Wednesday, May 4, 2011

Housing News Digest, May 4

Local home sales, prices drop in April
Colorado Springs-area home sales and prices declined last month, as the local housing market continues to have a tough time gaining any sustained momentum.

According to a report released Tuesday by the Pikes Peak Association of Realtors:

Rustic Hills Shopping Center falls into foreclosure
In another sign of ongoing woes for central and south Academy Boulevard and for the local commercial real estate market, the mostly vacant Rustic Hills Shopping Center has fallen into foreclosure.

A $19.7 million foreclosure notice filed late last month against the shopping center, southeast of Academy and Palmer Park boulevards, is the largest this year in Colorado Springs and the biggest since late 2009, according to El Paso County Public Trustee records.

LPS Study Puts Foreclosure Inventory at All-Time High
The company calculates foreclosure inventory as the number of loans that have been referred to a foreclosure attorney but have not yet reached the final stage of foreclosure sale. LPS says the March figure represents 4.21 percent of the nation’s outstanding mortgages.

FDIC study blames mortgage servicing mess on big banks
The Federal Deposit Insurance Corp. took a look into the foreclosure operations at the largest mortgage servicers and found significant breakdowns at almost every stage of the process. However, these issues are largely isolated to the servicers that hold the largest share of the mortgage finance business.

MBA: Mortgage Purchase application activity increases slightly, Mortgage Rates lowest in 2011
The average contract interest rate for 30-year fixed-rate mortgages decreased for the third consecutive week to 4.76 percent from 4.80 percent, with points decreasing to 0.76 from 1.00 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This is the lowest 30-year fixed contract rate since December 3, 2010.