Monday, April 11, 2011

Housing News Digest, April 11

Bank-owned houses still flooding Northern Colorado
There is a shadow cast across the real estate market today in the form of real estate owned, or REO, properties that have accumulated in the wake of the foreclosure crisis.

REO is the term used for properties that are owned by a lender, in most cases a bank, after a property goes to foreclosure auction and the minimum bid is not met.

New Rules for Mortgage Servicers Face Early Criticism
Federal banking regulators have not officially imposed their new rules for the top mortgage servicers, but criticism is already being heard. A wide coalition of consumer and housing groups is denouncing the legal agreements, which are likely to be published within a few days.

Longmont officials grapple with unintended consequences of affordable-housing rules
LONGMONT — A program aimed at providing affordable housing for the working class may be dumped or put on hiatus over criticism that it's hurting those the city is trying to help.
Builders and some on the City Council, including the mayor, are targeting Longmont's "inclusionary" zoning ordinance, first adopted in 1995.

Aspen home for sale for $661
The city of Aspen has put a 1950s cabin back on the market for $661, after the buyer who initially bought it last month couldn't seal the deal.

S&P Study Finds Residential Foreclosures Are "A Stately Matter"
Standard & Poor’s (S&P) has released a study that delves deep into the nuances of foreclosure at the state level, namely how timelines and loan losses vary between judicial and non-judicial systems.