Tuesday, June 21, 2011

Housing News Digest, June 21

HUD to lend $41.3M in Colorado to help ward off foreclosures
The U.S. Department of Housing and Urban Development and NeighborWorks America have launched the Emergency Homeowners’ Loan Program to help homeowners who are at risk of foreclosure in Colorado and elsewhere.
Congress approved $1 billion for HUD — including $41,286,747 in Colorado — to implement the loan program as part of the Dodd-Frank financial reform legislation. The program was created to assist homeowners at risk of foreclosure because they have lost their jobs or are making less money.

Metro Denver’s employment back to pre-recession level in Q4 2012, forecast says
Employment in the Denver area won’t return to pre-recession levels until the fourth quarter of 2012, said a report released Monday by the U.S. Conference of Mayors.
The report, prepared by the group and ISH Global Insight — a division of Douglas County-based IHS Inc. — identifies the Denver area as Denver, Arapahoe, Jefferson, Adams, Broomfield, Douglas, Elbert, Park, Clear Creek and Gilpin counties.

1515 Wynkoop sold for estimated $120 million
The 1515 Wynkoop office building in Denver's Lower Downtown has been sold to American Realty Advisors of Glendale, Calif., for an estimated $120 million, or $391 per square foot.

Denver nation's fastest selling market
This may come as a shock to people struggling to sell their homes in the Denver area, as well as Realtors listing homes, but in May, homes on average sold faster in Denver than any place in the nation, according to an analysis of 146 metropolitan areas tracked by Realtor.com.

May marked the second consecutive month that Denver had the boasting rights as the No. 1 metropolitan area for home sales speed in the country, according to Realtor.com, which is owned by the National Association of Realtors.

Forecast: Colorado's economy to stay on slow road to recovery
That projected increase in revenue is a result of employment and wages growing faster than was predicted at the time of the most recent quarterly economic forecast in March, said Natalie Mullis, chief Legislative Council economist. The state has gained about 39,000 jobs since September, and every industry except for the construction, financial and media sectors has seen an increase, she said.
But the housing market remains in “a nervous state of disequilibrium,” with housing prices expected to fall for two more years and with apartment pricing remaining flat even as vacancy rates rise. The housing market “is going to be a drag on the market for the next three to five years,” Mullis said.