Tuesday, April 5, 2011

Housing News Digest, April 5

Why the Housing Market is Three Times Worse Than You Think
Between the recent report that sales of new homes hit a record low in February and this week's news that 19 of the 20 largest metro areas tracked by the Standard & Poor's/Case-Shiller home price index saw a price slump in January, it hasn't exactly been a stellar few weeks for the housing market. And yet another data dump tracking foreclosed and distressed homes that have yet to hit the markets - what's known as "shadow inventory" - suggests things are not likely to get a whole lot better for a long time.

Funding Partners & Greeley Area Habitat for Humanity Partner for Loan Origination
Fort Collins, CO, April 4, 2011 – Funding Partners (FP), a non-profit Community Development Financial Institution, has executed a service contract with the Greeley Area Habitat for Humanity (GAHFH) affiliate to conduct the loan origination of all GAHFH mortgages.

KB Home Q1 loss widens
The Los Angeles-based builder, which has operations in nine states, including California, Colorado and Maryland, reported a loss of $114.5 million, or $1.49 per share, compared with a loss of $54.7 million, or 71 cents per share, a year earlier.

Senators Introduce Legislation to End Taxpayer Support of GSEs
Sens. John McCain (R-Arizona) and Orrin Hatch (R-Utah) have introduced legislation to permanently end government support for Fannie Mae and Freddie Mac.

The GSE Bailout Elimination and Taxpayer Protection Act would put an end to the two companies’ conservatorship in two years and enact several reforms aimed at protecting taxpayers.

Denver rebounded in a big way last year, and the rent-growth trajectory continues to climb.
The current state of the Denver apartment market is a true reversal of fortune. Demand was so weak during the beginning of the last decade that Denver missed the overbuilding of homes, condos, and apartments that plagued many other cities throughout the country. So when the national economy tanked in 2008, Denver didn’t have very far to drop.