Friday, November 12, 2010

Recent media coverage of the Division of Housing

Recent articles of interest involving the Division of Housing:

Foreclosures down 15%

There were 10,578 Colorado foreclosure filings in the third quarter, a 15.1 percent drop from the 12,468 filed during the same period of 2009, according to state data released today.

However, there were 6,629 sales at public trustee auctions – competed foreclosures – an 18 percent increase from the 5,618 sales in the third quarter of 2009, according to a report from the Colorado Division of Housing, part of the state’s Department of Local Affairs. Separately, RealtyTrac also released a national foreclosure report today, which uses a different methodology than the division.

Colorado foreclosure filings down in Q3 from 2009, but sales up (11/12/2010)
New foreclosure filings across Colorado dropped in the third quarter from a year earlier, while sales of foreclosed properties increased, according to Colorado Division of Housing data released Thursday.
And while the housing division expects foreclosure filings to be relatively high for all of 2010, at around 41,000, it believes they won't hit 2009's record of 46,394.

Foreclosure data mixed (11/12/2010)
The ratio of homes sold at auction to new filings reached 62.6 percent in the third quarter, a big jump from the 45 percent during the third quarter of 2009.
Many borrowers losing their homes are in otherwise-solid fixed-rate mortgages with interest rates of 5 percent to 6 percent, Riggi said.
They just don't have the income to support the payments, she said. And mortgage servicers, faced with a huge backlog, aren't as accommodative in modifying terms.
Ron Woodcock, a broker with Re/Max Southeast, said he recently had two properties under contract in short sales that fell apart after the lender refused to postpone an auction.
"We have more homes on the market," he said. "Values are on the way back down."

Foreclosure filing fall across Colorado in third quarter (11/12/2010)
In Adams County, third-quarter foreclosure filings for this year fell to 1,276 from 1,456 during the same period 2009. In Arapahoe County, third-quarter foreclosure filings for this year fell to 1,353 from 1,699 during the same period in 2009.
All metropolitan counties except Weld County reported year-over-year increases in foreclosure sales at auction — the event that completes the foreclosure process. Comparing the third quarter of 2009 to the same period this year, foreclosure sales were up 164.0 percent in Mesa County, and were up 44.2 percent in Douglas County. Denver County and Adams County increased only 1.1 percent and 1.8 percent increases, respectively, while Weld County totals dropped 7.2
Go to article (Aurora Sentinel)

Mesa County foreclosures hit 264 in 3rd quarter (11/12/2010)
Mesa County was the largest county in the state to see a year-over-year increase in foreclosure filings during the third quarter of 2010.

Mesa County’s foreclosure- filing total increased 20.9 percent year-over-year in the third quarter. Filings, which signal the beginning of the foreclosure process, also increased 21.9 percent quarter-to-quarter in the county.

The number of homes making it to the end of the foreclosure process in Mesa County grew two-and-a-half times year-over-year to 264 in the third quarter. Sales locally decreased 5 percent quarter-to-quarter.
Go to article (Grand Junction Daily Sentinel)

Report: fewer foreclosures filed, more foreclosure sales (11/12/2010)
Foreclosure filings continue to decline locally, statewide and nationwide, while foreclosure sales noted an uptick, according to a report released Thursday by the Colorado Department of Local Affairs’ Division of Housing

Locally, Larimer County recorded a 13.9 percent drop in foreclosure filings year-over-year for the third quarter. At the same time third quarter sales jumped by 8 percent.

Year-to-date, Larimer has 2,346 foreclosure sales and 1,136 filings. For the third quarter that is 243 sales and 478 filings.
Go to article (Ft Collins Coloradoan )

Third quarter foreclosure filings down, sales up, in El Paso County (11/12/2010)
Colorado Springs is one of several large metropolitan areas in the state where foreclosure filings fell sharply in the third quarter, according to a Colorado Division of Housing report released Thursday.

But foreclosure sales — properties that went through the foreclosure process and were taken back by lenders or bought by third-party investors — rose locally. The increase, however, wasn’t nearly as bad in the Springs as several other metro areas.

Statewide, the trend was the same. Filings — the start of a legal process that can lead to the loss of a home or other property — fell in the third quarter, but sales climbed. It was a good news, bad news situation for Colorado, said Housing Division spokesman Ryan McMaken.

Apartment rental market tightens in Denver/Boulder (11/11/2010)
Apartment vacancy rates in the Boulder area and the Denver metro area hit 10-year lows during the third quarter, a tightening in the market not seen since before the recession, state housing officials said Wednesday.

Multifamily vacancy rates across Boulder and Broomfield counties dropped to 3.5 percent during the recent three-month period, according to a report by the Apartment Association of Metro Denver and the Colorado Division of Housing. The fall apartment rush by University of Colorado students helped drive the Boulder region's third-quarter rate to the 10-year low, said Gordon Von Stroh, a University of Denver professor who wrote the report.

The average vacancy rate across the seven-county Denver metro area was 5.3 percent, which tied a third-quarter rate in 2007 and was the lowest rate since the first quarter of 2001 when the metro average was 4.5 percent, according to the report.

Apartment vacancies at 3-year low in Denver area (11/11/2010)
Metro Denver’s apartment market had its lowest vacancy rate in the third quarter, at 5.3 percent, since the third period of 2007, and an increased average rental rate, a new report shows.
But the market continued to face challenges during the last period, because of lack of local job and wage growth, according to the report by the Apartment Association of Metro Denver and the Colorado Division of Housing.
The metro area’s average apartment vacancy rate dropped to 5.3 percent in the period from 7.4 percent in 2009’s third quarter, and from 6.1 in this year’s second quarter.

Denver-metro apartment vacancies at a three-year low (11/11/2010)
AURORA | The demand for apartments in the metro Denver area is high, and the supply is quickly dwindling.
Apartment vacancies in the Denver metro area are at their lowest rates since the third quarter of 2007, which means the cost of rent will continue to increase as more apartment units will need to be built, analysts say.

Apartment vacancies throughout the Denver metro area this year decreased from 6.1 percent in the second quarter to 5.3 percent in the third quarter, according to a report released Wednesday by the Apartment Association of Metro Denver and the Colorado Division of Housing.
With the exception of Douglas County, vacancy rates fell in all metro Denver counties from the third quarter of 2009 to the same period this year.