Monday, May 9, 2011

Housing News Digest, May 9

Property values plummet in Colorado ski resort communities
After nearly two decades of steadily climbing — and often skyrocketing — real-estate prices, property owners in Colorado's resort communities are seeing values plummet.
In such ski-resort counties as Pitkin, Eagle, Summit, Routt and San Miguel, homeowners recently fielded local assessor reports that pushed their home values down by more than 20 percent.

Express Inn residents say they've been told to leave
Several residents of the Express Inn, on the corner of Cimarron and 8th Street in Colorado Springs, say the hotel is closing down. Many of the residents, who are now packing up and leaving, were previously homeless and now have no place to go.

County, state housing markets stabilizing a bit
Peer said in the past six months, call volume at the hotline center has seen sporadic bounces, up one month and down the next. In March, the call volume hit 2,400 before dropping to 1,600 in April.

"We are still at high levels of foreclosures," Peer said. Even with the rapid rate of decline seen in the most recent report, "It will still take some time to get down to a new normal."

Hearing to focus on new Penny Flats plan
Three years after the first of three planned buildings at Penny Flats opened in downtown Fort Collins, the second building is making its way through the planning process with a slightly different look and new developer.

Brinkman Partners of Fort Collins purchased a lot from Coburn Development of Boulder and plans to build a four-story apartment building north of the existing building at the northwest corner of Mason and Maple streets.

Foreclosures falling: lull or trend?
Ron Woodcock, a broker with RE/MAX Southeast, said one reason that fewer homes may be entering the foreclosure process is because lenders are more willing to do short sales. In a short sale, a lender accepts less than the mortgage amount when the home trades hands.
“A lot more short sales are being done now than in the last year or last six months,” Woodcock said. “They are up dramatically.”
But the foreclosure crisis is far from over, he said. “We’re not coming out of this mess anytime soon.”