Thursday, May 26, 2011

Housing News Digest, May 26

New report: Rental properties harder to find, more expensive (9News + video)
DENVER - A new report by the Colorado Division of Housing is bringing bad news for anyone trying to find an affordable place to live in the metro area, especially Boulder.

The Colorado Statewide Vacancy and Rent Study outlined the vacancy rates and average rent for several cities and counties in the state during the first-quarter of this year.

Rental market for houses, condos tight (Boulder County Business Report)
DENVER - Renters looking for houses or condos had better look outside Boulder County, according to a report released Tuesday by the Colorado Division of Housing.

The metro Denver vacancy rate for rentable condos, single-family homes and other small properties fell to a new low of 1.4 percent during the first quarter of 2011.

Foreclosures 30% of sales
Foreclosures accounted for just under 30 percent of all Colorado home sales in the first quarter, according to a national report released today.The report by Irvine, Calif.-based RealtyTrac, showed that nationally, 27.5 percent of all home sales in the first three months of the year were foreclosures. There were 4,032 foreclosure sales in Colorado in the first quarter in Colorado, accounting 2.5 percent of the 158,434 nationally.

O'Connor: Spring housing market not so bad
“Both in year-over-year and month-to-month, we’re seeing much the same market that we did in 2010,” said O’Connor, who released a report that included real estate data through the end of April, as well as the first week of May. “However, we’ve witnessed a drop in inventory of around 9.6% over the year that will help sustain prices in many ranges, and the future as some expected job growth returns will almost certainly improve.” O’Connor used Metrolist data, as did an earlier report by independent broker Gary Bauer.

Mortgage rates hit new lows for 2011
The 30-year, fixed-rate mortgage rate fell to 4.60% in the most recent Freddie Mac Primary Mortgage Market Survey, reaching a new low for 2011.

That compares to a rate of 4.61% a week earlier and 4.84% last year. The 15-year, FRM followed suit, averaging 3.78%, down from 3.8% a week earlier and 4.21% last year.