their homes and avoid the trauma of a foreclosure. Go to article (PR Web).
The bust hits the boomtown that banks built : (10/21/2009) CHARLOTTE, N.C. - A monument to the financial crisis is rising amid this city's thicket of skyscrapers: a gleaming, glass-walled trophy tower that was intended as a fitting headquarters for Wachovia's national banking empire. It will open instead as the headquarters of a regional power company. Wachovia, unable to survive a run of bad decisions, was swallowed by San Francisco-based Wells Fargo during the depths of the crisis last year. Go to article (MSNBC).
Timber Ridge redevelopment in sight: (10/21/2009) VAIL, Colorado The eastern side of Timber Ridge is one step closer to a major redevelopment that would provide almost as many employee housing beds as the entire site has now. The Vail, Colorado, Town Council approved a pre-development agreement Tuesday with Vail Timber Ridge LLC. The agreement gives the developer an exclusive option to redevelop the site the furthest the town has gotten with a potential redevelopment plan since it bought Timber Ridge in 2003. Go to article (vail daily ).
Big banks take your money and run: (10/20/2009) NEW YORK (Fortune) -- A river of cash has flowed into the biggest banks over the past year. But for borrowers, it has been more of a meandering stream. Deposits at the top five bank holding companies soared 29% in the year ended June 30, according to the Federal Deposit Insurance Corp. Go to article (CNN Money).
CHFA to get additional financing: (10/20/2009) The Colorado Housing and Finance Authority will be getting additional help from Uncle Sam to help low-and moderate income home buyers get mortgages and provide more affordable rental housing in the state, under a plan unveiled today by the Obama Administration. Details of the plan such as the amount available to CHFA and groups like it and the exact number of people it could help in Colorado, are not yet known. Go to article (inside real estate news ).
No decision yet on homebuyer credit - Obama official: (10/20/2009) NEW YORK (CNNMoney.com) -- While momentum is building on Capitol Hill to extend the $8,000 first-time homebuyer credit, President Obama's housing secretary said Tuesday the administration has not decided whether to support its expansion. Housing Secretary Shaun Donovan told the Senate Banking Committee that the administration wanted more time to better assess the cost of the credit, which expires on Nov. 30. Go to article (CNN Money).
Obama Admin Unveils New Housing Market Effort : (10/20/2009) WASHINGTON (Dow Jones)--The Obama administration is launching a new effort to bolster the housing market that aims to restore financing to strapped state and local housing finance agencies. Such agencies, known as HFAs, provide low-interest mortgages for low- and moderate-income families and fund the development of affordable rental housing. They have come under strain amid the financial crisis as investors have shunned their debt, forcing the agencies to curtail their activities. HFAs have issued about $4 billion in tax-exempt bonds so far in 2009, down from about $10 billion in 2008 and $16 billion in 2007, according to National Council of State Housing Agencies President Susan Dewey. Go to article (Wall Street Journal ).
U.S. Stocks Retreat as Housing Starts Data Overshadow Earnings : (10/20/2009) Pulte Homes Inc. and Standard Pacific Corp. led builders lower as the Commerce Department report signaled the housing market may slow once government tax incentives expire. Coca-Cola Co. lost 1.2 percent after sales trailed estimates, while Boeing Co. fell 3.6 percent as Morgan Stanley recommended selling the shares. Apple and Caterpillar added at least 3.5 percent. Go to article (bloomberg).
FDIC Failed to Limit Commercial Real-Estate Loans, Reports Show : (10/19/2009) Oct. 19 (Bloomberg) -- The Federal Deposit Insurance Corp. failed to enforce its own guidelines to rein in excessive commercial real estate lending by at least 20 banks that later collapsed, reports by the agencys watchdog show. Go to article (bloomberg).
HUD pours $618,000 into Colorado housing-help programs: (10/19/2009) Colorado housing agencies received a grant from the federal government today to cover the cost of counseling people having trouble dealing with real-estate professionals whether they're purchasing, renting or avoiding foreclosure. U.S. Department of Housing and Urban Development Deputy Secretary Ron Sims, in Colorado for the Housing Colorado Now! Conference in Breckenridge, said the $618,000 will be shared among 22 housing-counseling agencies throughout Colorado. Go to article (denver post).
Lenders recover nearly 60% on foreclosures: (10/19/2009) U.S. lenders recovered almost 60 percent of the loan value for properties that were foreclosed in 2009, according to an analysis by Real Capital Analytics. The New York firm said lenders recovered $1.9 billion on 145 defaulted commercial mortgages totaling $3.2 billion. Go to article (denver business journal).
Oct. 19 (Bloomberg) -- The Federal Deposit Insurance Corp. failed to enforce its own guidelines to r: (10/19/2009) Oct. 18 (Bloomberg) -- Homebuilders and real-estate agents were probably busier in September, and the index of leading indicators increased, adding to evidence the next U.S. expansion has begun, economists said before reports this week. Go to article (bloomberg).
The Group Inc. selects Breckenridge real estate exec as CEO: (10/19/2009) The Group Inc. Real Estate has gone outside Northern Colorado to choose its next president. Eric Thompson, the managing broker of Slifer Smith & Frampton Real Estate in Breckenridge, has been selected to lead the regions largest real estate company. Go to article (Loveland Reporter-Herald).
investors snap up foreclosed Weld County real estate: (10/19/2009) It's not often that Windsor developer Martin Lind puts up a white picket fence or bothers to rehab an unsightly old tree stump into a specialty wood carving. He'll do that and more, though, after buying up four foreclosed properties in downtown Greeley to reap the benefit of a college rental. Until now, the Windsor commercial developer hadn't put much thought into residential rentals after spending years developing and leasing commercial projects throughout northern Colorado. Go to article (Greeley Tribune).
Affordable housing projects future looks dim : (10/16/2009) OLATHE There are two main hurdles, and a race against time, for Colorado Affordable Homes, LLC and its affordable housing project in Olathe. Its got to the point where the headaches exceed what we are trying to do, said Richard Harding, who has been working since May with former Montrose city manager Jim Austin to create Olathe Village. Go to article (Montrose Daily Press ).
Delta Housing Authority receives grant for kitchen rehab: (10/16/2009) Three entities in Colorado have been awarded grants to preserve rural housing. Delta Housing Authority will receive a $20,226.54 grant to rehab and upgrade kitchens at the 10-unit elderly housing project at Grand Manor. "We have such a great property at 321 Grand and the way to keep it nice is to invest in it on an ongoing basis," said Jo Rosenquist, executive director of the Delta Housing Authority. Last year, she said, all the windows were replaced. This grant was written for the rehab/refurbishment of the kitchens at the Rural Development (USDA) senior housing project. "Because there was such a small amount of funding for the entire state - $71,226 - I thought I was probably wasting my time to write for the grant. We were surprised when we found out we had been awarded the grant." Go to article (Delta County Independent).
Long-term Obama loan modifications prove elusive: (10/16/2009) NEW YORK (CNNMoney.com) -- Half a million people are now in trial modifications under the Obama administration's mortgage rescue plan, but getting them permanent help is proving to be difficult. The foreclosure prevention plan, which reduces eligible borrowers' monthly payments to no more than 31% of their pre-tax income, requires homeowners to make three on-time monthly payments before they can receive a permanent modification. Go to article (CNN Money).
RealtyTrac: Colorado foreclosures down in September from previous month: (10/16/2009) Colorado had the ninth-highest foreclosure rate in the nation in September, down from eighth in August, according to RealtyTrac Inc. A total of 6,212 Colorado properties were in foreclosure in September, according to data released by RealtyTrac, an Irvine, Calif.-based marketer of foreclosed properties. That was down 4 percent from August but up 42 percent from September 2008. Go to article (denver business journal).
Vail nears new housing deal: (10/16/2009) VAIL, Colorado Twenty months after the town of Vail began its hunt for potential Timber Ridge redevelopers, one developer has become the front runner Vail Timber Ridge LLC. The town bought Timber Ridge in 2003 in a move to keep affordable housing in place. The town has been trying to find a developer willing to take on the project for affordable housing, a task that has taken a long time. Go to article (vail daily ).
Boom town? Fountain Valley hopes new troops will make it happen: (10/13/2009) Across the bustling little military and retirement community of Fountain, there is anticipation. It has grown for years, since the Army announced in 2005 that neighboring Fort Carson would become the new home of the 4th Infantry Division from Fort Hood, Texas, adding 6,500 soldiers to the region. Go to article (Colorado Springs Gazette).
Commercial real estate to drive US bank failures: (10/13/2009) NEW YORK (Reuters) - The next big headache for banks is likely to be commercial real estate and analysts expect big losses and another wave of bank failures to result. Banks held about $1.7 trillion in commercial real estate loans at the end of September, according to Federal Reserve data, or about 15 percent of their total assets. But to the extent these loans weaken, small banks are likely to be hit the hardest because larger banks are better diversified. Go to article (CNN Money).
County foreclosure filings up: (10/13/2009) Foreclosure filings in Larimer County and across the state increased in September, in part because of statutory changes, according to a new report released Thursday. Advertisement Larimer County recorded more than a 50 percent increase in foreclosure filings year over year for September, according to a monthly metropolitan foreclosure report released by the Colorado Department of Local Affairs- Division of Housing. Go to article (Ft Collins. Coloradoan ).
Foreclosure filings, sales increase in Larimer, Weld in September: (10/13/2009) DENVER - A report issued by the Colorado Division of Housing shows foreclosure activity in Larimer and Weld counties rising sharply in September. Foreclosure filings rose 100 percent in Weld County in September compared to the same month in 2008, with 294 filings in 2009 compared to 147 filings in 2008. Larimer County filings rose 56.2 percent, to 203 in September 2009 from 130 in 2008. Foreclosure sales were up by 19.1 percent in Larimer County and up by 16.9 percent in Weld County. Go to article (Northern Colo Business Report).
Foreclosure sales drop: (10/13/2009) Foreclosure sales at auction in Denver last month dropped 29.3 percent compared to the same time period last year, a statistic that some experts believe is one of several indicators that the local housing market is beginning to stabilize. However, a Realtor who specializes in selling foreclosed property says many leading banks are delaying going into the foreclosure process and that the numbers arent what they seem. There were 294 foreclosure sales in Denver last month, which was 122 fewer than September 2008, according to a report released yesterday by the Department of Local Affairs Division of Housing. We certainly feel that in the housing market, we are seeing many different indicators to suggest that the housing market has reached bottom or, if not, is awfully close, said Patty Silverstein, chief economist for the Metro Denver Economic Development Corp. Go to article (Denver Daily News).
Mesa County foreclosure activity soars in September: (10/13/2009) A distressed Mesa County housing market continues to suffer, as the number of completed foreclosures surged more than 216 percent last month, state housing data showed Thursday. The percentage increase was the highest in Colorado in September, when compared with the same period a year earlier, the Colorado Division of Housing reported in its monthly survey. Go to article (GJ Free Press ).
WSJ: Loan modification programs not working: (10/13/2009) Although a federal program has helped 500,000 homeowners across the country facing foreclosure modify their mortgages, a report was released today saying the current programs in place will not help the next wave of foreclosures caused by job losses. Go to article (inside real estate news ).
Bennet: Eagle to Receive $26,900 USDA Rural Development Grant to Preserve and Improve Housing for Se: (10/8/2009) October 7, 2009 - (RealEstateRama) Michael Bennet, U.S. Senator for Colorado, announced today that local efforts to repair local housing units for elderly residents will get a $26,900 boost from the U.S. Department of Agriculture. The funding, which will be awarded to the Northwest Colorado Council of Governments through the USDA Rural Development Housing Preservation Grant Program, will be used to rehab a 36 unit elderly Section 515 property in Eagle. The upgrades will include energy efficient lighting, replacement of kitchen and bathroom counters and replace old furnaces with more efficient furnaces. Go to article (RealEstateRama).
Colorado foreclosure filings up sharply in September: (10/8/2009) Foreclosure filings in Colorados cities rose 71.9 percent in September from the same month a year earlier, but state officials said the big increase was partly due to a change in laws that temporarily reduced new filings last year. The state Division of Housing said Thursday there were 3,480 foreclosure filings in Colorado urban areas last month, versus 2,024 in September 2008. Go to article (denver business journal).
Federal Stimulus Funds Connect A Denver Housing Project: (10/8/2009) A lot of people, including Republican lawmakers who want to give the President grief, are asking, where exactly is that $787 billion passed in February through the American Recovery and Reinvestment Act? Heres the City of Denvers answer. The city, the State of Colorado and developer Forest City Enterprises recently jointed forces to build a new highway interchange for I-70 that will serve the master planned of community of Stapleton, which Forest City is developing. Go to article (Business Week ).
Mortgage Rates in U.S. Fall to 4.87%, Freddie Says (Update2) : (10/8/2009) Oct. 8 (Bloomberg) -- Mortgage rates for 30-year fixed U.S. home loans fell for the second consecutive week, pushing borrowing costs to near record lows. The average U.S. 30-year rate dropped to 4.87 percent from 4.94 percent last week. The 15-year rate was 4.33 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement. Go to article (bloomberg).
Mortgage applications jump: (10/8/2009) NEW YORK (CNNMoney.com) -- Mortgage applications surged last week as interest rates on home loans remained low, an industry group said Wednesday. The Mortgage Bankers Association said its index of mortgage application volume rose 16.4% last week versus the previous week. Go to article (CNN Money).
Weekly sales record hits record in September: (10/8/2009) Last month was the strongest September since at least 2001 for the weekly sales rate. The weekly sales rate, an often over-looked metric, is an important one for gauging the demand for housing, given the existing supply. For example, total sales were down slightly in September from August and a year earlier, but so is the supply, so the sales rate is up dramatically. The weekly sales rate last month was 6.09 percent, according to a report released today by independent broker Gary Bauer, who prepares a monthly report on Denver-area housing activity based on Metrolist data. Metrolist tracks homes sold by area Realtors. Go to article (inside real estate news ).
Annual affordable housing conference later this month: (10/7/2009) Ron Sims, the Deputy Secretary of the U.S. Department of Housing and Urban Development, will be a keynote speaker at this years Housing Colorado NOW! conference to be held in Breckenridge. In addition to Sims who among other things will give an insiders view on changes underway at HUD - Colorados leaders in affordable housing development, finance and property management, as well as policy makers and advocacy, will attend the conference from Tuesday, Oct. 13 through Friday Oct. 16 at the Beaver Run Resort. The conference is hosted by Housing Colorado. Go to article (inside real estate news ).
CU Receives Award For 'Green Dorms': (10/7/2009) The University of Colorado is renovating old dorms into state-of-the-art buildings. It said the project will pay for itself and then some. CU claims Arnett Hall is the only renovated dorm in the country to receive LEED gold certification. LEED stands for Leadership in Energy and Environmental Design. Go to article (7 News).
Our View: Council should approve Steamboat 700: (10/7/2009) Not all growth is good, and it can be particularly bad when its not part of a larger growth strategy. The West of Steamboat Springs Area Plan establishes goals for our growth, including the creation of affordable housing, commercial centers to provide self-sufficiency for the newly developed area, schools and the New Victory Highway. But after its adoption in 1999, there was little progress in providing affordable housing in the identified growth area. So the City Council and Routt County Board of Commissioners got together in 2005 to begin an update to the plan. The update had three goals, No. 1 being to ensure that the West of Steamboat Springs Area Plan is achievable. Go to article (Steamboat Pilot ).
Pitkin County, Glenwood Springs discuss fate of stalled Cattle Creek Colorado development: (10/7/2009) ASPEN, Colorado Could close to 300 acres of vacant land along the Roaring Fork River in Garfield County be had for $10 million? Not necessarily, but the prospect generated mild interest Tuesday during a joint meeting of Pitkin County commissioners and members of the Glenwood Springs City Council. Go to article (Glenwood Springs Post Ind ).
Researcher: real estate still grim in 2010: (10/7/2009) SUMMIT COUNTY It's all about the price, said Dr. Ted Jones in a presentation on Real Estate and the Economic Outlook for 2010 Monday afternoon. Dozens of local Realtors gathered Monday at the Holiday Inn in Frisco to hear Jones of Stewart Title Guarantee Company speak about both the local and national real estate market, and the economy. Go to article (Summit Daily News).
Apartment vacancy rates fall in Colorado Springs: (10/6/2009) Apartment vacancy rates in the Colorado Springs area fell to 8.7 percent during the third quarter of 2009, compared with 9.2 percent in the third quarter of 2008, shows a report released today . The drop was led by a sharp decline in average vacancies in southwestern Colorado and in the Security/Security/Widefield/Fountain areas, according to the report by the Apartment Association of Southern Colorado and the Colorado Department of Local Affairs Division of Housing. Go to article (inside real estate news ).
Chaffee County foreclosure rate of growth slows: (10/6/2009) Chaffee County has a lower rate of growth in number of foreclosures than is found in other parts of Colorado. Colorado Division of Housing, part of the Colorado Department of Local Affairs, collected information regarding foreclosure filings and foreclosure sales from county public trustees and published a foreclosure report Aug. 13. Go to article (Mountain Mail).
Local apartment vacancy rate dropped in third quarter : (10/6/2009) The vacancy rate for Colorado Springs-area apartments fell to 8.7 percent in the third quarter, the lowest level in two years, according to a new report by the Colorado Division of Housing and the Apartment Association of Southern Colorado. By comparison, the vacancy rate was 9.2 percent during the third quarter of 2008. Vacancies were 8.6 percent in the third quarter of 2007. Thousands of troops arriving at Fort Carson this summer from Fort Hood, Texas, was the biggest reason for the lower vacancy rate, said Ken Greene of commercial brokerage Apartment Realty Advisors in Denver, a report sponsor. Go to article (Colorado Springs Gazette).
Reverse Mortgages May Be Subprime Revisited, Law Center Says : (10/6/2009) Oct. 6 (Bloomberg) -- Reverse mortgages may be the next subprime crisis, according to the National Consumer Law Center. Some of the same U.S. lenders that helped drive the real estate boom with loans to home buyers who couldnt afford the payments are now targeting seniors, the center said. Go to article (bloomberg).
Three U.S. Banks Close, Bringing Failure Toll This Year to 98 : (10/6/2009) Oct. 3 (Bloomberg) -- Banks in Minnesota, Michigan and Colorado were shut by regulators, bringing this years toll of U.S. failures to 98 amid the worst financial crisis in more than seven decades. Go to article (bloomberg).
Colorado ranks no 5 for wannabe residents: (10/5/2009) Oddly enough, however, no Florida cities were among the top destinations for resident wannabes. New York City topped the list of cities people would most like to live in or near, followed by Denver and San Francisco. The other most popular states were: Texas (No. 4), Colorado (No. 5). Three states tied for sixth place: Arizona, North Carolina and Washington state. Go to article (denver business journal).
Delays plague Denver's HUD grants: (10/5/2009) Colorado Springs has made progress with its federal money, spending $2.6 million so far on multifamily units it will fix up and market, said state Division of Housing Director Pat Coyle. Aurora's stabilization effort was able to move quickly because city government already had foreclosure-rehabilitation programs in place, said Joseph Garcia, manager of community development. "We bought three homes in a pilot program before NSP even started," Garcia said. Go to article (denver post).
Forest Service sees high turnover in Vail Valley: (10/5/2009) VAIL VALLEY, Colorado The top official at the Eagle-Holy Cross Ranger district is leaving his post, and officials in Colorado's Vail Valley say a lack of affordable housing could pose a challenge in recruiting job candidates. Go to article (vail daily ).
Mortgage delinquencies still rising: (10/5/2009) A quarterly report from the agency that oversees Fannie Mae and Freddie Mac shows delinquencies on mortgages backed by the two rose 21 percent in the second quarter. The Federal Housing Finance Agency says another 80,100 loans became more than 60 days delinquent in May, reaching more than 1.3 million, up from 1.1 million in the first quarter. Go to article (denver business journal).
Taylor Wimpey mulls sell-off of North American housing businesses: (10/5/2009) Taylor Wimpey operates under the Taylor Morrison and Monarch brands in North America. In the boom it became one of the largest homebuilders in the US, covering Arizona, California, Colorado, Florida, Nevada and Texas. Go to article (The Times ).
Vail Valley: Monday is World Habitat Day: (10/5/2009) VAIL VALLEY, Colorado The United Nations annually designates the first Monday in October as World Habitat Day to reflect on the world's housing crisis and to consider our collective responsibility for the future of the human habitat. Habitat for Humanity recognizes World Habitat Day 2009 by focusing on secure tenure to emphasize the importance of feeling secure, safe and comfortable in one's own home. Sadly, millions of families around the world lack this security because they also lack the legitimate rights to the home in which they live or to the land on which their home sits. They live every day in fear that they could be driven from their only shelter in the blink of an eye. Go to article (vail daily ).
A quarter of Colorado new homes qualify as efficient': (10/2/2009) The Governor's Energy Office (GEO) announced Monday that ENERGY STAR New Homes accounted for more than 26 percent of the new homes built in the first half of 2009 in Colorado. Should 2009's strong start for ENERGY STAR New Homes hold up for the rest of the year, Colorado would see its fifth consecutive year of percentage increases in homes that qualify as ENERGY STAR. Since 2004, the market penetration of ENERGY STAR New Homes has increased from 4.2 percent to 19.4 percent in 2008. Go to article (Summit Daily News).
Banks With 20% Unpaid Loans at 18-Year High Amid Recovery Doubt : (10/2/2009) Oct. 2 (Bloomberg) -- The number of U.S. lenders that cant collect on at least 20 percent of their loans hit an 18-year high, signaling that more bank failures and losses could slow an economic recovery. Go to article (bloomberg).
Country clubs $70M housing development moving forward: (10/2/2009) Colorado Springs, Colo.-based Escalante Golf Inc., which purchased Country Club of the North earlier this year, is looking to build-out the 80 remaining residential lots around the course. The estimated total development of these remaining sites is between $60 million and $70 million. Go to article (denver business journal).
Economic forecast: Recovery will be slow for Colorado: (10/2/2009) Although the Colorado economy is showing signs of stabilizing, including a bottoming out of Front Range real estate markets and an upturn in manufacturing, Colorado is unlikely to outperform the nations economy in the near term because of falling energy prices and other issues, Snead said. Energy-related growth helped the state stay of out of recession longer than the rest of the nation and energy-related decline will keep Colorado in the downturn longer, he said. Go to article (Colorado Springs Gazette).
Bank of Americas Lewis Resigns After Bet on Rebound: (10/1/2009) Oct. 1 (Bloomberg) -- Kenneth D. Lewis bet Bank of America Corp.s future on America at a time when America went bust. Lewis, 62, said yesterday he will resign as chief executive officer at the end of the year, leaving his successor to capitalize on, or salvage, the acquisitions that led to his downfall. The bank didnt name a replacement. Go to article (bloomberg).
Cisneros, in visit, said state could be the first to emerge from crisis: (10/1/2009) Former Housing Secretary Henry Cisneros yesterday in Boulder said Colorado is poised to be the first state in the nation to emerge from the housing crisis. Arguing that Colorado is the first state to rebound in the real estate market and is starting to see the light at the end of the tunnel, Cisneros said in a conference call with reporters that a revitalized housing market is pivotal to national economic recovery. We are now starting to see what I think can be called the beginning of the climb back from the bottom of the housing market, he told reporters. Go to article (denver daily news ).
Even after help, homeowners fall behind again: (10/1/2009) WASHINGTON Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says more than half of borrowers who get help fall behind again. More than 50 percent of homeowners with loans modified in the first half of last year had missed at least two months of payments a year later, the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision said Wednesday. Go to article (denver post).
Foreclosures: Division of Housing reports numbers: (10/1/2009) Chaffee County has a lower rate of growth in the number of foreclosures then was found in other parts of Colorado. The Colorado Division of Housing, a division of the Colorado Department of Local Affairs, collected information on foreclosure filings and foreclosure sales from the Colorado county public trustees and then published a foreclosure report Aug. 13. Go to article (Chaffee County Times ).
Nearly 1M bank foreclosures in progress: (10/1/2009) Nearly 1 million homes nationwide are in the process of foreclosure, according to a report Wednesday from the U.S. Department of the Treasury covering banks and loan servicers that make up 64 percent of all outstanding mortgages. Go to article (denver business journal).
Opus Northwest announces second phase of Lone Tree project: (10/1/2009) Opus Northwest is sending a bullish signal on the local economy, with the construction of a new retail center along the southeast corridor at a time when most retail projects have been canceled or placed on the back-burner. Opus Northwest announced today the start of construction of the second phase of the of the Lincoln Commons Retail District at Ridgegate, a mixed-use sustainable community in Lone Tree near Interstate 25 and Lincoln Avenue. It is a mile south of the Park Meadows mall. The development includes more than 650 homes and the Sky Ridge Medical Center, as well as the Lone Tree Recreation Center. Go to article (inside real estate news ).
