Wednesday, May 18, 2011

Housing News Digest, May 18

April Foreclosure Numbers Are Down, Report Says

Graphs released by the Division show April of 2009 having the highest peak for filed metropolitan foreclosures. (Huffington Post)

For the past two months, Arapahoe County has maintained the highest rates of foreclosure filings and sales--589 filings and 525 sales--but even they have experienced a 32.4 percent decrease in filings from 2010-2011.

April home market a roller coaster
Denver-area home activity in April was a roller coaster ride.

There were 4,749 homes placed under contract in April, a 28 percent drop from the record 6,616 in April 2010, the deadline for the federal tax credits that fueled a home-buying frenzy that has since collapsed, shows a report released today by independent broker Gary Bauer.

That was the single largest year-over-year percentage drop for an April on record, according to an analysis of the report based on Metrolist data. Metrolist publishes MLS data, which reflects home sales activity by area Realtors.

Boulder County's, state’s foreclosure filings fall
Foreclosure filings in Boulder County were down by nearly 30 percent through the first third of the year, while completed foreclosures, or foreclosure sales, were down 12 percent.

Boulder County had 328 foreclosure filings year-to-date through April, down from the 466 filings for the same period last year.

Home sales down in April across region
Sales of detached residences in Northern Colorado were down across the region in April, according to figures released by Loveland-based Information and Real Estate Services.

Chris Hardy, Coldwell Banker Residential Brokerage, said lower home sales figures in 2011 partly reflect the fact that the first-time homebuyer tax credit is no longer available to lure buyers. The tax credit expired at the end of April 2010.

Colorado community owner files for liquidation
A developer of a Colorado community filed for Chapter 7 in U.S. bankruptcy court in Wilmington, Delaware, and will pay creditors through auctions.

Banning Lewis Ranch Co., based in Newport Beach, California, listed assets of approximately $50 million and liabilities of more than $100 million, according to a report. The company filed for bankruptcy last October.

Take time to understand assessments
Property owners should be aware that reassessment of their real estate arises every two years. Colorado statutes provide that reassessment of properties takes place in odd-numbered years. Further, property owners should be aware that the assessor's May 1 letter was a proposed property value. And, most importantly, protests of this valuation must be filed with the assessor's office by May 31.