Colorado Division of Housing News
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Banks' Health Questioned as Wachovia Posts $8.9 Billion Loss: (7/23/2008) "In the face of unprecedented housing and mortgage market conditions, we are continuing to execute on a comprehensive plan designed to ensure that we have strong capital and liquidity, an appropriately sized expense base and a strong, profitable retail franchise," said chief executive Kerry Killinger. Go to article (The Washington Post).
Bush Drops Opposition To Housing Rescue Bill: (7/23/2008) President Bush on Wednesday reversed his stance and moved to back a congressional plan to help Fannie Mae and Freddie Mac weather the mortgage crisis and to provide struggling homeowners with more affordable loans. Go to article (NPR).
Greenest apartment in Denver under construction near DU: (7/23/2008) Denver-based MacKenzie House LLC, in a joint venture with Harrison Real Estate Capital, has started construction on the $60 million-plus Asbury Green apartment community near the University of Denver. The 171-unit, four-story development will be the first Leadership in Energy and Environmental Design, better known as EED-certified apartment building in Denver, said Don MacKenzie, chairman of his namesake company. Go to article (The Rocky Mountain News).
House to vote on foreclosure rescue measure: (7/23/2008) he bill would let hundreds of thousands of homeowners trapped in mortgages they can't afford on homes that have plummeted in value escape foreclosure by refinancing into more affordable, fixed-rate loans backed by the Federal Housing Administration. Lenders would have to agree to take a substantial loss on the existing loans, and in return, they would walk away with at least some payoff and avoid the often-costly foreclosure process. Go to article (The Associated Press).
Slump thwarts creative home sellers: (7/23/2008) Two home essay contests, one in Colorado and one in Oregon, both failed to attract enough literary enthusiasm and have left the sponsors in a lurch without buyers. Go to article (The Rocky Mountain News).
Area housing outlook: Continued slowdown: (7/21/2008) For home buyers, sellers and builders in the Pikes Peak region, the second half of 2008 probably won't look much different from the first half, industry experts and economists say. A housing slump that took hold in Colorado Springs and the rest of the nation more than a year ago won't end any time soon, they say. For the rest of the year, expect stable or falling prices in many neighborhoods; plodding home construction; and rising numbers of foreclosures that real estate experts fear will hurt property values in some areas. Go to article (CS Gazette).
Rentals in Durango are tough to find: (7/21/2008) Durango had a 4.5 percent vacancy rate during the first quarter of 2008, according to a University of Denver study sponsored by the Colorado Division of Housing. Renters paid a median of $804.68 a month. Second-quarter statistics were not available. Durango has typically had a lower than average vacancy rate. The 2000 Census found a 5.6 percent vacancy rate in Durango, compared with 9 percent nationally. Go to article
Roaring Fork Valley bankers assure customers local economy faring better than most: (7/21/2008) But is it time for fa milies in the Roaring Fork Valley to start hiding their money under mattresses and growing their own potatoes? Not just yet, say local financial experts. Weve got a ways to go to ride out the storm, but its not all doom and gloom, argued Juan Grobler, mortgage broker with Affiliated Financial Group Inc. When the national economy stays in a funk for a long enough time, we all suffer a little, but it isnt a disaster, nor, in my opinion, is it going to have any lasting effect on local banks, said Bob Young, chairman of Glenwood Springs-based Alpine Bank. Go to article
WaMu wary of IndyMac cashier's checks: (7/21/2008) More strange doings tonight surrounding the failure and federal takeover of IndyMac: some rival banks are refusing to honor cashier's checks written by IndyMac -- even though those checks are backed by the federal government. John Bovenzi, the FDIC official now running IndyMac, tells the Los Angeles Times today he is "deeply troubled by reports that there are financial institutions that are refusing to honor or are placing excessive holds on IndyMac Federal checks." Go to article (LA Times).
Will Denver be hiding homeless for convention?: (7/21/2008) So while the delegates are reveling and the protesters are rabble-rousing, what will the 4,000 homeless be doing? Some will be kicking back in a movie theater. Others will stroll around the Denver Zoo or Museum of Nature and Science. And others will play bingo. All the events will be free, funded by Denver Road Home, a branch of the Democratic mayor's office combating homelessness using United Way money. Go to article (Houston Chronicle ).
Ent helps fend off foreclosures: (7/18/2008) Ent, southern Colorado's largest financial institution, created its Member Solutions Group as foreclosure filings have skyrocketed both locally and nationwide, reaching record levels in El Paso County last year and already reaching nearly twothirds of last year's total in the first half of the year. Go to article (Colorado Springs Gazette).
Lawson Hill Affordable Housing Hub Moving Toward Reality: (7/18/2008) Telluride - The entirely conceptual prospect of building as many as 58 new affordable housing units on a vacant site in Lawson Hill shifted half a hairs breadth closer to reality on Tuesday when the Telluride Town Council indicated that it would consider making changes to its existing water supply agreement with the subdivision without which the project cannot proceed. Go to article (The Telluride Watch).
Trying to Track Mortgage Mess: (7/18/2008) Which states have been hardest hit by the mortgage crisis? It depends on who is doing the counting, and how. Go to article (Wall Street Journal.com).
Apartments, affordable housing on table tonight in Glenwood Springs: (7/17/2008) The City Council will also consider tonight changing requirements for its affordable housing program. Currently, guidelines say only employees who work in Glenwood Springs can purchase an affordable housing unit. City staff recommended expanding that to cover the 81601 ZIP code and to include employees working for a branch office instead of a main office in the city, according to a planning department report. Go to article (Glenwood Springs Post Independent).
Habitat for Humanity plans building 'blitz': (7/17/2008) Habitat for Humanity of Metro Denver will hold its 2008 "Home Builders Blitz" Aug. 16-22 in Aurora, the nonprofit, affordable housing group said Tuesday. Six local builders will construct four, single-story houses at 18th Street and Altura Boulevard during that time. Go to article (Denver Business Journal).
Little foreclosure relief seen from housing bill: (7/17/2008) Even if the bill wins final passage far from a certainty the most optimistic forecasts suggest it would help only about 400,000 of the estimated 3 million homeowners who will likely lose their homes in the next year. Go to article (MSNBC.com).
Real estate experts: Market mixed: (7/17/2008) Difficulties in the real estate market have as much to do with customers' psychology - driven by almost daily news stories of doom and gloom - as with any concrete challenges facing the industry, experts said Wednesday afternoon. Go to article (The Longmont Times-Call).
Denver's Homeless Provided Options During DNC: (7/16/2008) A plan has been developed to provide interested homeless people with free access to cultural activities. They include the Denver Zoo and the Denver Museum of Nature and Science, and they won't have to worry about paying for transportation. Go to article (CBS4Denve).
Expert snagged in subprime trap: (7/16/2008) Without mentioning any names, you would be surprised by some of the calls I get from people in power and respect in this state," Urban said. "Even with a comprehensive knowledge of the do's and dont's, you can fall victim to schemes that sound legitimate." Go to article (The Rocky Mountain News).
Local businesses recognized: (7/16/2008) These companies participate in CARHOF by depositing earnest money checks into an interest bearing account and those funds are distributed through grants to recipients in the Metro North area, such as Habitat for Humanity, Access Housing, Almost Home, Sense of Security, Thistle Community Housing, to name a few. CARHOF was created to help support homeless programs, crisis shelters, construct affordable housing and down payment assistance programs in Colorado. Go to article (Your Hub).
Nonprofit lender offers foreclosure help: (7/16/2008) A Boston-based nonprofit lender with $10 billion available from Bank of America for foreclosure help and new loans has quietly opened its doors in Denver. Go to article (The Rocky Mountain News).
Zero-energy community unveiled: (7/16/2008) A developer officially unveiled the 250-unit Geos Neighborhood in Arvada, which is being touted as the nations largest net-zero-energy, master-planned community. Go to article (The Rocky Mountain News).
Dollar gains ground on US mortgages plan: (7/14/2008) The US currency was supported after US Treasury Secretary Henry Paulson on Sunday announced bigger credit lines for Fannie Mae and Freddie Mac, which offer vital support to the multitrillion-dollar US mortgage market. Go to article (AFP).
Fannie Plan a `Disaster' to Rogers; Goldman Says Sell: (7/14/2008) July 14 (Bloomberg) -- The U.S. Treasury Department's plan to shore up Fannie Mae and Freddie Mac is an ``unmitigated disaster'' and the largest U.S. mortgage lenders are ``basically insolvent,'' according to investor Jim Rogers. ``These companies were going to go bankrupt if they hadn't stepped in to do something, and they should've gone bankrupt with all of the mistakes they've made,'' Rogers said. ``What's going to happen when you Band-Aid and put some Band-Aids on it for another year or two or three? What's going to happen three years from now when the situation's much, much, much worse?'' Go to article (Bloomberg).
Fed Sees Turmoil Persisting Deep Into Next Year: (7/14/2008) Federal policy makers have concluded that the turmoil plaguing the housing and financial markets is likely to spill deep into 2009, becoming one of the most significant domestic problems to confront the next president when he steps into the White House in January. Go to article (The New York Times).
Fed in tug of war over mortgage rules: (7/14/2008) The Federal Reserve is caught in a tug-of-war as it prepares on Monday to unveil final rules overhauling mortgage lending. Go to article (CNN).
Paulson Puts Treasury's Weight Behind Fannie, Freddie: (7/14/2008) ``It is time to recognize that the GSEs were always dependent upon government support and now we must make the implicit explicit,'' said Christopher Whalen, co-founder of independent research firm Institutional Risk Analytics in Torrance, California. Treasury Secretary Henry Paulson put the weight of the federal government behind Fannie Mae and Freddie Mac, the beleaguered companies that buy or finance almost half of the $12 trillion of U.S. mortgages. Go to article (Bloomberg ).
Senate passes foreclosure rescue plan: (7/14/2008) WASHINGTON - A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market. The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters concerns. Go to article (MSNBC).
'Save Our Homes' meeting set for Mission Viejo Library: (7/11/2008) The "Save Our Homes" event will be held at 10 a.m. July 12 at the Mission Viejo Library at 15324 E. Hampden Circle in Aurora. The forum will include input from Sen. Suzanne Williams, D-Aurora, Rep. Nancy Todd, D-Aurora, Aurora city Councilman Larry Beer and congressional candidates Karen Wilde and Mollie Cullom. The event will also feature representatives from such groups as the Association of Community Organizations for Reform Now, Housing Justice, Colorado Legal Services and the Foreclosure Hotline. Go to article (Aurora Sentinel).
'Save Our Homes' meeting set for Mission Viejo Library: (7/11/2008) AURORA | Members of the Legislature will partner with local representatives and congressional hopefuls on Saturday to discuss the continued housing crisis and outline potential alternatives to foreclosure. The "Save Our Homes" event will be held at 10 a.m. July 12 at the Mission Viejo Library at 15324 E. Hampden Circle in Aurora. The forum will include input from Sen. Suzanne Williams, D-Aurora, Rep. Nancy Todd, D-Aurora, Aurora city Councilman Larry Beer and congressional candidates Karen WIlde and Mollie Cullom. The event will also feature representatives from such groups as the Association of Community Organizations for Reform Now, Housing Justice, Colorado Legal Services and the Foreclosure Hotline. Go to article
Colorado remains seventh in June foreclosures: (7/11/2008) Colorado's foreclosure rate was the seventh-highest in the nation in June, the same place it held in May, according to data released Thursday by RealtyTrac Inc. Go to article (Denver Business Journal).
Government might bail out Fannie, Freddie: (7/11/2008) The U.S. government is considering taking over mortgage finance companies Fannie Mae and Freddie Mac if their funding problems worsen, in a plan that could leave shareholders nothing, the New York Times reported Friday, citing people briefed on the matter. Fannie and Freddie, government-sponsored entities that have an implicit backing of Washington, have been under fire this week as investors questioned the companies ability to raise enough capital to stay afloat. Go to article
July 12 Foreclosure Forum with Congressman Tom Tancredo: (7/11/2008) Join Congressman Tom Tancredo for a panel discussion for the public on foreclosure counseling and prevention, the foreclosure process, and how local officials and real estate professionals can help. When: Saturday, July 12, 2008, 10:00 am -12:00 pm Where: Arapahoe County Government Building, East Hearing Room, 5334 S. Prince Street, Littleton, CO 80166 Whos Invited: Homeowners, borrowers facing foreclosure, local officials, real estate professionals, and anyone seeking information on the foreclosure process and foreclosure prevention. Foreclosure Prevention Counselors will be present to answer questions. Go to article
Magazines rank two Boulder communities the best: (7/11/2008) For Cottage Magazine, choosing Boulder's Holiday neighborhood - named for the Holiday Twin Drive-In Theater that once entertained residents in north Boulder - came with its No. 1 appeal: affordability. Of the 333 units, 138 are designated as affordable. Go to article (Boulder Daily Camera).
Colorado ranks No. 5 in CNBC's survey of Top States for Business: (7/10/2008) CNBC announced Wednesday that Colorado ranked No. 5 among America's Top States for Business with a score of 1,135 out of a possible 2,021 points in an exclusive survey. Last year, Colorado ranked seventh. According to the survey, Colorado ranked in the top 10 for business friendliness and quality of life and in the top 15 for economy, access to capital, workforce and technology and innovation. Colorado was among the first states to be hit by the housing crisis, but its efforts to court "The New Energy Economy" are paying off, CNBC said in a statement. The Denver Post Go to article
Denver's Homeless Provided Options During DNC: (7/10/2008) DENVER (CBS4) ― Denver's homeless population will have options to staying on the street during the Democratic National Convention. "If they don't want to get caught up in the protests or demonstrations, we'll find other activities that will keep them busy," said John Parvensky, President of the Colorado Coalition for the Homeless. Go to article
Fannie, Freddie Tumble on Bailout Concern: (7/10/2008) Chances are increasing that the U.S. will bail out Fannie Mae and Freddie Mac because they don't have enough capital to weather the worst housing slump since the Great Depression, former St. Louis Federal Reserve President William Poole said in an interview. Freddie Mac owed $5.2 billion more than its assets were worth in the first quarter, making it insolvent under fair value accounting rules. The fair value of Fannie Mae assets fell 66 percent to $12.2 billion, data provided by the Washington- based company show, and may be negative next quarter, Poole said. Go to article (Bloomberg).
Foreclosure filings surged 53 percent in June: (7/10/2008) Nationwide, 252,363 homes received at least one foreclosure-related notice in June, up 53 percent from the same month last year, but down 3 percent from May, RealtyTrac Inc. said. One in every 501 U.S. households received a foreclosure filing last month. Foreclosure filings increased from a year earlier in all but 11 states. Nevada, California, Arizona, Florida and Michigan continued to have the highest foreclosure rates. Go to article
Bernanke grabs reins on economy: (7/9/2008) The nation's central bank chief took significant steps Tuesday to assert more control over an economy laid on its side by the housing meltdown, declaring a willingness to extend further credit to wobbly financial institutions and announcing plans to rein in high-risk mortgage-lending practices. Go to article (The Chicago Tribune).
Bright spots in metro Denver's economy: (7/9/2008) "While overall improvement in Metro Denver foreclosure activity could indicate a turning point, several more months of positive trends will determine if local foreclosure counts are truly easing," explained Patty Silverstein, chief economist for the Metro Denver EDC. Go to article (9News).
Don't go through a foreclosure all alone: (7/9/2008) Statistics show that more than half of those whose homes are foreclosed on never speak with their lender/servicer prior to foreclosure. Go to article (The Coloradoan).
Drop in June housing prices smallest in nearly a year: (7/9/2008) Area home prices dipped less than one-half of 1 percent in June, the smallest monthly decline in nearly a year. Go to article (The Gazette).
Fewer foreclosures, but more filings seen in state: (7/9/2008) Colorado properties lost to foreclosure in May were down while preforeclosure filings were up, according to the latest data from Foreclosures.com. Go to article (The Northern Colorado Business Report).
Four questions for Sister Lillian Murphy: (7/9/2008) Do you think we have an affordable housing crisis in the Denver area and Colorado? I think we have an affordable housing crisis all over the country. Certainly, Denver has its own share of that crisis. Go to article (Rocky Mountain News).
Metro foreclosures drop: (7/8/2008) Finally, some good news on foreclosures: Filings in the seven-county Denver area in the second quarter fell by 7.5 percent from the first quarter. Go to article (Rocky Mountain News).
Roaring Fork School District gets closer to affordable housing: (7/8/2008) An affordable housing development that would provide up to 89 deed-restricted multi-use units for Roaring Fork School District Re-1 employees is gathering momentum. Go to article (Glenwood Springs Post Independent).
State rep pledges to help with ski town housing issue: (7/8/2008) State Rep. Kathleen Curry told local officials Monday afternoon that she would try to take on the Telluride case that is throwing a wrench in many ski towns' employee housing efforts. Go to article (Aspen Daily News).
Commercial real estate sales dive in first half of 2008 : (7/7/2008) Overall, the Denver-area commercial real estate market remains strong, but is slowing, Devereaux said.Overall, the Denver-area commercial real estate market remains strong, but is slowing, Devereaux said. Go to article (The Rocky Mountain News).
Fed, SEC complete information-sharing pact : (7/7/2008) Under the agreement, the two agencies will share information and cooperate across a number of important areas of common interest, including anti-money laundering efforts, bank brokerage activities as well as on clearing and settling financial transactions conducted by both banks and investment firms. Go to article (The Rocky Mountain News).
Focusing on housing first: (7/7/2008) ...Housing First, an approach that bucks conventional wisdom by giving the homeless a handout first, then slowly moves them toward treatment and productivity. Strange as it seems, it might be the most effective and cost-efficient way to deal with the homeless. Go to article (Colorado Springs Gazette).
Mortgage Reform for the Future: (7/7/2008) Polls show considerable resistance to a government bailout of people in over their heads with mortgages Go to article (Red Orbit).
Welfare money sits in coffers: (7/7/2008) Larimer County will provide relationship classes for women in prison. El Paso County plans to hire more public health nurses. Logan County will help people avoid foreclosure and Boulder County is opening up eligibility for child-care assistance. Go to article (The Denver Post).
Will Foreclosures Affect Voting Rolls?: (7/7/2008) Voters in pivotal Ohio with outdated addresses face possible pre-election challenges and trips to multiple polling places. They also are more likely to cast provisional ballots that might not be counted. ...Other battleground states rank high in foreclosure filings as well: Nevada led the nation in May with one filing for every 118 homes, while Florida was fourth, Michigan fifth, Georgia sixth, Colorado seventh and New Jersey 10th. Go to article (CBSNews.com).
Ballot issue for affordable-housing tax put on hold: (7/3/2008) Housing Works for Colorado, the citizen group trying to create the Colorado Housing Investment Fund via Initiative 103, has decided to stop its petition drive to get the initiative on the Nov. 4 ballot, the group said Wednesday. Go to article (Denver Business Journal).
Building blocks of successful housing: (7/3/2008) Between the long-delayed Rodeo Place development and Aspen's highly publicized Burlingame affordable housing fracas, a successful, well received employee housing project has lately become a hard thing to imagine for many up-valley residents. Go to article (Snowmass Sun).
Denver won't hide the homeless: (7/3/2008) Despite the new housing and services brought online and widespread media coverage, as the Democratic National Convention gears up each of us has been asked where we are going to hide our homeless during the convention. The short answer: We don't hide the homeless - ever. We as a community are working hard to help the more than 3,900 men, women and children obtain affordable housing and services to ensure that nobody has to live on the streets. Go to article (The Denver Post).
Housing Works for Colorado ends effort for 'affordable' fund: (7/3/2008) 'We have reached the conclusion that the days are too few and our resources too limited to overcome the short time frame for delivering over 76,000 valid signatures by the Aug. 4 deadline," said Britta Fisher, chairwoman of the Colorado Housing Investment Fund Coalition. Go to article (Rocky Mountain News).
Selling-price reports 'all over the map': (7/3/2008) Four other reports that track home selling prices are now out with their updated reports, and the news is all over the map. Go to article (Fort Collins Coloradoan).
Bush says can reach deal with Congress on housing: (7/2/2008) U.S. President George W. Bush said on Tuesday he believed a deal could be reached with Congress on legislation to help distressed homeowners stay in their houses. Go to article (Reuters).
First half of year disappointing in local housing industry: (7/2/2008) The local housing industry ended the first half of 2008 on a gloomy note, with a continued slowdown in the pace of home construction and foreclosures well on their way toward breaking a record set last year. Go to article (The Gazette).
REX Agreement Allows Homeowners to Tap Equity Without Debt, Interest or Monthly Payments: (7/2/2008) REX & Co., a real estate investment company dedicated to creating safe alternatives to debt financing, announced that it is offering the REX Agreement in Colorado. Go to article (The Originator Times).
The Bank of America Housing Bailout Bill: (7/2/2008) The new housing bailout bill would let mortgage lenders off the hook for sour mortgages, as it would let the Federal Housing Administration assume the risk for these bad debts, shifting the burden to taxpayers and bond investors Go to article ( Fox).
At Midyear, the Economic Pain Persists: (7/1/2008) As home prices sink, people are falling behind on their mortgages in growing numbers. As more homeowners run into trouble, banks must write off even more loans. And as the bad loans mount, financial companies are increasingly unable or unwilling to extend credit, making it even harder to buy homes or expand businesses. Go to article (The New York Times).
Building permits mixed: (7/1/2008) Fallout from the subprime mortgage fiasco and a tight credit market have led to a resurgence in Fort Collins' multifamily housing market while single-family building permits are on track to hit an 18-year low. Go to article (The Fort Collins Coloradoan).
Company focused on short sales comes to Denver: (7/1/2008) Short selling has become more popular in recent years, as home foreclosures have risen. In 2007, Colorado had 39,915 home foreclosures, up from 28,435 in 2006, according to the Colorado Division of Housing. Go to article (Denver Business Journal).
Facing Foreclosure? Four Ways to Get the Help You Need: (7/1/2008) The Colorado Foreclosure Hotline is a good example. See the site. Go to article (MarketWatch.com).
Steamboat Springs Workers asked to respond to surveys: (7/1/2008) Responses are rolling in for the Yampa Valley Housing Authority's market demand analysis, Executive Director Donna Howell said... The study will be combined with a housing needs assessment to paint a fuller picture of local housing needs. She has received approval from the Colorado Division of Housing for the needs assessment. That agency will fund the study, which Howell said would cost $53,400. Go to article (The Steamboat Springs Pilot).
Foreclosure stigmatizes would-be renters: (6/30/2008) As if losing a house on the court steps wasnt enough, some former homeowners may find themselves turned away by apartment owners spooked by the foreclosure history on their credit reports. Go to article (THe Rocky Mountain News).
New mortgage broker rules thin the herd: (6/30/2008) In the wake of the national mortgage business meltdown, Colorado has new laws governing the business. Those laws include registration and background checks, and by Dec. 31 of this year, everyone who wants to be in the mortgage business in the state must hold a license proving he or she has passed a class for brokers. Go to article (The Rocky Mountain News).
Push for affordable housing: (6/30/2008) Affordable-housing advocates are seeking enough voter signatures for a constitutional amendment that would create a housing investment fund. Go to article (The Rocky Mountain News).
Rates on 30-year mortgages rise to 6.45 percent: (6/30/2008) Rates on 30-year mortgages rose again this week, climbing to the highest level in more than nine months, reflecting more concerns about how the Federal Reserve will respond to higher inflation pressures. Go to article (The Denver Post).
Selling-price reports 'all over the map': (6/30/2008) Whatever the number, it is obvious our local market is holding up very well compared with the national scene. This has been helped particularly by the fact that we did not have a big runup in selling prices over the past few years and also that our housing inventory is at about a seven-month supply level compared with a 10.8 month supply nationally. Go to article (The Coloradoan).
Western Slope finds an economic oasis: (6/30/2008) Foreclosure rates in western Colorado's two key energy counties are 1 per 576 households in Garfield County and 1 per 449 in Mesa County. Denver County's rate is 1 per 123. Go to article (The Denver Post).
Ground Broken at Housing Authority's Village at the Bluff: (6/27/2008) The Delta Housing Authoritys Villas at the Bluff essential workforce housing project is currently under construction with site work proceeding at 14th and Bluff streets. Go to article (The Delta County Independent).
Mortgage crisis spurs more training for foreclosure counselors: (6/27/2008) "We can always use more counselors," said Ryan McMaken, community relations director for the Colorado Division of Housing. Currently, the statewide foreclosure hotline has about 60-70 housing counselors on hand to help homeowners who call looking for assistance. In addition, many other organizations have counselors working on a local level. Go to article (Fort Collins Now).
Senators: Housing, gas prices hold key: (6/27/2008) Sen. Ken Salazar expects the Senate to pass "chapter two" of its efforts to revive the economy this week, but it won't include another round of $600 checks. Go to article (The Durango Herald).
Telluride Housing Analysis Calls for More Ownership Units: (6/27/2008) Larger, ownership units should be built to meet affordable housing needs within Telluride and the surrounding region, a new report released earlier this month by the San Miguel Regional Housing Authority found. Go to article (The Watch Newspapers).
Mortgage crisis impacts children, too: (6/26/2008) Over the next two years, an estimated 2 million children, including 39,000 in Colorado, will be impacted by the mortgage meltdown as their families lose their homes to foreclosure, according to a report issued by First Focus, an advocacy group dedicated to helping children and families. Go to article (The Denver Post).
New effort to modify at-risk home loans: (6/26/2008) Industry efforts to reduce foreclosures are expanding and improving a welcome sign of progress in what remains a race to keep up with rising mortgage delinquencies. Go to article (The Christian Science Monitor).
Economic stimulus an issue in congress: (6/26/2008) Salazar said there are several more issues at hand in the legislature that are necessary to get the economy back to a safe place for consumers. According to Salazar, 1 in 45 houses foreclosed in Colorado in 2007. He predicted 50,000 houses would foreclose in Colorado in 2008 and 2009. We need to stabilize the housing market, he said. Go to article (Valley Courier).
Gold Key Sponsors Support HomeAid Colorado's Work: (6/26/2008) HomeAid Colorado, a non-profit organization that builds dignified housing for the temporarily homeless, has signed on several Gold Key Sponsors to support its efforts throughout 2008. These major donors provide funds that contribute to HomeAid's building projects throughout the year. "HomeAid builds housing for the temporarily homeless with minimal cash - much of the labor and materials are donated. Nevertheless, every project comes with some built-in expenses that our Gold Key Sponsors generously help us offset," said Laura Brayman, executive director of HomeAid Colorado. "Without their commitment, we would not be able to build these much-needed homes." Go to article (Business Wire).
Group works to get housing fund on ballot: (6/26/2008) The Colorado Housing Investment Fund Coalition is gathering signatures for an amendment that would create a state housing investment fund. A $26.5 million investment fund would create 3,400 affordable housing opportunities, 3,200 jobs, generate $334 million in economic activity and $26 million in tax revenue annually, according to the Colorado Housing Trust Fund Impacts Report. Go to article (The Denver Post).
Push for affordable housing: (6/26/2008) A nonprofit group called the Colorado Housing Investment Fund Coalition is supporting Initiative 103, which calls for a 4-cent real estate transfer tax on every $100 of value on the price of a house to fund affordable housing. Go to article (Rocky Mountain News).
Surveys next step in housing project: (6/26/2008) Plans to redevelop a 30-acre property in Rifle for a large affordable-housing project that could have more than 200 rentals, condos, townhomes and single-family homes are slowly coming into sharper focus. Go to article (Post Independent).
$5 billion for 'green' buildings: (6/25/2008) A nonprofit building management association and the Clinton Climate Initiative on Monday said they have lined up $5 billion in financing to provide one-stop shopping to make commercial buildings throughout the U.S. and the world more energy efficient. Go to article (Rocky Mountain News).
Denver bucks housing trend: (6/25/2008) Denver-area homes lost an average 4.7 percent of their value in the 12-month period that ended in April, but outperformed most major U.S. metro areas. Go to article (Rocky Mountain News).
Housing rescue faces key test: (6/25/2008) A plan to help hundreds of thousands of homeowners avoid foreclosure is drawing bipartisan support in the Senate, setting the stage for high-stakes negotiations among congressional Democrats. Go to article (The Denver Post).
Push for affordable housing: (6/25/2008) Affordable-housing advocates are seeking enough voter signatures for a constitutional amendment that would create a housing investment fund. Go to article (Rocky Mountain News).
Senator Salazar Pushes For Home Foreclosure Relief: (6/25/2008) US Senator Ken Salazar is trying to get help for Colorado families facing foreclosure. Salazar says the Senate has a plan that is being called the Housing and Economic Recovery Act of 2008. (Video) Go to article (KREX TV).
Colorado Offers Foreclosure Counseling: (6/24/2008) Sen. Ken Salazar says Congress is working on legislation to address the rising rate of home foreclosures. Go to article (CBS 4 Denver).
County housing takes dive: (6/24/2008) Even as the energy industry keeps northwest Colorados economy afloat, economic forecasters for the state are tracking trouble for the regions homebuilders and contractors. David Myers, president of the Western Colorado chapter of the Association of Building Contractors, said the building slowdown has resulted from financial institutions cutting back their lending to builders across the region. Go to article (The Daily Sentinel).
From dream to nightmare: (6/24/2008) While fears grow and the housing crisis worsens, a number of politicians are hoping a bill currently on the U.S. Senate floor will provide some relief. Preventing mortgage fraud, increasing the availability of stable home financing and promoting affordable housing developments are among the ways the Housing and Economic Recovery Act of 2008 hopes will help solve the housing crisis. The bill also seeks to provide tax relief for homeowners, homebuyers and homebuilders. Go to article (The Denver Daily News).
Habitat revs affordable housing: (6/24/2008) Since 1996, Habitat for Humanity of Eagle and Lake Counties has built 19 homes. But now, it has moved into a new era, with the inception of the Professional Builder Program. Habitat for Humanity was to hold a ceremonial groundbreaking Monday at Fox Hollow, less than two miles from downtown Edwards, to celebrate the beginning of a new community collaboration to bring more affordable housing to the Vail Valley. The organization, with help from various entities, will begin building the first of eight duplexes to house 16 deserving families July 1. Go to article
Sen. Salazar pushes passage of housing bill: (6/24/2008) U.S. Sen. Ken Salazar urged immediate passage of the Housing and Economic Recovery Act of 2008 while in Denver on Monday. Go to article (The Denver Post).
Colorado Among Worst for Mortgage Fraud: (6/23/2008) As foreclosures continue to mount, reports of mortgage scams across the United States have doubled in the past four years to more than 1,400 involving 19 large financial companies. Go to article (CBS4Denver).
Front Range late payers rising: (6/23/2008) Delinquencies are up again in the first quarter, but the state's overall rate falls below the national average. Go to article (The Denver Post).
Hundreds of foreclosure counselors convene in Denver: (6/23/2008) Drawing housing counselors from 34 states, the foreclosure counseling training June 23-27 at the Renaissance Denver Hotel, 3801 Quebec St., Denver, is part of the $180-million National Foreclosure Mitigation Counseling program that is estimated assist to up to 400,000 families nationwide. Go to article (9News).
The foreclosure fight is on: (6/23/2008) The lender's failure to prove its interest is part of an industry practice Robinson says could impact victims of foreclosure across the state. Go to article (Douglas County News-Press).
Vail joins countywide housing effort: (6/23/2008) Vail gave $15,000 to the Valley Home Source, described as a one-stop shop for seekers of affordable housing. The town joins Avon, Minturn, Red Cliff, Eagle, Gypsum and Eagle County as contributors to the nonprofit, which is set to open in Edwards this summer. Go to article (http://www.vaildaily.com/article/20080618/NEWS/568).
Vacancy rates in state vary by region: (6/20/2008) The statewide apartment market outside the Denver area is a story of three distinct regions. There is the Interstate 70 corridor, where the ski areas especially have a shortage of rental units; high apartment vacancies in agricultural areas on the plains; and a "yo-yo" market in Colorado Springs, where vacancies go up and down depending on whether soldiers are being deployed to Iraq from Fort Carson. Go to article (Rocky Mountain News).
Apartment vacancies statewide drop from 2007: (6/19/2008) The vacancy rate for apartments in Colorado outside of the Denver area fell by 18.6 percent in the first quarter from the same period in 2007, according to the latest report by the Colorado Division of Housing. Go to article (Rocky Mountain News).
Habitat for Humanity goes green: (6/19/2008) One of Durango's grassroots nonprofits is taking a sustainable approach to affordable housing. This week, Habitat for Humanity was awarded Green Communities Certification and grant funding for eight affordable housing units under development at Fox Farm Village in Bayfield. The grant will offset the construction costs of implementing Green Communities standards, including energy efficient measures. Go to article (The Durango Telegraph).
Renters have much to gain by pursuing home ownership: (6/19/2008) Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. Go to article (Grand Junction Free Press).
What do the changes in the housing market mean to me?: (6/19/2008) There has been a lot of doom and gloom reported in the national media regarding the housing market slump and "mortgage meltdown," but what does it all mean to homeowners in north Denver? Go to article (North Denver News).
HFAs Face Troubled Housing Market: (6/18/2008) Colorado has had the dubious honor of being ranked high on the lists of foreclosure rates, including holding first place for part of 2007, said Milroy Alexander, executive director and CEO of the Colorado Housing and Finance Authority (CHFA). While our ranking has dropped, we still have many thousands of households that have either gone into foreclosure or are facing it in the near future. Go to article (Affordable Housing Finance).
Has housing hit a floor?: (6/18/2008) Real-estate broker Lon Welsh recently conducted an analysis comparing the number of days homes spend on the market to price appreciation. The data, going back to the 1970s, indicated that a change in days on the market often precedes a change in price appreciation. Go to article (The Denver Post).
Housing starts in May hit 1991 low: (6/18/2008) The housing market has been battered for months by failing mortgages and uncertainty about when the sector might recover. Across the regions, there were some mixed signals about the health of the housing sector. Go to article (The U.S. Daily).
Jack O'Connor sees strength in home market: (6/18/2008) Late spring data are showing further evidence of a favorable shift and an early recovery for the real estate market in the Denver area----particularly for the under-$250,000 price range. Go to article (Rocky Mountain News).
Mesa County foreclosures up; withdrawals up too: (6/18/2008) At one foreclosure for every 136 homes in 2007, Mesa County experienced fewer foreclosures per home than most counties in the state, according to the Colorado Division of Housing. Go to article (Grand Junction Free Press).
Morgan County Realtors eye affordable housing: (6/18/2008) The foundation is set up to give money to organizations that find or create affordable housing. By taking the money set aside by brokers for earnest money and putting it into a special interest-bearing account, the money will still be on hand but the interest can go to a CARHOP account, as allowed by Colorado law, he said. Go to article (The Fort Morgan Times).
Senate nears vote on housing market rescue bill: (6/18/2008) The U.S. Senate was expected to vote as soon as Tuesday on a housing market rescue bill to refinance distressed mortgages and create a new regulator for Fannie Mae and Freddie Mac, sources close to Senate talks said. Go to article (The US Daily).
HFAs Face Troubled Housing Market: (6/17/2008) Its no longer business as usual for HFAs, which are expected to help get affordable housing builders and others through the worst housing slump in two decades. Colorado has had the dubious honor of being ranked high on the lists of foreclosure rates, including holding first place for part of 2007, said Milroy Alexander, executive director and CEO of the Colorado Housing and Finance Authority (CHFA). Go to article (Affordable Housing Finance).
Jack O'Connor sees strength in home market: (6/17/2008) Late spring data are showing further evidence of a favorable shift and an early recovery for the real estate market in the Denver area----particularly for the under-$250,000 price range. Go to article (Rocky Mountain News).
Sister Lillian Murphy honored: (6/17/2008) Sister Lillian Murphy, CEO of Denver-based Mercy Housing, has been named as the 2008 Leader of the Year. For more than 20 years, Murphy has served as CEO of Mercy Housing, one of the nation's largest nonprofit affordable housing developers. Go to article (Rocky Mountain News).
State ranked 7th in foreclosures: (6/16/2008) However, local experts continue to criticize RealtyTrac's figures, saying they overstate the number of foreclosures in Colorado, making the situation appear worse than it is. Go to article (The Rocky Mountain News).
Area housing woes helping rental stats: (6/13/2008) Overall, vacancies in single- family homes, condos and other small properties for rent in metro Denver fell to 2.7 percent in the first quarter, a 36 percent drop from the 4.1 percent vacancy rate a year earlier, according to a report released on Thursday by the Colorado Division of Housing. And the vacancy rate for single-family homes fell to 2.2 percent from 4.1 percent, according to the report authored by Gordon Von Stroh, a business professor at the University of Denver. "Part of it is foreclosures," said Robert L. Alldgredge, principal of Jericho Properties Realty. Go to article (Rocky Mtn News).
Rental-home vacancies at seven-year low in metro Denver: (6/13/2008) Vacancies of rental homes in the Denver area dropped in the first quarter for the seventh quarter in a row, to the lowest point since the survey began in 2001, according to a Colorado Division of Housing report released Thursday. "Rents aren't up that much, but we expect them to steadily increase," Alldredge said. He anticipates rents will go up 5 percent this year, and 7 percent in 2009. They rose 3 percent in '07. "Any rent increases will depend on the home sales market," said Susan Melton, a broker at Assured Management Inc. in Lakewood. Real estate professionals and experts expect vacancy rates to stay basically where they are in the next year. Go to article (Denver Business Journal ).
Rental-home vacancy rate at 7-year low: (6/13/2008) The vacancy rate was 2.7 percent for the first quarter, according to the report prepared for the Colorado Division of Housing. That's down from 3.3 percent in the fourth quarter of 2007 and 4.2 percent in the first quarter last year. The decline is largely because people who have lost their homes to foreclosure are moving into single-family rental homes, said Bob Alldredge of property-management company Jericho Properties Realty LLC. "They're moving into rental houses and paying less than their mortgages were," he said. Go to article (Den Post).
Child-poverty jump in Colo. leads nation: (6/10/2008) The teen homeless shelter Urban Peak, which has locations in Denver and Colorado Springs, has seen a 94 percent increase in the number of kids sleeping there at night since 1996. Kristen Theibault feels lucky she got into Denver's subsidized housing because her rent is fixed to the $1,000 a month she makes at a desk job at Community College of Denver. Go to article (The Denver Post).
Fewer foreclosures, but more filings seen in state: (6/10/2008) Colorado properties lost to foreclosure in May were down while preforeclosure filings were up, according to the latest data from Foreclosures.com. Go to article (Northern Colorado Business Report).
Home prices sales fall again: (6/10/2008) Single-family home prices and sales fell again last month in the Pikes Peak region, extending the downturn in the resale market. Go to article (The Gazette).
Filings for bankruptcy leap in Colo., U.S.: (6/9/2008) In past housing downturns, a foreclosure didn't need to trigger a bankruptcy filing. But second mortgages for up to 20 percent of a home's value became a popular substitute for cash down payments or mortgage insurance the past decade. Home values in many areas have fallen so much that homes sold in foreclosure can't cover the second mortgage. Go to article (Denver Post).
Foreclosure rate hits record: (6/9/2008) In Colorado, 4 percent of mortgages were delinquent, with 2.12 percent of loans in foreclosure at the end of the quarter. Go to article (Denver Post).
Mountain West now a battleground for Obama, McCain: (6/9/2008) The housing market figures to be an important factor for voters here. The eight Monied Burbs counties in Colorado were among the top 20 counties in terms of foreclosure rates in April. More than 3,100 homes in the area were in some state of foreclosure in April. Go to article (The Christian Science Monitor).
National foreclosure rate, late payments hit record: (6/9/2008) Larimer County has consistently fared better in the rising foreclosure market compared to other counties, and the first quarter of 2008 was no exception. Larimer County had one of the lowest foreclosure rates in the metropolitan Front Range in January through March, totaling one filing per 220 households, according to the first-quarter foreclosure report from the Colorado Division of Housing. Go to article (Coloradoan).
'Land bank' idea gets negative reception: (6/6/2008) The county commissioners gave a decidedly unenthusiastic reception June 2 to the idea of a "land bank" offered by Deana Sheriff, director of Delta Area Development, Inc. DADI. Sheriff's idea was that the county or other government entities in the county lease land they own for 99 years to be used in the construction of "affordable housing." Go to article (Delta County Independent).
National foreclosure rate, late payments hit record: (6/6/2008) People lost their homes at the highest rate on record in the first three months of the year, and late payments soared to a new high, too - an alarming sign that the housing crisis and its damage to the national economy might get worse... Both the rate of new foreclosures and late payments were the highest on record going back to 1979. Go to article (The Coloradoan).
State's foreclosure rate rises; national rank improves to 25: (6/6/2008) Colorado was ranked No. 25 in the nation in foreclosure rates, according to a national Mortgage Bankers Association report released Thursday. Go to article (Rocky Mountain News).
Is affordable housing in Boulder just a dream?: (6/5/2008) One of the major city goals has been to make 10 percent of its housing stock or about 4,500 housing units - permanently affordable. As of Dec. 31, 2007, there were more than 2,800, or about 6.25 percent, according to a city document. Go to article (The Colorado Daily).
Ritter signs insurance, mortgage notice bills: (6/5/2008) Ritter also signed HB 1402, sponsored by Rep. Sara Gagliardi, D-Arvada, which requires mortgage holders to mail notices to homeowners at least 30 days prior to initiating foreclosure proceedings. Go to article (Denver Business Journal).
Vail: Timber Ridge too crowded: (6/5/2008) Vail Resorts cant cram so many people into Timber Ridge, Vails largest affordable-housing complex, Vail officials said. Over the last few years, the town of Vail has struggled to provide enough worker housing as redevelopment creates more and more jobs and area home prices rise. Go to article (Vail Daily).
Filings for bankruptcy leap in Colo., U.S.: (6/4/2008) Ellen Welner, a consumer bankruptcy lawyer with George T. Carlson & Associates in Englewood, estimates that home owners and real estate investors who can't afford their mortgages are behind more than 60 percent of the bankruptcy filings she is seeing. Go to article (The Denver Post).
The energy boom next door: (6/4/2008) "It would be a frightening time to be renting," said County Commissioner Tresi Houpt. "I think we've hit a crisis point when those people you want - police officers, teachers, hospital employees - can't live and work in your community unless they owned a house before." Teachers have been in high demand since 2002, when the local school district began growing by about 6 percent per year... But despite being the 17th highest paying district in the state, the district has a hard time keeping educators, said Garfield RE-2 Superintendent Gary Pack. "(Teachers) usually realize within a year or so that if theyre single, theyre not going to be able to buy a home here." Go to article (Planet Jackson Hole).
County offers free foreclosure prevention classes: (6/3/2008) The Boulder County Housing Authority's Housing Counseling Program will present two Foreclosure Prevention Workshops in Boulder and Longmont in June. The workshops are free and open to residents of Boulder and Broomfield Counties. No pre-registration is required. Go to article (YourHub.com).
Jump in permits 'encouraging: (6/3/2008) Single-family building permits - a measure of home construction activity - totaled 180 during May in Colorado Springs and surrounding El Paso County, the highest one-month total since June of last year, according to a report released Monday by the Pikes Peak Regional Building Department. Go to article (The Gazette).
Local eco-housing company heads West: (6/3/2008) Powerhouse Enterprises, local builder and designer of the environmentally friendly 'Powerpod' house, may be heading to Colorado to build the company's first production plant. Go to article (The Eagle-Tribune).
Eagle County teachers want single-family homes: (6/2/2008) A single-family home in Edwards seems to be ideal for Eagle County teachers. Down-payment assistance would be nice, and so would help with financing. Go to article (Vail Daily).
Housing Forum addresses future needs in the Yampa Valley: (6/2/2008) Two of the valley's leading affordable housing experts addressed the question: "Will your children be able to afford to live here?" before an audience of 40 at an affordable housing forum Friday. Go to article (The Steamboat Pilot).
Week Ahead: Affordable Housing: (6/2/2008) As a kickoff to Affordable Housing Week, the Denver Office of Economic Development will sponsor the Denver Housing Fair, today from 10 a.m. to 2 p.m. in the atrium of the Wellington E. Webb Municipal Building, 201 W. Colfax Ave. Go to article (The Denver Post).
